Ranbaxy Laboratories president and chief financial officer Omesh Sethi resigned on Tuesday. Ranbaxy, based in Gurgaon, didnt give a reason for the departure in a statement to the Bombay Stock Exchange on Thursday. The financial chiefs resignation is the second exit by a senior Ranbaxy executive in less than six months, after former chief executive officer Atul Sobti quit over differences with parent Daiichi Sankyo. Sethi, who joined the company in 1989, made a significant contribution to improve its financial performance and was involved in mergers and acquisitions, Ranbaxy said on its website.
M&M pick-up Genio priced at Rs 4.99 lakh
Mahindra & Mahindra (M&M) on Thursday launched the second vehicle from the Ingenio platform called Genio, a pick-up vehicle. The first vehicle from the platform was sports utility vehicle Xylo, launched two years back. The Genio launched currently is a single cab at a price of Rs 4.99 lakh (ex-showroom Navi Mumbai) for Bharat Stage III (BSIII) variant.
Reliance Retail to set up 20 Hamley stores in 7 yrs
UK-based toy-maker Hamleys Group, which has a tie-up with Reliance Retail in India for running its flagship toy stores, is planninig to open 20 more stores in seven years envisaging an investment of around Rs 125 crore. The toy major, which has two stores one each in Mumbai and Chennai will unveil stores across 14 cities in the country, said Bijou Kurien, president and chief executive, lifestyle, Reliance Retail.
AIs common reservation code for local, global ops
Air India is set to introduce a common reservation code for its over 350 domestic and international flights. The new code would ensure seamless travel for its passengers across its network besides easy passage to global airline club Star Alliance.
US co Kasa picks up 30% stake in Elektro Anlagen
US-based industrial control systems provider Kasa Companies Inc has picked up 30% stake in the expanded paid-up capital of Chennai-based Elektro Anlagen, involved in industrial and electrical automation solutions, for an undisclosed sum. Following this, Elektro will become a joint venture company under new name of Kasa Anlagen. Kasa will have two directors on the board of JV company.
Tata Hispano bags order for 500 buses
Tata Hispano Motors Carrocera SA, Tata Motors' wholly-owned subsidiary in Spain, has won a prestigious order for supplying around 500 buses in the next three years to the Avanza Group, one of the largest private passenger transportation groups in Spain.
The order includes Intea Premium and Intea low-entry models for medium and suburban routes, Xerus model for long distance routes and Area and Habit models for urban transportation routes.
Cummins to sell exhaust business to Global Tube
Cummins is selling its exhaust business globally to Global Tube so as to focus more on its emission solutions business.
Global Tube is a portfolio company of Wind Point Partners, a private equity firm based in Chicago. Consequently, in India Cummins India and Cummins Filtration will be divesting shares in Cummins Exhaust India.
HCL Technologies inks pact with Lippo Group
IT firm HCL Technologies on Thursday entered into a partnership with Indonesias Lippo Group to offer IT outsourcing in that country. PT Multipolar Technology, the subsidiary of the Lippo Group, has signed a memorandum of understanding with the Indian IT firm. Multipolar Technology targets to secure IT outsourcing projects in banking, telecom and other sectors this year.
Kajaria Ceramics signs pact with Turkish co
Kajaria Ceramics has entered into a pact with Turkey-based Eczacibasi for marketing and sales of VitrA brand products in India. The company plans to open 10 exclusive showrooms across the country under the brand name Vitra-Kajaria by the end of this year.
ISB plans to offer Rs 7 lakh fellowship
Looking to churn out high-quality faculties, the Indian School of Business (ISB) will soon offer a fully-funded Fellow Programme in Management that will also provide students with an annual stipend of up to Rs 7 lakh.