Corporate Briefs 12-03-2005
IKF ties up with Sundaram Inmarsat QX Systems RRB strike Syndicate Maruti award
- Published 12.03.05
IKF Finance Limited has tied up with Chennai-based Sundaram Finance Limited for the purchase of lease receivables portfolio. Sundaram Finance has so far purchased lease receivables of Rs 2 crore in two tranches as part of the tie-up, IKF has informed the Bombay Stock Exchange. The company's borrowing cost will come down proportionately with the securitisation of receivables at a lower rate of interest than the existing market rates, it said. It will help to maximise the liquidity of the company, which will enable it to spearhead its lending activity.
Inmarsat Ltd, a global mobile satellite communications service provider, has named Satyam Computer Services Ltd as ?preferred? partner for SAP implementation. The company had consulted with Satyam for implementation and rolling out of new solutions based on enterprise resource planning suite SAP, Satyam director and senior vice-president Manisha Mehta said.
QX Systems Inc has announced plans to expand its core India development centre in Chennai to 500 people in 15 months and launched ?workace?, a software to integrate many applications tools on a virtual single platform. Workace, developed by its 30-member team, helps firms seamlessly integrate their existing applications.
The officers of regional rural banks will go on a strike on March 22 to protest the mergers and acquisitions of public sector banks and foreign investors taking over domestic banks. Around 14525 branches of regional rural banks will remain closed on March 22.
Syndicate Bank has declared an interim dividend of 6 per cent for 2004-05. The bank received necessary approval from the government and the Reserve Bank of India for payment of 6 per cent interim dividend as recommended by the board for 2004-2005.
Maruti MD Jagdish Khattar was presented five awards at the JD Power Asia Pacific 2004 function in different categories with Alto being recognised as the most appealing vehicle.