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Business Briefs

Polaris, AIG in alliance

Mumbai, Dec. 6: AIG Offshore Systems Services and Chennai-based Polaris Software Lab Ltd today set up a joint venture (JV) for software development business. The details of the JV board composition, a name for the company, which would also be based at Chennai, would be announced later. In the first year it would employ 100 professionals and add another 1,000 in a couple of years. AIG, however, will have a larger stake in the company and is to be headed by Steve Snell, who has been named as the CEO.

Electrolux issue

New Delhi, Dec. 6: Electrolux Kelvinator today said its shareholders have approved a preferential capital issue of Rs 150 crore, which will be fully subscribed by the parent company, AB Electrolux of Sweden.

Bilt tieup

Yamunanagar (Haryana) Dec. 6: Ballarpur Industries (Bilt) has held several rounds of talks with International Paper in a bid to begin marketing paper in India and may set up a separate arm for the purpose.

RBI bonds

Mumbai, Dec. 6: The Reserve Bank of India will repay Rs 127 per Rs 100 of nominal value for the 6 per cent capital index bonds-2002 on December 28.

Dabhol revival

Mumbai, Dec. 6: Enron Corp has given a fresh lease of life to Dabhol Power Company (DPC) by reappointing four representatives on the company’s board, thus regularising its day-to-day functioning.


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