Hitachi to set up subsidiary
Hitachi Data Systems (HDS), an IT firm, will set up a wholly-owned subsidiary in India, following a government approval. HDS, which had been functioning through a branch office in the country since 2000, would be 100 per cent owned by Hitachi Data Systems of Singapore, sources said. HDS will set up the subsidiary with 100 per cent foreign equity participation, which amounts to Rs 5 lakh.
Dell has announced a 6 per cent cut in list prices of its desktop systems, notebooks and workstations with immediate effect. Welcoming the elimination of excise duties on PCs, Dell said it would pass on significant savings to customers because of its build-to-order model.
The Hong Kong-based CLSA Private Equity’s arm Aria Investment Partners will invest $10 million in CCIL, the holding company of VLCC. “The investment in CCIL reaffirms our strong view on the Indian and Asian domestic demand story,” CLSA private equity managing director Richard Pyvis said.
Aviva, a private life insurer, has announced a group insurance plan providing financial security for Can Fin Home’s housing loan customers. Christened as ‘loanshield scheme’, Aviva said the single premium plan would take over the outstanding principal amount on the housing loan and offer financial security to a family by repaying the loan in the eventuality of the death of the insured.
Tata Consultancy Services (TCS) has maintained its position as the largest software exporter from India selling software worth Rs 5,503 crore in the international market in 2003-04, according to latest Nasscom rankings. Following TCS on the list of top 20 software and services exporters (excluding ITES-BPO services) are Infosys Technologies, Wipro and Satyam Computer Services.
Corporation Bank has asked international consultants Boston Consulting to advise the bank on four strategic areas, including brand-building and overseas foray. Boston Consulting will also advise on total revamping of Corporation Bank’s employee training system and improving its business processes, CMD K. Cherian Varghese said.
Educomp Datamatics, an education technology company, has announced its foray into the retail market with plans to invest around Rs 6 crore in the next two years. “With our first store in place in Gurgaon, Educomp is looking at setting up 25 more across the country by March 2005,” CEO Shantanu Prakash said.
Birla Sun Life
The Birla group and the US-based Sun Life plan to inject about Rs 80-crore capital in their life insurance joint venture in 2004-05, Birla Sun Life CEO Nani Javeri said. With increased business, the life insurer had injected Rs 110 crore capital in 2003-04.