JP Morgan India Ropes In Jahangir Aziz As Chief Economist: JP Morgan India Jahangir Aziz as Chief Economist for its India operations. Aziz who was previously the Principal Economic Advisor in the Ministry of Finance, will be responsible for developing the firm’s strategic positions on macroeconomic and public policy. Prior to that he was with IMF where he spent 14 years, said the press release.
Hero Honda Ex-CFO Ravi Sud To Join Emaar MGF: HERO Honda CFO Ravi Sud is leaving the company after 10 years of service to join real estate firm Emaar MGF in the same capacity. He gave the resignation on Tuesday. Sud is credited with steering the motown major to higher profitability in troubling times.
Elder To Buy 3 Bulgarian Firms: Elder Pharma, through its wholly-owned subsidiary Elder-Biomeda plans to buy out three small Bulgarian pharma companies in a share swap deal. The three companies having collective sales of around €8-10 mn are sister concerns of Biomeda. Elder had bought 51% stake in Biomeda for €5 mn in August this year, and is going to increase it to 61% now. The remaining 39% in Biomeda will be held by the promoters of the three companies.
Piramal Group Co PMP Components Buys PAL International: PMP Components, a Ashok Piramal group company has acquired a Czech company PAL International. This acquisition will give it a 7% share in the EU market. PMP Components had earlier acquired European firm Hungary’s Bakony Wiper Systems in June 2007.
Thomas Cook Ties Up With Itzcash: ItzCash, a Essel group firm has tied-up with Thomas Cook to facilitate online travel bookings. With this move, Thomas Cook is set to get a completely new set of customers for its online booking facility, stated the press release. On the other hand, the customers of Thomas Cook can avail benefits of ItzCash Cards for online transaction Cards while booking rail and air tickets.
NTPC To Fund Expansion By Raising Rs 4,500 Cr: NTPC is planning to raise a debt of about Rs 4,500 crore from domestic and overseas markets to fund its proposed expansion plans. It also plans to raise about Rs 2,000 crore from the domestic market through bonds and has approached few PSU banks for the fund raising. NTPC had earlier tied-up a loan facility of Rs 10,000 crore with the Power Finance Corporation to finance capital expenditure of its ongoing projects.
GIC Singapore Increases Shareholding In ICSA (India) To 7.14%: ICSA (India) Limited announced that Government of Singapore Investment Corporation and its sub-accounts have increased their equity stake in the company through open market purchases. Their shareholding post acquisition of these shares represents 7.14% of equity share capital of the Company. ICSA is a provider of embedded technology solutions for the power sector. Goldman Sachs also holds a good number of shares in the company.
Edelweiss, Kubera Partners Form JV; To Fund 3 NGOs: PE firm Kubera Partners and Edelweiss Capital have formed a tie-up to come up with a unique Corporate Social Responsibility (CSR) initiative: Kubera–Edelweiss Social Innovation Honours (KESIH). The whole process of the initiative is being managed by EdelGive Foundation, the not-for-profit subsidiary of Edelweiss Capital. KESIH plans to give seed funding of up to $ 60,000 to three NGOs working to enhance the status of the girl child. Funds can be used by the selected NGOs either for their on-going projects or to start new projects.