State-owned Indian Overseas Bank has finally secured RBI's approval to go ahead with the acquisition of Pune-based Shree Suvarna Sahakari Bank.
IOB has taken more than ten months to secure RBI's approval, after receiving nod from the board of directors to take over the troubled bank in March, last fiscal.
US aerospace giant Boeing has inked the much-delayed lease pact with Maharashta Airport Development Company (MADC) for setting up a $100 million maintenance, repair and overhaul MRO facility in Nagpur.
The facility is a joint venture between the aerospace major and national carrier Air India and expected.
According to sources, the jobs cuts were announced two weeks ago and the layoff exercise cut across various levels including mid-level managers.
It may be noted that around nine months ago, the company had cut around 200 jobs at its Chennai development centre.
Delhi-based Bhushan Steel has acquired 9.5% stake in Bhubaneswar-headquartered Orissa Sponge Iron & Steel for about Rs 23 crore.
In a bulk deal on Thursday, Bhushan Steel purchased 9.5% stake from Ramesh Chandra family's investment firm Prakasauli investments at Rs 118 per share.
Hospital chain Fortis Healthcare through one of its wholly-owned subsidiaries has picked up 56% stake in the Bangalore-based Apollo RM Hospital for an undisclosed amount. Apollo RM, which started in 2007 as a franchisee of Apollo Hospital, the country's largest hospital chain is a 100-bed multi-specialty hospital.
Sources revealed that Fortis acquired the majority stake for a little less than Rs 10 crore.
Moser Baer Photovoltaic (MBPV), a subsidiary of Moser Baer India announced on February 2 that its has won a contract from roads and buildings department of Gujarat to set up roof-top solar photovoltaic (SPV) installations in Surat.
The solar photovoltic system with 135-kilowatt-peak installed capacity will run a 40-kilowatt load for 10 hours each day and charge a batter bank of 6,000 ampere hours.
A leading Malaysian company, IJM, has refuted allegations of improper land dealings with fraud-hit Satyam Computer Services and has extended its cooperation to the Indian authorities.
IJM denied that the company, its CEO Krishnan Tan or director-in-charge of operations in India Ng Chin Meng had land dealings with Satyam or Maytas Infra in their personal capacity or on behalf of the company.
