Belgium-based television services company Alfacam said on Tuesday it had secured a financial lifeline from Hinduja Group in an initial deal that could also strengthen its position in Asian markets. Alfacam, to which a court granted creditor protection in October, said it had a preliminary deal for a 24 million euro ($31 million) credit facility and 6 million euro equity injection from Hinduja. Alfacam, with broadcast services, TV studios and the Europes largest fleet of outside broadcast vans, said its memorandum of understanding was valid until the end of January 2013. Banks had agreed to suspend repayments until then.
Mercedes-Benz signals price hike from January
Mercedes-Benz India indicated on Tuesday that prices of all its models will be revised upwards from January. A constant increase in input costs and unfavourable exchange rates coupled with inflation has posed severe strain on margins. Eberhard Kern, managing director & CEO, Mercedes-Benz India, said, Significant level of cost escalations have been absorbed by us until now, but beyond a point we cannot continue to sustain such levels. We aim for a sustainable profitable growth maintaining our premium appeal and, hence, we are going to substantially increase the prices of all Mercedes-Benz cars from January 2013.
L&T inks deal with Thales for Hyderabad metro project
Larsen & Toubro has signed an agreement with Thales, India, for providing communications-based train control and integrated communications and supervision systems for Hyderabad metro rail project, said a company statement. The CBTC advanced signalling and ICS systems will be implemented covering 72 kms of rail and comprising 66 stations. The Hyderabad Metro Rail Project is a public-private partnership (PPP) project awarded to L&T by government of Andhra Pradesh. L&T has incorporated a special purpose vehicle called L&T Metro Rail (Hyderabad) to implement the project on a design, built, finance, operate and transfer basis. It is a subsidiary of L&T Infrastructure Development Projects Limited, promoted by L&T.
Mahindra to hike vehicle prices in Jan by over 1%
Mahindra & Mahindra on Tuesday said it will increase prices of its vehicles by over 1% across various models in January to offset rising input costs. We are also contemplating a price hike across various models. The quantum is yet to be decided but it will be 1% and above. This will take place in the first half of January, Mahindra & Mahindra chief executive (automotive division) Pravin Shah said. He said the price hike was required in order to offset the impact of rising input costs, mainly from the commodity prices, and also adverse currency movements. The price hike will impact both commercials and personal vehicles segment, he added.
Sandip Sen named Aegis interim CEO
Global business process outsourcing and technology company Aegis named Sandip Sen as the interim CEO from December 1, 2012. Sen, who has been with the organisation since its inception, takes over from Aparup Sengupta, who has spent about eight years with the company. In his new role Sen will report to the board of the company. On a day-to-day basis, he will work along with an executive committee comprised of core leaders of Aegis.
Hiring to be active during Jan-March: Manpower
Despite the uncertainty about an imminent economic turnaround, Indian employers expect hiring to remain active in January- March quarter of 2013. While employers in the West report strongest job prospects for the quarter ahead , hiring intentions remain similar to Oct-Nov 2012 quarter. The Manpower Employment Outlook Survey by ManpowerGroup, indicates that hiring activity is expected to continue at a strong pace for the first three months of 2013.
Sebi approves Wipro demerger plan
Wipro has informed the stock exchanges on Tuesday that the Sebi has approved its proposal of achieving compliance with minimum public shareholding requirement under Clause 40A of the Listing Agreement pursuant to the scheme of demerger including the tender offer therein. Under Sebi regulations, all listed entities in India should have a minimum shareholding of 25% held by the public. In the case of Wipro, the promoter shareholding at the end of September, 2012 stood at 78.31% and this will be reduced to 75% following its recent announcement of demerger between the IT and non-IT business, which is likely to effective from April, 2013.
Air India launches special promo fares on intl routes
Air India owes over R4,064 crore in outstanding jet fuel (ATF) bill to government-owned oil companies, the largest overdue payment by any domestic carrier. Of the total outstanding of R4,064.77 crore, a sum of R2,571.73 crore is overdue payment, the Rajya Sabha was informed on Tuesday. Unlike private airlines, Air India has not provided any security to cover for its outstanding.