Tata Motors has announced its entry into the Bangladeshi passenger car market with two sedans and one hatchback. The firm will now sell Indigo eCS, Indigo Manza and Indica Vista hatchback in Bangladesh. The passenger cars will initially be available in only one showroom in Dhaka. The firm will open showrooms in three more cities by 2013. Prior to selling passenger cars, Tata Motors has been selling its buses in Bangladesh since 1972. There are about 53,000 commercial vehicles of Tata Motors on Bangladeshi roads.
Realty firm Puravankara scouting for land buys
Bangalore-based realty major Puravankara Projects is looking to expand its footprint in the rest of the country, mainly in the western and northern regions. The firm, which has set up a separate entity Provident Housing to cater to the premium affordable housing segment, is looking at acquiring land in Mumbai, Pune, Jaipur and Patna. Currently, the company is executing three premium affordable projects in Bangalore and Chennai, together providing about 6.5 million sq ft of space under the brand Provident. The basic cost ranges from R17.74-42.15 lakh.
Portugal promoted as leisure destination
The Portugal government, as part of its mandate to promote the country as an up-market leisure destination, organized a B2B workshop Portugal Experience Workshop 2012 in Mumbai. The workshop was organised by the secretary of state for Tourism of Portugal, and accompanying the government officials of Turismo de Portugal were the Portuguese private sector delegation comprising hotels, destination management companies and tour operators.
Credit Suisse increases stake to 5.04% in HDIL
Credit Suisse (Singapore) has increased its holdings to 5.04% in Mumbai-based real estate company Housing Development and Infrastructure (HDIL), according to disclosures made at the National Stock Exchange. Having around R2 crore shares amounting to 4.91% holding earlier, Credit Suisse now holds about R2.1 crore shares as it acquired 0.13% more last week through secondary market purchase.
HP announces grant winners of EIFI project
HP announced the grant winners of the Education Innovation Fund for India (EIFI), a collaborative project between the HP Sustainability and Social Innovation group and the India Council for Integral Education (ICIE), an initiative of the Sri Aurobindo Society. The top grant, valued at R1 crore, was awarded to Indian Institute of Management (Ahmedabad). In addition, 15 winners of the R15 lakh major grants and two winners of R10 lakh special grants were awarded for projects being implemented at the grassroots, and 40 smaller grants ranging from R10,000 to R1,40,000 are also being given under EIFI Young Learners and EIFI Young Innovators categories.
CFO takes over new role at Dr Reddy's
Pharma major Dr Reddys Laboratories said that Umang Vohra, who has been the company's chief financial officer (CFO) for the past four years, will take over the role of executive vice-president and head of North America generics business from January 2013. Saumen Chakraborty has been appointed as the CFO of the company effective January 2 next year. Saumen is currently the president and global head of quality and business process excellence (BPE) at the firm.
MT Educare to buy 51% stake in Lakshya Forum
Education support and coaching services provider MT Educare has agreed to purchase 51% stake in Lakshya Forum for Competitions, an IIT, engineering and medical entrance training institute, for an undisclosed sum. The total consideration will be paid by MTEL over the next three years and is dependent on certain milestones to be achieved by Lakshya.
Moodys affirms Tata Chemicals Ba2 rating
Moody's Investors Service has affirmed Tata Chemicals Ba2 corporate family rating and maintains the stable outlook.
A spokesperson at Moodys said TCLs performance in recent years has benefited from steady growth derived from acquisitions and organic expansion, while maintaining an adjusted EBITDA margin of more than 17%.
Lemon Tree wins social justice ministry award
Lemon Tree Hotels has been awarded by the ministry of social justice and empowerment for outstanding work in the creation of barrier-free environment for persons with disabilities. The award is in recognition of the manner in which Lemon Tree has designed its 19 properties across the country with an emphasis on easy accessibility and a trouble-free experience for disabled people.