Godrej Group chairman Adi Godrej?s son and executive director of Godrej Properties, Pirojsha, has taken over the reigns of the company as the MD & CEO. Pirojsha Godrej, 30, a Wharton Business School graduate with an MBA from Columbia Business School, has been closely involved in the strategy and operations of GPL since he joined the company in 2004. He was appointed as executive director in 2008. He takes over from Milind Korde, the current MD, who resigned on March 31, citing personal reasons. He will stay on as a senior adviser to the company. V Srinivasan, who is currently chief financial officer and company secretary at Godrej Industries, will also take over as the executive director of GPL.
Sahara announces opening of ?Q shop?
Sahara India Pariwar on Sunday announced opening up of ‘Q shop’ in major cities across the country to provide adulteration-free consumer merchandise, including processed food and beverages. Through advertisement in newspapers, the group said it would set up 305 warehouses in 285 cities in a phased manner. The range of consumer merchandise that would be made available in the ‘Q shop’ (quality shop) includes staples, processed food, beverages, packed drinking water, personal care, home care, general merchandise and handicraft products, it said. The first phase of the launch would take place from August 15 this year, when establishments would come up in cities like Gorakhpur, Lucknow, Kanpur, Varansi, Patna, Muzzaffarpur, Ranchi, Jaipur and Jodhpur.
HAL profit before tax up 12% at R3,200 crore
State-owned Hindustan Aeronautics (HAL) has posted profit before tax of R3,200 crore for the fiscal year 2011-12, an increase of 12% over the previous year. Announcing its provisional financial results, the Bangalore-based public sector undertaking said that sales for the year grew 6.74% to touch R14,001 crore compared to R13,116 crore in the previous year.
Goldman Sachs CEO hails mgmt?s India visit
Elaborating on the India visit of the company?s top management, Goldman Sachs chairman & CEO Lloyd C Blankfein on Sunday said?his team discussed its business strategy and the opportunities available in the lightof the ?extraordinary growth? India has seen in the recent years. ?We appreciated the opportunities to meet with a number of clients whose businesses reflect not only India?s dynamic business environment, but also their significance to the global economy. In Delhi, we had equally informative discussions with government officials, especially Prime Minister (Manmohan) Singh.?
RINL may file DRHP for IPO by June
State-owned Rashtriya Ispat Nigam (RINL) is likely to file a draft prospectus for its upcoming IPO by June, a top company official said. The share sale, in which a 10% stake will be sold by the government, is part of a R30,000-crore revenue generation through disinvestment of equities in the state-owned public sector firms for the current fiscal.
Huawei expanding India biz to cash in on 4G rollout
Eyeing the 4G services rollout in India, Chinese telecom equipment maker Huawei Technologies has decided to scale up investment and operation of its Indian subsidiary. The company said the decision to increase investments and operations by the firm in India has been taken considering the expected launch of the 4G services.
