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News Round Up : JSW Steel To Sell Plants In US At A Discount

12 May, 2009

LG plans to ramp up India play: Korean consumer electronic major LG India is planning to expand its manufacturing capacities and product exports from India for LG’s 

global operations to save cost, amidst the slowdown. In sync, LG India now plans to export products to mature markets like Europe and grow its export contribution from 15% of turnover in 2008 to 30% by 2012. ( HBL
Maruti to expand presence in diesel segment  : Maruti Suzuki is now looking to be an aggressive player in the diesel segment, a category which is dominated by Tata Motors. After the success of the Swift hatchback and the Dzire sedan in the diesel variant, the company is hoping to replicate this success in its upcoming model Ritz. ( HBL
NHAI cancels single bid projects; to reinvite tenders   : Another over Rs 8,000 crore worth of National Highway projects, totalling about 650 km, have been postponed. This is because the National Highways Authority of India (NHAI) has decided to cancel and re-invite bids for six projects, for which it had received single bids.
NHAI will now restructure these build-operate-transfer format projects by reworking the scope of projects, which in effect will reduce project costs. It will then re-invite bids from the highway developers. ( HBL
Steve Balmer to address Tech Ed  in Hyderabad : Steve Balmer, Chief Executive Officer of Microsoft Corp, will take part in Tech Ed 2009, an event that will showcase ‘technologies of the future’, here on Wednesday. Balmer will deliver the keynote address, throwing light on the shape of things to come from the Microsoft product lines. There will be 28 technology tracks and 100 demo stations where top executives of Microsoft will explain the new products and services.
Cisco names Channel Operations head : Cisco has appointed Mr B. Raghavendran to head the company’s Channel Operations and Commercial Strategy in India. He succeeds Mr R. Dhamodaran, who has moved over to Cisco Globalisation Centre East. Mr Raghavendran, according to a company release, would be based in Mumbai and focus on reinforcing Cisco’s presence in the commercial segment, a key growth market for Cisco in this region. (HBL
Geneva-based Temenos signs pact with Cognizant : Temenos, the Geneva-based provider of integrated core banking systems, has signed a global strategic partnership with Cognizant Technology Solutions, to enhance its service and delivery capabilities for Temenos (T24), a core banking software of Temenos. As part of the agreement, Cognizant will invest in training certain of its associates to deliver T24 implementations over a three-year period. It will also work together with Temenos to establish a global Centre of Excellence.
JSW to sell plants in US at a discount  : JSW Steel plans to sell its plants in the US to cut rising losses, after a sharp fall in demand triggered by the global economic slump  devastated the country’s steel industry.  The company is now open to selling the units at a price lower than its acquisition price, a company executive said. “We don’t mind selling the plants at a discount,” he said, requesting anonymity. Company officials, however, declined to comment. (Economic Times)

UB, Heineken Settle Differences – Beer giant Heineken and Vijay Mallya’s United Breweries (UB) have buried their hatchet and signed a deal where UB will bottle and distribute Heineken’s brands in India. Heineken will pay a one time fee of Rs 300 crore. The differences arose when Heineken bought Scottish and Newcastle’s (S&N) stake and gained an entry into UB.

(Economic Times




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News Round Up : JSW Steel To Sell Plants In US At A Discount

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