Here’s a look at this week’s top 10 Indian business news.
Societe Generale opens third Indian branch in Sanand, Gujarat
French multinational Societe Generale opened its third corporate banking branch in India in Sanand, Gujarat. Sanand is less than 20 kms from Ahmedabad and is already host to Tata’s Nano plant, Ford, Peugeot and Hitachi’s upcoming manufacturing facilities along with many other domestic and international companies. The area’s lucrative industrial base has attracted many foreign multinationals and real estate players.
“Gujarat is one of the dynamic and investor friendly states in India in terms of economic growth. It offers quality infrastructure compared to other states” said Marc-Emmanuel Vives, Chief Executive and Group Chief Country Officer, Societe Generale.
Mukesh Ambani steps down from Bank of America Corp board
Bank of America announced that Mukesh Ambani will not be pursuing another term as a board of director of the second largest bank in United States. The Chairman of Reliance Industries and India’s richest billionaire will be joining the Bank of America Global Advisory Council in May 2013.
“We are very grateful for Mukesh’s contributions to the board and for the global expertise and perspective he provided” said Chad Holliday, Chairman, Bank of America Board of Directors.
Petrol price reduced by Rs. 2 per litre
Petrol prices were reduced by Rs. 2 per litre after being increased by Rs. 1.40 in the first week of March 2013. A drop in the international prices of crude oil has been cited by IndianOil Corporation Ltd as the reason behind the reduction in petrol prices in a press release.
H&R Johnson to invest Rs. 400 crore to expand plant in Dewas, MP
H&R Johnson will be investing Rs. 400 crore to expand its tile manufacturing plant in Dewas, MP. The company will increase its capacity to 54 million or 5.4 crore square meters per annum after the expansion, which is reportedly being done to cater to demand from SMEs.
“Apart from our wide range of industrial solutions portfolio catering to over 20 industry types, we have basket of products to combine aesthetics and industrial functionality to suit unique requirement of various SME units” said Ravi Aravamuthan, General Manager, H&R Johnson India.
Mahindra & Mahindra recalls 25,000 XUV500s
Mahindra & Mahindra is recalling 25,000 XUV500s for replacement of parts including the fluid hose, front power window units and left blade wiper cover.
“This replacement would be free of cost for XUV500 customers, who would be individually contacted by the company,” said the company. The recall is reportedly for a batch of vehicles produced between 2011 and 2012.
Government raises Rs. 629 in National Aluminum Company (Nalco) offer-for-sale
The government raised Rs. 629 crore via the Nalco OFS on Friday. The floor price of the divestment was set at Rs. 40 per share, a discount of 10%. According to reports, bids for 15.69 crore shares were received against an offer of 25.77 crore. Post the Nalco OFS, the government has raised Rs. 22,834 crore via divestments in the current fiscal.
Kalyan Jewellers to invest Rs. 1,300 crore to open 20 stores in FY14
Thrissur, Kerala based Kalyan Jewellers will be investing Rs. 1,300 crore in FY14 to open 20 new showrooms in India and overseas. India’s leading jewellery chain expects a turnover of Rs. 13,000 crore in 2013-14 after the expansions.
The company reportedly plans to open 80 new outlets across cities in India, Singapore, Sri Lanka and Malaysia over the next three years. Founder and Chairman T.S. Kalyanaraman was ranked 1,342 globally by Forbes in its 2013 Billionaire List.
Online magazine Cobrapost unveils sting operations on private sector banks
Online magazine Cobrapost released footage of private sector bank employees verbally agreeing to convert black money into white by putting it into long term investments, according to reports. Some of the country’s largest private sector banks were accused of indulging in money laundering.
Spice Global to apply for banking license in India
Singapore headquartered Indian conglomerate Spice Global announced its plans to apply for a banking license in India, based on the new guidelines issued by RBI in the third week of February 2013.
“Spice Global has proven itself as an innovator in the digital service delivery models, especially in the finance domain in addition to having a countrywide distribution channel to cater to customers. Hence the decision to enter into banking sector is a natural progression,” said B K Modi, Chairman, Spice Global. Spice Global currently has businesses in the finance, telecom, technology and entertainment sectors.
Ashok Leyland sells 1% stake in IndusInd Bank for Rs. 216.25 crore
Hinduja Group’s Ashok Leyland raised Rs. 216.25 crore by selling 50 lakh shares of IndusInd Bank for Rs. 432.50 per share. Ashok Leyland has reportedly been reducing its stake in IndusInd Bank from 12.89% in June 2006 to 2.5% at present. IndusInd Bank’s shares dropped 2.02% to close the week at Rs. 422 on BSE.