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US-based Johnson Controls and Japan’s Hitachi Appliances have formalised their agreement to form a joint venture that will acquire Hitachi Appliances’ global air-conditioning business. The deal was announced in December 2013 and was to have started operations in 2014, but its closure has stretched all the way till 2015. This transaction has a local effect, […]
Continue ReadingUB Engineering does not have a board any more as the company announced that its two remaining directors have resigned too. On Thursday, the Vijay Mallya-group engineering company said that Alfred Tuinman, executive director (commercial), had resigned with effect from April 3, 2014. That leaves only one director on board, the managing director JK Sardana. “Under these exceptional circumstances, when there is no Board the Company is unable to convene a Board Meeting…”
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Bharti Airtel is seeking permission from its shareholders to transfer its data center and managed services (DCMS) business to a subsidiary company. The company’s board had given its permission for the transfer in July.
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The Indian government took yet another step to limit the imports of gold and silver, to counter the country’s widening current account deficit. Gold is an asset that may be viewed as being unproductive by some but Indians have traditionally viewed them as a safe investment and a coveted accessory. That has created a headache for India as the imports of precious metals is putting a big burden on the economy.
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Mahindra and Mahindra (M&M) is planning to take over the trucks business of its subsidiary Mahindra Trucks & Buses. The business will be transferred to M&M through a scheme of arrangement, after being approved by M&M’s board .
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Asian Paints had announced in March that it plans to acquire a 51% stake in privately-held Sleek International but had not disclosed the consideration. It had said it will do a due diligence exercise before finishing the deal. That seems to have gone off well, as it has said it will be investing Rs 120 crore in two instalments, by August 10, 2013.
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Bajaj Auto
Bajaj Auto’s sales disappointed in July too, as dull demand conditions and a strike at its Chakan plant appear to be hurting sales. Compared to June, its motorcycle sales have not declined by much but its CV-segment sales have fallen sharply. Domestic has done better compared to exports, over a year ago.
Pipavav Defence and Offshore Engineering plans to raise $150 million U.S. dollars (roughly Rs 892 crore) by listing on the London Stock Exchange (LSE) by October 2013, the company said. The capital raised will be invested in two subsidiaries and will also go towards reducing the company’s overall debt.
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Real estate major DLF is asking its shareholders permission to set up a special pension scheme for its directors. The company said that while it is allowed to set up pension schemes for its employees in general, it wants to set up a specific limited pension scheme targeted at its directors who are retiring.
Continue ReadingCourier company Blue Dart Express, a DHL group company, reported a rather dull set of numbers for the June quarter.
The company’s sales rose by 5.4% to Rs 453.2 crore, a figure that includes a fuel surcharge component linked to market-based prices.
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