Patni expansion plan
Patni Computer Systems (P) Ltd, an IT consultancy and solutions provider, has said it will use $ 100 million investment by General Atlantic Partners in the company for strategic overseas acquisitions and growth of subsidiaries in western Europe and Australia. “G. A. Partners, which made one of the largest investments in India’s IT sector, will hold a minority stake and have its two representatives, William Grabe and John Wong on the company’s board,” PCS chairman Narendra Patni said. PCS has issued private American depository receipts (ADRs) to G. A. Partners, a private equity fund, for about Rs 270 crore and rest has been invested in Indian shares of the company, he added.
The International Finance Corporation (IFC), the private sector lending arm of the World Bank, will provide a $ 10-million loan to Cosmo Films Limited, to expand its film manufacturing capacity. Cosmo, manufacturer of biaxially oriented polypropylene films, used for packaging and lamination applications, have the advantage of being non-toxic and fully recyclable, IFC said.
Sun Microsystems has announced the deployment of Java Card technology and Sun network solutions by the Bureau of National Health Insurance (BNHI) of Taiwan. The BNHI has started to roll out 22 million Java card technology-powered integrated circuit health card to Taiwan citizens in July, replacing its original paper-based system.
Bhilai Steel Plant of Steel Authority of India Limited (SAIL) reported a profit of Rs 476 crore during 2001-02. It has increased its internal net profit target for the current fiscal (2002-03) to Rs 700 crore from Rs 400 crore that was set in the annual plan of SAIL.
Central Depository Services (India) Limited (CDSL) has added more features to its Internet facility easi (easy access to securities information). It is a facility which enables registered DPs, clearing members and retail investors to access their demat accounts through an internet enabled PC.
Union Bank of India and National Bank for Agriculture and Rural Development have signed an MoU to jointly finance agriculture and rural projects.
Mintage Electro Equipments Ltd plans to launch a range of battery-operated two-wheelers by December. Branded as Genxt, it is priced at Rs 40,000.
Inder Singhee of Godfrey Philips India Ltd has been appointed as the president of Tea Packeters Association of India, Rakesh Kaushik as vice-president, H. J. Shah as the treasurer and MD Ilias as the secretary.
Flair Writing Aids has launched the ‘Flair Sporty – Writometer’ range of pens.