Murugappa Groups EID Parry (India) on Thursday announced it has entered into an agreement to buy back 49% stake of its JV partner Cargill Asia Pacific Holdings in Silkroad Sugar, a sugar refinery project at Kakinada in Andhra Pradesh. Both companies had entered into 51:49 JV in April 2006 and the plant was supposed to go on stream in December 2007. Cargill decided to sell its stake in the JV due to the defunct nature of the Kakinada Refinery for over two years due to non-availability of feedstock gas. Ravindra S Singhvi, MD, EID Parry, told FE, The total acquisition cost is pegged at around R35 crore. We will be investing another R50-100 crore to migrate to coal-based boiler energy and other equipment. The company is determined to take up the project as planned with coal-fired boiler generation and the project is expected to commence in 2014, Singhvi added.
Pratyush Kumar to head Boeing India
US-based Boeing, a leading maker of airplanes, has named Pratyush Kumar as president of Boeing India. Kumar will succeed Dinesh Keskar, who returned to Boeing Commercial Airplanes earlier this year, the company said in a statement on Thursday. Kumar, an IIT graduate, was Delhi-based president and CEO of GE Transportation for South Asia. Before joining GE in 2003, Kumar founded a biotech start-up in Boston.
AI Express to become independent in 5 years
Air India Express would be become an independent company in five years time, officials of Air India Charters said on Thursday. Chairman Rohit Nandan told reporters that the budget airlines would have its own crew and aviators in five years time as crew who are on deputation from Air India return to the parent company. We have 180 pilots against the required number need 250. Of these, 166 are on deputation from Air India. We are planning to recruit 60 commanders and 50 pilots, Air India Express deputy chief operating officer, captain Pushpinder Singh, said.
TN, Raasi Green Earth sign MoU for solar project
The Tamil Nadu government on Thursday signed an MoU with Raasi Green Earth Energy to set up a solar park at an investment of R920 crore to generate 100 MW of power. The proposed project is to come up on 500- acres and would be the first solar park to be set up on a public-private partnership (PPP) mode in the country, according to an official release from the Tamil Nadu government. About 2,000 jobs both direct and indirect would be created under this project, which is expected to be completed in 12 months.
Nissan India to hike prices from January
Nissan India on Thursday announced its plans to increase prices across all its vehicle models from January 1. This follows the decision of almost all the car manufacturers to increase the price, ranging between 1% and 3%. The price increase is being contemplated to offset the rising input costs and currency fluctuation prevailing in the market. The revision of prices will soften the negative impact and help the company stay competitive.
Capgemini appoints offshore consulting head
Technology and outsourcing services firm Capgemini has appointed Natarajan Radhakrishnan as senior vice-president and offshore head, Capgemini Consulting. Prior to joining Capgemini, he was offshore leader for Cognizant Business Consulting practice.
Marks & Spencer to accelerate expansion
UK-based apparel chain Marks & Spencer is accelerating its expansion in India with plans to add ten stores in the next six to eight months in the country, which it has identified as one of the key markets to become the worlds most sustainable retailer by 2015. India is growing at double digits for us. We will continue to expand here as it is a key market along with China, West Asia and Russia in our 2015 strategy, Marks & Spencer International director Jan Heere said.
India Inc sees 35% rise in equity grants: PwC
Equity-based incentives have emerged as a key factor to attract and retain talent as corporate India recorded a 35% rise in such incentives this year over 2011, according to a PwC survey. According to the 2012 Global Equity Incentives Survey conducted by PwC and the NASSP (National Association of Stock Plan Professionals), equity grant levels are back this year in role reversal from 2011.
General Motors engine plant crosses 1-lakh mark
General Motors Indias powertrain facility at Talegaon manufacturing plant has crossed the milestone of producing 100,000 engines on December 13, within a span of over two years. The Talegaon Engine facility is GMs first powertrain plant in the world that manufactures both petrol and diesel engines simultaneously. The facility, which became operational in November 2010, was built at a cost of $ 230 million.