BankAm brings in $175 m
Bank of America will infuse $175 million into its India franchise to boost its operations and provide for growth of client base in the country. The additional capital has been committed to meet the RBI requirement on single and group borrower exposure limit. Out of the fresh infusion, the American parent will bring in $150 million (Rs 657 crore) as tier I capital and the remaining $25 million (Rs 110 crore) will be raised as tier II capital, increasing the capital base of the Indian unit to Rs 1,400 crore.
DCM Shriram Consolidated has declared an 80 per cent dividend for the last financial year. The board has recommended the payout (including an interim dividend of 25 per cent) for the shareholders, the company has informed the Bombay Stock Exchange.
Taj Hotels Resorts and Palaces will manage the daily operations of Rebak Marina Resort, a 106-room premium resort on the Langkawi island in Malaysia. Taj has entered into a management contract with Rebak Island Marina Berhad, which owns and runs the island resort. Under this pact, the Taj group will renovate and upgrade the resort at a cost of $5-million .
SAP India will hold its second SAP Summit, a business and technology forum, from June 7 to June 9 in Mumbai. The three-day meet will showcase SAP's latest business solutions in ERP and management of supply chain, customer relationship, product lifecycle and enterprise services architecture.
Sierra Atlantic has released SCMnet ' a software solution for supply chain management ' which integrates enterprise resources planning applications of Oracle and SAP's R/3 to Agile Software Corporation's product lifecycle management solution Agile 9.
National Engineering Industries' (NEI) rubber division has got the ISO/TS 16949:2002 certificate. This is awarded to suppliers of the automotive industry. The GP-CK Birla group company is the first in the east to receive this certificate.
Hindustan Motors (HM) has registered a 21 per cent increase in sales of its Ambassador cars in April at 1002 units compared with 830 in April 2004.The company has recently launched a CNG variant of the Ambassador.
Ashok Leyland recorded a 2.6 per cent growth in vehicle sales at 3,422 units in April against 3,333 units in the same month last year. The highest sales growth of 11.8 per cent was recorded in its domestic MDV passenger units at 568 vehicles, up from 508 units in the same month last year.