Industry grows faster

New Delhi, July 12: An impressive performance by electricity and manufacturing sectors have pushed up the industrial growth to 10.8 per cent in May, up from 6.8 per cent recorded in the same month last year. On a cumulative basis, the index of industrial production for the first two months of this fiscal grew by 9.6 per cent compared with 7.9 per cent a year-ago, according to official figures released today. Manufacturing sector recorded an 11.5 per cent growth in May against 7.5 per cent last year. Electricity sector grew 10.6 per cent against a mere 3.1 per cent a year ago. However, mining posted a lower growth at 3.7 per cent compared with 5.3 per cent last year.

Dabhol chief

New Delhi, July 12: A.K. Ahuja, general manager with the National Thermal Power Corporation, is likely to be named the first CEO of Ratnagiri Gas and Power Ltd, a joint venture between NTPC and Gail to take over the assets of Dabhol Power.

Raymond buy

Mumbai, July 12: Raymond Ltd will acquire a 69.17 per cent stake in Ring Plus Aqua Ltd, an auto parts firm, for Rs 21.05 crore, said chairman Gautam Singhania.

Ricoh merger

New Delhi, July 12: Ricoh Co Ltd, the Japanese office solutions provider, today said it has completed the merger of its two Indian subsidiaries, Gestetner India and Ricoh India.

Ambani move

New Delhi, July 12: Anil Ambani has inducted Ramesh Venkat, chief financial officer with Vedanta of the Sterlite group, into ADA Enterprises.

RBI note

Mumbai, July 12: The Reserve Bank has said authorised dealer banks need not follow up submission of evidence of import from importers where the amount of remittance is less than $100,000.

Kalyani Brakes

New Delhi, July 12: Robert Bosch Investment Nederland BV (RBIN) and Robert Bosch Corp have proposed to acquire a 39.99 per cent stake in Kalyani Brakes at a price of Rs 686 per share, RBIN has informed the NSE.