Visa Steel plans to sell stake to expand
Visa Steel, the Indian partner of China’s second-largest steelmaker, will sell new shares to fund a R1,700 crore ($310 million) expansion and cut debt, as it tries to end six straight quarters of losses. The sale “at the right price” will reduce the founders’ holding to 51% from 74%, chairman Vishambhar Saran said, without giving a timeline. Visa, which shut its sole steel plant in the eastern state of Orissa early this year because of an iron ore shortage, is banking on the local government to lift curbs and resume supplies of the raw material by January, he said.
Vedanta considering layoffs at Orissa plant
Vedanta Aluminium (VAL), India’s largest aluminium maker, is considering layoffs within two months at its alumina refinery in Orissa as hopes of an immediate revival of the plant fade. VAL has about 550 employees. It closed down the 1-million-tonne per year refinery exactly two weeks ago due to a shortage of bauxite. “We don’t have any other choice left but to retrench staff,” VAL president Mukesh Kumar told Reuters. “It could be 10 or 100 by January-February depending on the situation,” Kumar said.
BMW assesses possibility of producing Mini in India
Luxury car-maker BMW is assessing the possibility of producing its iconic brand, Mini, in India as part of its long-term plans. The car maker, however, will presently concentrate on brand in the country, Philipp Von Sahr, president, BMW India said on Wednesday. “We will not exclude Mini in our production facility in India, but at the moment it will remain an imported car,” von Sahr said. BMW had launched Mini in January 2012.
AG Rao is new MD of Manpower Group India
Manpower Group India has appointed AG Rao, former executive president of Tata Teleservices, as its managing director. Rao, who joined the role on December 14, replaced Sanjay Pandit who is moving into a global role, a company release said. Srikanth Rengarajan would continue as executive director and president of India operations and would report to Rao.
Lupin gets USFDA nod for oral contraceptive drug
Lupin said its subsidiary Lupin Pharmaceuticals has received final