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Corporate Briefs

Scorpio goes to Chile

Mahindra & Mahindra (M&M) has launched Mahindra Scorpio SUV in Chile in partnership with Fortaleza SA, a subsidiary of the Gildemeister group, a Latin American conglomerate. Earlier, (M&M) had launched its Mahindra Pik-Up double cab in Chile. “The Mahindra brand is well-known in Chile and the launch of the Scorpio will help us further consolidate our presence in the region,” M&M’s executive vice-president, Pravin Shah, said.

Binani Cement

Binani Cement will invest Rs 2,000 crore over the next three years to double its capacity to 12 million tonnes (mt) per year. According to Vinod Juneja, deputy managing director of Binani Cement, the company would put up a 2 mt greenfield plant near the coastal Gujarat with an investment of Rs 800 crore. The company would also set up a 1 mt grinding unit at Bharuch in Gujarat.

Vishal Retail

Vishal Retail will invest Rs 3,000 crore by 2011 to expand its presence in India as it plans to get into cash and carry and set up a subsidiary for the logistics business. The company, which clocked a turnover of Rs 1,000 crore in 2007-08, is targeting Rs 1,800 crore by the end of March 2009.

Reliance pact

Reliance Communications and Corporation Bank have joined hands to provide mobile banking service to customers. Corporation Bank customers using Reliance mobiles can request for various account-related information through mobile phones.

LG launch

LG Electronics has launched frost-free and direct cool refrigerators that are available in 13 models with varying capacities such as 185 litres, 200 litres, 230 litres and 270 litres. They are priced in the range of Rs 9,000 and Rs 14,700.

SAIL move

The raw materials division of Steel Authority of India Limited (SAIL) has modified the anoharpur Railway siding for its Chiria mines at an investment of around Rs 2 crore. SAIL has extended the siding for full rake loading at Manoharpur, which will reduce the loading time by 40 per cent.

Tech Mahindra

Tech Mahindra has set up a development centre at Mahindra World City at Paranur in Chennai at an investment of Rs 30 crore. The centre will house 1,400 software engineers and offer various recreational facilities for its employees.

HDFC MoU

HDFC Bank has signed a memorandum of understanding (MoU) with two carbon credits service providers, Cantor CO2E India Pvt Ltd and MITCON Consultancy Services Limited. According to the MoU, HDFC Bank and its partners will work towards reducing greenhouse gas emissions into the atmosphere.


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