Enterprise software firm Ramco Systems will launch a rights issue in the next few months, through which it plans to raise R125 crore. ?We will come out with a rights issue in the next few months through which we expect to raise up to R125 crore. The proceeds will be utilised for branding and marketing operations and also to retire some of our debt,? Ramco Systems CEO Virender Aggarwal said. The company will increase focus on enterprise cloud platform, products and services, he said, adding that it will also increase its marketing presence globally.
Infy?s Basab Pradhan joins CliQr as president & CEO
Former global sales head of Infosys Basab Pradhan has joined CliQr as the president and CEO. Headquartered in California, CliQr is a company focused on cloud technologies and is funded by Foundation Capital and Google Ventures. Pradhan, who was the head of global sales and marketing at Infosys, resigned from the company in July, after his second stint in the IT major.
Patel Engg seeks clarity for Mozambique project
In race for an ambitious $6 billion railway infrastructure project in Mozambique, Patel Engineering has sought clarity from the African nation on certain changes in the bidding criteria at an advanced stage. While Indian infrastructure firm had earlier emerged as a successful bidder, the Mozambique government later decided to call for global tenders for the project and a Thai government entity is now said to be leading the race, sources said.
Reliance General to hire over 4,000 retail agents
Private insurer Reliance General Insurance (RGI) on Thursday said it is planning to hire over 4,000 retails agents as part of its strategy to boost business and growth. ?Our retail agent base has helped us achieve a significant turnaround in performance and we will continue to add more agents to increase profitability,? Reliance General Insurance CEO Rakesh Jain said in a release. The company had hired 4,200 agents in the fiscal 2012-13 to take its agent strength to 10,700.
Tata Steel to produce 1 MT iron ore from Canada
Tata Steel is looking to produce 1 million tonne iron ore from its project in Canada during the current fiscal, a move that will boost raw material supplies to its European operations. It is also targeting to ramp up the production from Direct Shipping Ore (DSO) Project to over 3 million tonne (MT) next fiscal, it said in a presentation posted on its website. Tata Steel, through Tata Steel Minerals Canada (TSMC), holds 80% stake in the DSO project. The production is expected to begin from the October-December quarter.
Spice to begin non-stop Muscat-Ahmedabad flights
SpiceJet, India?s low-cost airline will launch three weekly non-stop flight between Muscat and Ahmedabad from August 29. SpiceJet has entered into a partnership with Oman based travel and tour operator, Khimji House of Travel (KHOT), officials said. The airline will operate three weekly flights from its base in Ahmedabad.
Marico trains eyes on value-added hair oils
In order to tap an increasing number of discerning customers, FMCG firm Marico is focusing on scaling up its presence in all the sub-segments of value added hair oils. The company that derives 16% of its turnover from value added hair oils said it will have a wider portfolio by introduction of new products to drive growth. “With rising incomes in India, there exist increasing opportunities to serve consumers looking for value added options to their hair oiling needs. The company will focus on scaling up its presence in all the sub segments,” Marico said in an investor update.
