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Corporate Briefs

Panalpina buys 12% in Luxair

Panalpina, a multinational air and sea freight service provider, has signed a contract to acquire 12.1 per cent stake in the Luxembourg carrier, Luxair. The acquisition of stake by Swiss company Panalpina would entitle its representation on Luxair’s board of directors, a company release said. Luxair flies to some 50 destinations in Europe and its institutional shareholders include the state of Luxembourg and Lufthansa, besides prominent global banks. Panalpina operates a global network with 480 branches in 74 countries and has a significant airfreight operation.

Bharat Overseas

Bharat Overseas Bank has signed an agreement with HCL Comnet for networking 68 branches across the country. Simultaneously, it also signed another agreement with Reliance Communication Infrastructure for using the latter’s data centre facility at Bangalore.

NPIL rating

Credit Rating Information Services of India Ltd (Crisil) has reaffirmed the ‘P1+’ rating assigned to Nicholas Piramal India Ltd’s (NPIL) Rs 100-crore short term debt programme. The outstanding ratings assigned to the Rs 39.9 crore and Rs 3 crore non-convertible debenture programmes have been withdrawn as the instruments have been repaid in full.

Nortel Networks

Nortel Networks has said Apara Enterprise Solutions has joined its “nPower Channel Partner” programme. Apara, an IT infrastructure solution provider, under this programme can design, deliver and manage solutions based on Nortel Networks enterprise product portfolio for customers in India.

Bank of Baroda

Credit rating agency Icra has reaffirmed the ‘LAAA’ rating assigned to the long-term bonds, the ‘MAAA’ rating assigned to the term deposits and the ‘A one plus’ rating assigned to the Rs 1,500-crore certificate of deposits programme of Bank of Baroda. The ratings indicate highest safety and a fundamentally strong position.

M&M Scorpio

Mahindra & Mahindra’s Scorpio has received the ‘best product launch’ of the year award at the India Leadership Summit.

Kotak dividend

Kotak Mahindra Mutual Fund has declared a dividend of Re 0.0102 per unit under the K Liquid scheme, a release said.

L&T Infotech

L&T Infotech has been assessed at Level 5 of version 1.1 of SEI-CMM, a release said.


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