Infosys said it has been selected by Volvo Cars as a strategic supplier to provide application development services for its global operations. This agreement builds on the long-standing relationship as Infosys has been supporting Volvo Cars since 2010 to rationalize and integrate its enterprise systems.
As part of the new agreement, Infosys will bring its proven global service delivery experience and ability to drive innovation and transformation - efficiently and effectively Develop applications to support multiple domains, including marketing and sales, customer service, manufacturing, product development, and corporate functions Deploy best practices specifically related to business process harmonization and delivery excellence, across transformation projects, the company said in a statement.
Nitesh Bansal, Vice President Manufacturing Europe, Infosys: "We will be a strategic supplier for Volvo Cars to deliver excellence and innovation to transform their IT landscape to a modern architecture. We are very pleased to collaborate with Volvo Cars in their strategic journey. We have an industry heritage, deep automotive expertise, and established track record of delivering that leaves us well positioned to be a strategic supplier to Volvo Cars. This agreement also reflects our strategic focus on the Nordic market and strengthens our presence in Sweden."
ONGC acquired 12.13 crore shares, or 5% stake, in Indian Oil Corporation (IOC) in an off-market deal on Friday, 14 March 2014.
The board of directors of Maruti Suzuki India on Saturday, 15 March 2014, reviewed the Gujarat project in the context of the views and opinions expressed and decided that the entire capital expenditure for the Gujarat Sub would be funded by depreciation and equity brought in by Suzuki Motor Corporation. In the event that both parties mutually agree to terminate the contract manufacturing agreement, the facilities of the Gujarat Sub would be transferred to Maruti Suzuki India at book value. Even though not required by law, the board decided, as a measure of good corporate governance, to seek minority shareholders' approval as stipulated in Section 188 of the Companies Act 2013. The impact of any direct or indirect taxes on account of the contract manufacturing agreement would be assessed before finalizing the agreement and as earlier stated, the Gujarat Sub would function on the basis that it would neither generate surpluses nor make losses, the company said in a statement.
NTPC said that its board has accorded the investment approval for North Karanpura Super Thermal Power Project (3x660 MW) to be implemented in the State of Jharkhand at an appraised current estimated cost of Rs 14366.58 crore.
Castrol India will be transferred from trade-for-trade segment to rolling segment on the National Stock Exchange (NSE) with effect from 28 March 2014.
AstraZeneca Pharma India said its board at its meeting held on 15 March 2014 approved the delisting proposal received from AstraZeneca Pharmaceuticals AB, Sweden, the promoter of the company.
Ranbaxy Laboratories after market hours on Friday, 14 March 2014 said that Credit Analysis & Research (CARE), has revised credit rating for long term debt instruments issued by the company, from CARE AA+ (DoubIe A Plus) to CARE AA (Double A). Long term Instruments with CARE AA rating are considered to have high degree of safety regarding timely payment of financial obligations and carry very low credit risk, Ranbaxy Laboratories said.
However, CARE has reaffirmed the CARE A1+ (A One Plus) rating assigned to the short term bank facilities of the company, Ranbaxy said. Short term debt instruments with CARE rating of A1+ are considered to have very strong degree of safety regarding timely payment of financial obligations and carry lowest credit risk, Ranbaxy Laboratories said.
IDFC after market hours on Friday, 14 March 2014 in a clarification to the exchange with regard to a news item titled IDFC appoints Monga as COO said that Mr. Avtar Monga is appointed as the Chief Operating Officer (COO) for IDFC's new initiatives and would be responsible for building the operating architecture for the new businesses that IDFC Group will launch.
Financial Technologies (India) (FTIL) after market hours on Friday, 14 March 2014 said that the company and all other shareholders of National Bulk Handling Corporation (NBHC) have entered into share purchase agreement (SPA) for sale of 100% equity ownership in NBHC, a subsidiary of the company to IVF Trustee Company, the sole Trustee of India Value Fund IV for a total consideration of Rs 241.74 crore. The transaction is subject to certain customary closing conditions including the approval of shareholders of FTIL, the company said. The aforesaid transaction is likely to be completed between 15 April 2014 to 30 April 2014, subject to shareholders approval by way of postal ballot.
Amtek India after market hours on Friday, 14 March 2014 said that it has successfully completed the acquisition of substantial interest of Germany based Kuepper Group through its 100% step down subsidiary Amtek Kuepper GmBH. Kuepper Group is engaged in the business of iron, aluminium casting and integrated machining having 5 manufacturing facilities across Germany and Hungary.
Autoline Industries said its board will meet on 19 March 2014, to explore various avenues of raising funds to meet the funding requirements of the company by way of disposal of assets/full disinvestment of stock/shares in company's whollyowned subsidiary - Autoline Industries Inc., USA.
Orchid Chemicals & Pharmaceuticals said its board has accepted the Letter of Approval (LOA) dated 10 March 2014 issued by Corporate Debt Restructuring Empowered Group (CDR EG) approving the Corporate Debt Restructuring proposal submitted by the company.
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