PE firm 3i has announced the appointment of Samir Palod as the managing director, India, with immediate effect. Palod joined 3is Mumbai office in 2005 and is a partner in the companys infrastructure business. Prior to joining 3i, Palod worked at Citigroup and Arthur Andersen. He will report to Cressida Hogg, managing partner infrastructure, who is based in London. At the same time, Anil Ahuja, managing partner, and Girish Baliga, partner, will be leaving 3i to pursue other opportunities, with the company retaining their expertise through a part-time consultancy agreement.
Nestle India acquires 26% in Indocon Agro
Nestle India, makers of Maggi noodles, on Monday said it has acquired a 26% minority stake in privately-held Indocon Agro and Allied Activities. The company is engaged in milk collection business in western India. This investment will contribute to creating shared value with farmers engaged in milk business, according to Nestle India. The financial terms of the deal were not disclosed. The acquisition is subject to the parties fulfilling their respective obligations said the company. Nestle Indias shares closed up 1% at R4,739.65 on NSE.
Adani Agro to sell 70 lakh shares
Adani Enterprises promoter group, Adani Agro, plans to sell 70 lakh shares in the company, to help meet regulatory requirements for minimum public shareholding. Promoter groups, including Adani Agro, Adani Commodities, and some members of the Adani family, sold 2.3 crore shares, representing a 2% stake, in AEL in December. The groups billionaire chairman Gautam Adani had recently said the group was examining the possibility of raising $1.5 billion by reducing the promoters stakes in Adani Ports and holding company, AEL. The promoter group plans to offer the shares on February 6 through a sale on the separate window provided by BSE.
Kajaria Yarn announces indefinite lockout
An indefinite lockout notice was put up on Monday by the management of the Kajaria Yarn & Twines at Sibpur in Howrah district, which employs about 1,000 workers. The mill, which was closed in 2009 and reopened in April 2010, cited poor productivity and financial condition as the main cause of the lockout. A union leader alleged that the management was trying to stop production since December 28 last year and had finally put up a lockout notice. Arup Roy, minister and MLA of the area, said he had asked the management, with which he held talks, to reopen the mill.
IL&FS Transportation Q3 net profit up 4.5%
IL&FS Transportation Networks posted an increase of 4.5% in the net profit to R46 crore for the quarter ended December, against about R44 crore in the same quarter a year ago. The total income, however, surged 68% to R951 crore during the quarter, against R566 crore in the year ago period.
Will start selling in 10 new markets by March: Hero
The countrys largest two-wheeler maker, Hero MotoCorp, on Monday said it will start selling its products in 8-10 new markets in Latin America and Africa by the end of March this year as it looks to increase exports. We are planning to launch our products in 8-10 new markets in Latin America and Africa by March. This is as per our plans to export one million units across the world by 2016-17, Hero MotoCorp senior vice-president (marketing and sales) Anil Dua told PTI.
JK Cement Q3 net up 25% at R54 crore
JK Cement on Monday posted around 25% rise in net profit during the October-December quarter at R54.38 crore on improved sales. The Kanpur-based cement maker had clocked R43.52 crore net profit in the corresponding quarter last fiscal, it said in a BSE filing. Net sales of the company, which has 7.5 million tonne per annum cement-making capacity, rose to R687 crore during the quarter under review compared with R615 crore a year ago.
Crompton Greaves inks agreement with NZ firm
Electrical equipment maker Crompton Greaves on Monday said it has entered into a pact with New Zealand-based Transpower NZ for supply of transformers, with a potential to supply equipment worth $15 million per annum. With this agreement, CG becomes the first of three preferred vendors to supply transformers to Transpower, with the potential to scale to orders worth $15 million annually, the company said.
Jakson-Cummins training centre in Greater Noida
Jakson Power Solutions-Cummins has launched its first global training centre and service facility in India. The facility, located in Greater Noida near Delhi, has the capacity to train 1,200 engineers and technicians annually on the entire range of electrical equipment manufactured by Cummins in India. Jakson has presences in sectors like power generation and distribution.