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Corporate Briefs

Voltas cool with ACs

Voltas is striving to increase its market share in ACs to 20 per cent or Rs 600 crore in two years from 15 per cent at present. The company has already exited from the refrigerator segment to focus on air-conditioner market. It has spent Rs 50 crore on brand building ' the new brand is called Veritus ' and has tied up with Fedders Corp of the US for air-conditioner manufacturing.

AirTel offer

AirTel is offering free local calls to any other mobile number for its subscribers in Calcutta.

y can avail of this service at a one-time monthly subscription of Rs 50. Post-paid customers can take Talk Festive 200 plan that offers free 300 minutes of free local mobile-to-mobile calls a monthly charge of Rs 200.

Impex move

Impex group is setting up Ankit Metal and Power Ltd, an integrated steel plant, at an investment of Rs 150 crore. The steel plant is located at Jorehira in Bankura. The first phase of the plant is ready to start operations from this weekend. The unit will produce sponge iron and billets.

Gecis avatar

Gecis Global has been renamed as Genpact. The company is looking at an annual revenue of $1 billion by 2007-08 from its global outsourcing business.

Opus deals

Opus Software Solutions has signed up long-term contracts with 20 mid-sized banks across various countries in East Africa for providing them with its payment service solution, Electra Payment Suit. The company has revised its revenue target upwards for the current fiscal following the encouraging overseas responses.

Uttam Galva

Uttam Galva Steels has bagged Gold Card Holder Status for exports from a consortium of banks under the Gold Card Scheme announced by the Reserve Bank of India. This will facilitate Uttam Galva Steels to get a preferential rate of interest on loans from banks. The company last year exported worth of Rs 1,400 crore.

PNB merger

Punjab National Bank has merged its three regional rural banks in Punjab ' Gurdaspur Amritsar Kshetriya Gramin Bikash Bank, Gurdaspur Kapurthala Ferozepur Kshetriya Gramin Bank and Kapurthala Shivalik Kshetriya Gramin Bank ' into a new entity called Punjab Gramin Bank.

JK Corp

JK Corp is hiving off its financial investments into a separate company to become a pure cement company. The changed identity will be called JK Lakshmi Cements Ltd. The company has initiated business restructuring in 2000 and has already undertaken a Rs 40-crore capacity expansion and cost reduction project.


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