Hinduja Foundries, a casting company of Hinduja Group, on Thursday informed the stock exchanges that the company will hold a board meeting on December 28, 2012, inter alia, to consider reporting to Board for Industrial and Financial Reconstruction (BIFR) on the erosion of 50% or more of the peak networth of the company during the immediately preceding four financial years by its accumulated losses as at September 30, 2012, pursuant to Section 23 of the Sick Industrial Companies (Special Provisions) Act, 1985 and to comply the matters connected therewith.
Tata Comm to reduce costs across portfolio
Tata Communications will focus on cost reduction and cost rebalancing across the portfolio due to uncertain global economic outlook, according to a top official of the company. “... given the uncertainties in the near term global economic outlook, we will focus on cost reduction and cost rebalancing across the portfolio,” Tata Communications MD and group CEO Vinod Kumar said in an interview to Tata Group website.
ITDC tourism projects in Hindustan Salts property
Indian Tourism Development Corporation (ITDC) on Thursday entered into an agreement with Hindustan Salts to develop tourist centres in Rajasthan, Gujarat and Himachal Pradesh. As per the ITDC and Hindustan Salts pact, HSL will provide the “rights to use of land” for tourism related projects, while ITDC will provide expertise and technical support for running the tourist centres. The MoU will be valid for three years, but could be extended if needed. The idea is to develop Heritage and
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