DLF Plans Rs 15,000 Investment in Affordable Housing - Real estate giant, DLF will invest Rs 15,000 crore over the next three years to develop residential projects across the country in between the range of Rs 15- 40 lakh. DLF’s investment plans for affordable housing come at a time when the public sectors banks have announced a cut in home loan interest rates to boost the sector. DLF Home Developers, the wholly owned subsidiary of DLF will construct around 40,000 housing units in the mid-income category. The sizes of these units would vary between 1,000 square feet and 1,800 square feet.
Tata teleservices Writes off Additional Rs 1,648 Crore - Tata teleservices Ltd. will write off Rs 1,648 crore more in addition to Rs 5,141.28 crore, which has already been written off , as it goes ahead with the third leg of its capital restructuring program. The capital restructuring comes in the wake of a November announcement by NTT DoCoMo Inc. that it was paying $2.7 billion (Rs13,070 crore) for a 26% stake in the company.
SIDBI Plans Investment of Rs 300 Crore in MFIs - SIDBI (Small Industries Development Bank of India) plans a credit flow of Rs 300 crore by 2010 to the micro finance institutions in Orissa. SIDBI’s cumulative disbursement to the micro-finance institutions (MFIs) in Orissa has been Rs 250 crore till now. Sangini and Maa Shakti Foundation and the credit for these two is expected to get sanctioned by March, 2009.
HCL Completes Axon Acquisition, Expects 30% Increase in Revenue - HCL Technologies has completed its acquisition of U.K. based Axon. The acquisition makes HCL’s SAP business three times bigger than that of its closest rival, Satyam. Axon has SAP revenues of over $500 million while HCL currently has $100 million. Axon will exist as a separate entity called HCL Axon. The current chief executive officer of Axon Group, Steve Cardell, will be its new chief. The company expects this new structure to contribute around $600 million (around Rs 2,880 crore) — around 30 per cent of HCL’s revenues.
Toyota Cuts Production in India by 30% - Toyota, world’s largest car manufacturer, has cut down its production in India by 30% this month the slowdown in the auto market has forced the company to revise its sales targets in India this year. Though it will not hold back its planned investments of Rs 3,200 crore in the country, it has put on hold all investments for expansions in other parts of the world.
Electrolux to Abandon Profits, Cut 3,000 Jobs - Electrolux AB, Europe’s largest kitchen appliances manufacturer has abandoned its profits for this year. The firm also plans to cut down 3,000 jobs as the demand has plunged in North America and Europe. Electrolux fell as much as 7.4% in the Swedish capital on Monday after cutting its 2008 outlook for a third time this year.
ArcelorMittal Abandons Bid to Control Dillinger Hutte GTS - ArcelorMittal, worlds largest steel company has abandoned a bid to take control of Dillinger Hutte GTS, a specialist maker of steel plate used in engineering and construction, owing to the fall in metal prices and the tightening of bank lending. ArcelorMittal will reduce its stake to 33.4 per cent from 51.25 per cent, with proceeds from the sale totaling 777 million.
SRF Ltd. Acquires SRF Polymers For Rs 151.60 Crore - SRF Ltd. has acquired engineering plastics business and industrial yarn business from its group company SRF Polymers (SRFP) on “a going concern” basis for Rs 151.60 crore. SRFP board accepted SRF’s offer in a meeting held separately on Monday. The company said in a press release that the effective date of the transaction would be January 1, 2009. SRFs turnover will increase to Rs 2,000 crore from its current Rs 1,700 crore post the acquisition. The acquisition will also help in better consolidation through synergies between businesses.
Standard Greases Buys 12.22 % Stake in Tide water oil - Maharashtra based lubricant firm Standard Greases (P) Ltd has lifted 12.22% in Tide Water Oil ahead of its disinvestment process. Standard Greases has bought the entire stake from ERDI Trading (P) Ltd. Tide Water Oil, which markets lubricants under the Veedol brand, is one of the main players in the diesel lube markets in India. Reports suggest that Standard Greases, which was established in 1983, is interested in Tide Water Oil owing to its brand.
SBI Merges Its Subsidiaries in Mauritius - In order to consolidate its operations in the African island nation, State Bank of India (SBI) has merged its Mauritius based subsidiary, Indian Ocean International Bank (IOIB) with SBI International (Mauritius). The new entity now operates as SBI (Mauritius). According to SBI chairman, O P Bhatt, the two subsidiaries were merged as it did not make sense to operate two subsidiaries in the same geography. IOIB has been operating in Mauritius since 1978. The bank has 11 fully-integrated branches in major cities and towns and a network of 10 ATMs.