Videocon demerger plan
Videocon Industries has informed stock exchanges of it plans to have separate verticals for different lines of activities such as thermal power, oil and gas, mining of natural resources, including coal, and renewable energy such as solar energy. These verticals will be housed in one or more special purpose vehicles. The company might consider funding for each respective project, induction of private equity and/or operating partner.
Around 20,500 employees of New India Assurance Company have called a one-day strike on December 24 at all offices of the insurer in the country. Their demands included withdrawal of suspension imposed on 14 members in August this year, reinstate wage revision for class II officers and giving 399 part-time sweepers full-time assignments.
ING Vysya Life has launched ING Creating Star Education Guarantee Plan. The unit-linked savings plan is targeted at parents with young children.
Varun Industries has won a Rs 50-crore contract from Essar Oil Ltd. Under the agreement, Varun will drill three deep exploratory wells in the L Block of Myanmar’s Sittwe region.
Garden Reach Shipbuilders and Engineers Ltd has presented a cheque of Rs 10 crore to the defence minister A.K. Antony.
H&R Johnson has launched a range of tiles called Marbonite XL. The tiles come in two sizes, 700X700 mm and 600X600 mm.
Financial risk management solutions firm Aptivaa Consulting has completed an undisclosed amount of strategic financing from Japan’s SBI Holdings and SBICAPS Ventures Ltd.
Credit Analysis and Research Ltd (CARE) and United Bank of India have signed a memorandum of understanding to facilitate ratings of borrowers.
Koutons Retail India Ltd has won the Chain Store of the Year award at the National Awards for Excellence in Apparel Business organised by the Clothing Manufacturers’ Association of India.
IFC, a World Bank member, has been appointed as the lead advisor to the Infrastructure Corporation of Andhra Pradesh for the various public-private partnerships to be implemented in the state.
ITC Foods has launched Sunfeast BenneVita Flaxseed biscuits. The biscuits are priced at Rs 20 for a 92gm pack.