Electronics major Videocon is planning to set up a plasma TV plant near Chennai, a top company official said. “We are speaking to the Tamil Nadu government regarding this and are negotiating. We will set up the project if the government gives us suitable concessions,” Venugopal N Dhoot, Chairman, Videocon Group of Companies, told reporters […]
IBM To Modernise India’s Tax Systems
India’s Central Board of Direct Taxes (CBDT) and US computer maker IBM have announced a US$45 million, 5-year services agreement to modernize CBDT’s IT infrastructure. Under the contract, IBM will update the CBDT’s three data centres in Delhi, Mumbai and Chennai and facilities management services for the Income Tax Department (ITD) across 745 offices in […]
Chennai Among Cities For Shifting Of UNHCR Services
Chennai is one of four cities across the world to which the United Nations (UN) refugee agency is considering the shifting of some key services from its headquarters in Geneva, Press Trust of India (PTI) reported. Bucharest (Romania), Budapest (Hungary) and Kuala Lumpur are the cities pitted against the south Indian metropolis as the United […]
Paramount Airways plans acquisition
Paramount Airways will buy 40 Embraer jets, costing about $2 billion, managing director, Mr M Thiagarajan said here today. Deliveries of the new 70-seater planes are likely to take place between 2008 and 2011, he said after a meeting with the visiting Brazilian President, Mr Luiz Inacio Lula da Silva. The agreement will be signed […]
Soaring charter rates force oil exploration giants to buy rigs
India’s hunt for new energy sources has hit an unforeseen obstacle: dearth of operational rigs. Poor rig supply and soaring charter rates have led to long delays developing new energy deposits, and most oil majors have had to pay a penalty or even relinquish blocks for not fulfilling the minimum work programme. Rig shortage has […]
GV Films Ltd eyes stake in K Sera Sera
Chennai-based GV Films Ltd, a film production, distribution, and webcasting company, is in talks to buy 12% stake in Mumbai-based K Sera Sera Productions Ltd. The company has also proposed to jointly work with K Sera Sera for producing Hindi feature films and their distribution rights for southern markets. According to sources in the know, […]
ITC Ltd: 20.8% growth in post-tax profits
ITC Ltd. completed yet another year of strong performance with Gross Turnover for the year growing by 20.2% to Rs.19505 crores. Net Turnover at Rs.12369 crores grew by 26.3% driven by the non-cigarette FMCG businesses, higher agri-business revenues and the continuing strong performance by the Hotels business. The non-cigarette portfolio grew by 37.6% during the […]
Increasing India-US flights may ease fares
Airlines, both domestic and international, are increasing the number of flights between India and the US, raising the prospect of a 5-10 per cent drop in fares. Government-owned Air India has announced a non-stop flight between Mumbai and New York from August 1, four days before Jet Airways is to start flying from Mumbai to […]
Ambattur Clothing to set up hotels, IT parks
The Rs. 500-crore Ambattur Clothing Ltd. (ACL) is making a `serious diversification’ attempt that will see it set up hotels, large residential housing projects and IT (information technology) parks. A definite re-entry into branded garments two years hence is also a part of this diversification exercise. The closely held company was founded by Vijay Mahtaney, […]
Tribe 10, Chennai to handle creative duties of Trigger Jeans
Trigger Apparel Ltd has appointed Tribe 10, Chennai for the creative duties for Trigger Jeans following a multi-agency pitch. The size of the business is estimated to be in the region of Rs 2 to 3 crore. Out of the six agencies that were invited for the pitch, three agencies were asked to make the […]
Teledata progress card impressive
Teledata Informatics Ltd, one of the software major in India has performed well during the fourth quarter ended 31 March, 2007. The company’s revenue stood at Rs 1572.81 crore against Rs 453.07 crore, a jump of 247 per cent. Net profit for the period was Rs 207.13 crore. Pivotal to the growth, the company posted […]
Australia Woos Indian importers
The Australian Trade Commission- Australian Government’s international trade promotion and export facilitation agency is organizing a Indian Buyers Mission to Singapore to participate at a luxury lifestyle event involving high end products and services from Western Australia. The two-day event titled ‘MasterCard Indulgence in the City of Western Australia’ will commence tomorrow in Singapore. Over […]
