GMR inks pact with IFC for Nepal hydel project
GMR Energy has signed a joint development agreement with the International Finance Corporation to jointly develop Upper Marsyangdi-2 hydropower project of 600 MW in Nepal. The project is in advanced stage of development and is being undertaken by Himtal Hydro Power Company, a subsidiary of GMR Energy which is a subsidiary of GMR Infrastructure. The project development agreement is expected to be signed early next year. The project aims at a total investment of around $1 billion and is targeted for commissioning by FY21.
Naomi Ishii to take over as Toyota Kirloskar MD
Toyota Kirloskar Motor announced on Friday the proposed appointment of Naomi Ishii as its new managing director, pending a formal decision at a board meeting scheduled for January 6. Ishii, who has spent over two decades at Toyota Motor Corporation in human resources and business planning divisions, is currently a general manager, product and business planning. He replaces Hiroshi Nakagawa, who will move back to Japan.
GM to hike vehicle prices by up to Rs 10,000 from Jan
General Motors India on Friday said it will hike prices of its entire range of vehicles by up to Rs 10,000 from next month in order to partially offset impact of rising input costs. We plan to hike prices across our entire product portfolio by up to R10,000 from January. This is due to cost pressure, GM India vice-president P Balendran said.
L&T IDPL seeks FIPB approval for FDI
L&T Infrastructure Development Projects (L&T IDPL) has submitted an application to the FIPB seeking approval in relation to a proposed FDI. The company said that it is engaged in discussions with a global institutional investor for a proposed acquisition of a stake in L&T IDPL. The company expects an initial infusion of R1,000 crore with this stake sale followed by a second tranche of the same amount after a year from the date of initial investment. The proposed transactions are subject to regulatory and authority approvals.
DSP BlackRock launches investor service initiative
Asset management company DSP BlackRock Investment Managers on Friday announced the launch of its investor service initiative, one time mandate (OTM). OTM is a onetime registration process that enables investors to transact with DSP BlackRock Mutual Fund in a simple, convenient and paperless manner in the future, the company said in a release. With OTM, investors can authorise their bank to debit their account up to a certain specified limit per day, without the need to sign a cheque or transfer funds online.
Cognizant opens new centre in Costa Rica
Cognizant on Friday said it has expanded its delivery and operations footprint in Americas with the opening of a delivery centre in San Jos, Costa Rica. The centre, it said, will enable global customers leverage the operational, technical and linguistic capabilities available in the region.