Quick view: Vedanta looking for CEO; extends MS Mehtas term

Updated: Jan 2 2014, 02:37am hrs
Vedanta Resources is looking to appoint a new CEO as the present incumbent MS Mehta has agreed to continue for only three months. Term of Mehta, who turned 58 on December 8, was coming to an end on Tuesday. In Vedanta, 58 is the superannuation age. The search is progressing well and the nominations committee expects to make an announcement on the above matter in the coming months, Vedanta said. It added that Mehtas contractual term as CEO of Vedanta Resources is due to expire on Tuesday. Mehta has agreed to extend his employment contract until 31 March 2014 while the nominations committee concludes the search for his successor. Industry sources said former Rio Tinto head Tom Albanese is the front runner for the post.

MindTree chairman gifts one-third shares to wife

MindTree chairman has gifted one-third of his IT firms shares, worth about R106.2 crore, to his wife Susmita Bagchi. The move does not impact the shareholding pattern of the promoter group or the chairmans professional status, the company said. Chairman Subroto Bagchi has gifted one-third of his shareholding in MindTree to his spouse Susmita Bagchi, the company said. The company scrip closed at R1,530.65, valuing the gift at about R106.2 crore. At the end of September this year, Bagchi held 20,81,523 shares (5.01% of the total shareholding) in MindTree.

Alstom T&D bags R162-cr contracts from Bengal

Alstom T&D India has bagged three contracts worth over R162 crore from West Bengal State Electricity Transmission Company for transmission and distribution projects across the state. The first two contracts include 220/132 kV gas-insulated substation (GIS) package for the Vidyasagar industrial park at Kharagpur and 220 kV GIS package for Dharampur. The orders are worth approximately R60.7 crore and R30.9 crore, respectively, the company said in a release on Tuesday. As part of the third contract, worth R63 crore, the company will supply a 400 kV substation and a 220 kV transformer bay at Gokarna, and a 220 kV substation and feeder bays at Krishnanagar, it said.

Promoters of Plumbline come up with auto tech

A Bangalore-based company has developed a patented process to use rainwater and harvest them for use in automobiles. The process helps act as a back up to fuel a fire pump. Promoters of Plumbline Engineers, which has come up with this patented idea, are now looking to work closely with bus manufacturers, state transport authorities and private fleet owners to help reduce carbon footprint and enhance safety. Safety of public transport buses was one of the key reasons which was the driving factor for us developing this patented system, says Selvanarul Thiagrajan, founder promoter of Plumbline Engineers.

Samsung launches plan to upgrade smartphones

Samsung on Tuesday launched its Stay New ownership plan for its flagship Galaxy devices, which will offer consumers 18-month EMI scheme as well as an option to upgrade to newer models. The plan allows customers to own a Galaxy smartphone of choice and upgrade the same in future, Samsung said. The launch of the Stay New plan reasserts Samsungs commitment to make premium Samsung smartphone experience more accessible and affordable, Samsung country head (mobiles and IT) Vineet Taneja said. Apart from an 18-month EMI programme, consumers will also get an easy buy back option, which will help users upgrade to newer models, he added.