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Corporate Briefs

VW sets March entry date

German auto giant Volkswagen AG plans to foray into the Indian market by launching variants of a popular light commercial vehicle from March 2003, company officials said. It initially plans to import an armoured and ambulance version of the ‘LT’ vehicle as completely-built-units and later start assembling it in the country, the officials said, adding the government permission would be sought for importing these vehicles by end of this month. “We can start local assembly of the armoured version after we sell 150 units. We will then transfer the armouring technology to India. We will be looking at maximum local content,” Harold Franke, export sales manager (commercial vehicles) of Volkswagen AG, said.

HCL Tech

HCL Technologies has forged a strategic alliance with Alventive Inc to deploy its product lifecycle management solutions worldwide. The alliance synergistically combines HCL Technologies’ outsourcing services with Alventive’s collaborative product lifecycle management (CPLM) software to provide a single source for creating, implementing, customising and supporting CPLM solutions globally.

UTI Bank

Delhi Police has signed a memorandum of understanding (MoU) with UTI Bank by which Delhi Police conferred the mandate for salary disbursement of their personnel to the bank.

Vindhya Valley

Madhya Pradesh Khadi Gramodyog Board (MPKGB) and Hindustan Lever Limited (HLL) has launched the ‘Vindhya Valley’ brand of household items under which HLL will market the board’s products in the country.

Hughes Escorts

Hughes Escorts Communications Ltd and Manipal Academy of Higher Education (Mahe) have inked a pact for a one-year executive MBA programme on Hughes’ Direcway Global Education platform. Mahe will award an executive MBA to students who take this course that will be delivered in 17 classrooms across 11 cities in India.

PSL Holdings

PSL Holdings has reported a 6 per cent rise in net profit at Rs 7.27 crore for the second quarter ended September 30 against Rs 6.84 crore in the previous corresponding period last year. The company’s sales stood at Rs 137.60 crore against Rs 165.93 crore in the previous corresponding period last year, a dip of about 17 per cent.

Blue Dart CP

Fitch ratings India has affirmed the F1+(Ind) rating assigned to the Rs 20 crore commercial paper (CP) programme of Blue Dart Express Limited. The F1+(Ind) rating indicates highest credit rating and strongest capacity for timely payment of financial commitments.

Unichem Labs

Credit rating agency Icra has reaffirmed the highest safety rating of ‘A1+’ to the Rs 10 crore commercial paper issue of Unichem Labs and ‘A1’ to the Rs 10 crore short-term debt of MTR Foods.


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