Relief for L&T staff body
The Securities and Exchange Board of India has exempted the L&T employees welfare foundation from making an open offer to shareholders of L&T, while acquiring 9.62 lakh shares of the company. The foundation has been exempted from making an offer keeping the welfare of employees in mind. The proposed acquisition should be completed within 30 days from August 25, Sebi whole-time member A. K. Batra said in his order.
Bobst India, a subsidiary of Swiss packaging machinery major Bobst group, will firm up plans to become a sourcing base for group entities abroad. The company would continue to expand its business in the rapidly growing Indian market as well as use spare capacity to service group companies abroad, vice-president (local markets) S. Roy said.
Sun Microsystems and chipmaker Advanced Micro Devices (AMD) has launched a programme in India to help independent software vendors and developers design applications for 64-bit computing. “Under the iForce partner programme, both companies have designed a kit for developers and software vendors to design applications for 64-bit computing using AMD's Opteron processor," Sun director marketing Ajay Goel said.
Jobs at Menlo
Menlo Worldwide, a global logistics major, will increase its headcount in India by 75 per cent to 350 and move a part of its back office functions from England to the country. The company has identified India as one of the key markets along with China, Mexico and England, and would grow its human resource base from the current 200 to meet demands from the fast expanding business.
Torrent Pharmaceuticals has earmarked Rs 100 crore for expanding its research and development (R&D) activities and infrastructure. About 300 scientists would be recruited to undertake cutting-edge research and generate a broad-based generic drugs pipeline.
Liberty Shoes has launched a range of footwear for children in the age group of 1-12 in its Footfun category. The products include sandals, infant and toddler range of unisex shoes, sports shoes and school shoes in attractive colours and inspired by cartoon characters like Popeye, Alladin and Bagheera. The range is priced at Rs 135 to Rs. 395.
Alfa Laval India has bagged two orders worth Rs 110 crore from Vedanta Aluminium and the Thailand-based Gasohol Corporation. Under the Rs 76-crore order, Alfa Laval would supply two 300 THP falling film evaporators designed with six effect to Vedanta for the latter's aluminium refinery in Orissa.