Ashok Leyland Eyes More Acquisitions – Ashok Leyland is closing in on two acquisitions in buses and foundry businesses as the truck maker stays on the prowl after buying 75% stake in UK bus maker Optare Buses. The Hinduja Group will invest close to Rs 2,000 crore in the next couple of years in the firm to grow its automotive business in India and elsewhere. (Economic Times)
Serum Institute To Take Stakes In Vaccine, Pharma Cos – Serum Institute, the over Rs. 1,000 crore privately held vaccine maker, has learned its lesson after picking up minority stakes in vacccine and pharma companies in India and abroad. It will stick to its core business, vaccines and immuno-biologicals, to emerge as a major global player in these businesses. (Economic Times)
BSNL To Raise Rs 12,000Cr Loan – State-owned BSNL, which is fast running out of cash to pay employee salaries, is looking to raise over Rs 12,000 crore long term loan, as it has depleted its reserves and desperately requires finding to meet upcoming capital and operating expenditures. BSNL was sitting on cash pile of over Rs 40,000 crore till March 2008, and was using its interest income to buttress its profits. (Business Standard)
Loginworks Gets Funding Fron IncuCapital – Loginworks Softwares, a software development company, has raised funding from IncuCapital taking on active role in scaling up TaskTrek operations. Incucapital is a venture capital firm that helps incubate startups. TaskTrek was launched mid 2010, as an internal communication solution. (Best Media Info)
Parkside Hotels To Invest $400M In India – In order to cash in on the growing Indian hospitality market, Parkside Hotels and Resorts today said it would expand operations in the country with plans to invest $400 million over the next two years. The US-based hotelier operates Parkside Zebra Inn and suites at various locations in India. (Business Standard)
L&T May Split CMD Role To Give Naik Non-Exec Role – A M Naik will retire from Larsen & Toubro in April as scheduled, but the chairman & managing director’s 47-year stint with India’s largest engineering and construction company is unlikely to get over in a hurry. Naik is likely to become either the non-executive chairman or even Chairman Emeritus. (Business Standard)
Godrej Properties Appoints Pirojsha As MD, CEO – Realty firm Godrej Properties today said it has appointed Executive Director Pirojsha Godrej as Managing Director and Chief Executive Officer with effect from April 1. Milind Korde, the incumbent Managing Director, has resigned for personal reasons and will step down from his post on March 31. (Economic Times)
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