Optel Telecom stake sale
Madhya Pradesh State Electronics Development Corporation (MPSEDC) plans to sell its entire 65.4 per cent stake in ailing Optel Telecommunications Ltd to a strategic investor. Optel Telecom has invited bids from strategic investors for buying the entire stake of MPSEDC. Apart from selling the entire 65.4 per cent, the state government intends to give management control to the investor. The public holding in the company is about 14 per cent. SBI Caps has been appointed as the adviser to the divestment process, official sources said.
Juniper Networks has extended its remote office security solution, Juniper Networks NetScreen-5GT, to wireless networking environments. The Juniper Networks NetScreen-5GT will deliver the depth and breadth of protection and assurance that customers are demanding for wireless access in distributed remote sites and small offices.
Apar Industries Ltd has declared two interim dividends of 10 per cent each for 2004-05. An interim dividend of 40 paise will be given on 78,38,785 redeemable cumulative preference shares with a face value of Rs 4. An interim dividend of Re 1 (10 per cent) on shares of face value of Rs 10 will also be distributed. The record date has been fixed as March 22.
CB Richard Ellis (CBRE), a global real estate services major, plans to expand its operations in the country. 'India has realised the importance of real estate and its significant contributions in boosting the economy. We at CBRE India are drawing up plans for more intense and wider operations across the country,' CBRE worldwide president and chief executive officer Brett White said.
The Rs 5000-crore Muthoot group, a leading financial services provider, has entered into an agreement with Geojit Financial Services Ltd for share trading business. The group has formed Muthoot Securities Pvt Ltd to undertake this venture. 'The objective of this tie-up is to offer a basket of services and target the people who are keen on investing in shares,' the group's managing director George Alexander Muthoot said.
Navinchandra & Company, a leading producer and exporter of diamond jewellery, has launched a designer brand - Ira. The domestic market for branded diamond jewellery is estimated to be Rs 750 crore in the current year. The Ira collection comprises 80 designs, starting at Rs 5000.
Yes Bank has acquired ISO 9001:2000 certification for its back office operations. The scope of the certification encompasses clearing operations, cash management services, retail liabilities operations, treasury operations, direct banking operations, trade finance services and credit/ loan administration.