NEC to set up base

New Delhi, March 11: NEC Corporation of Japan today said it would set up a subsidiary here at an investment of $2 million to expand its IT and network business. ?We are establishing a full-fledged subsidiary in New Delhi with initial capital investment of $1 million,? NEC Corporation senior vice-president Norihiko Kunishima told reporters here. The new company, to be named NEC India Private Ltd, would start functioning from April this year.

Hyundai move

Panaji, March 11: Hyundai Motor India Limited will enter into used car business by the end of this year through a subsidiary that will also offer customers an option to upgrade their models. The company is yet to name this new arm, which will be set up in association with the Hyundai dealers across the country.

Rail budget

New Delhi, March 11: The Lok Sabha today approved the demands for grants for railways without discussion. With this the Railway budget 2006-07 was also passed by the lower house of Parliament.