Production at the manufacturing plant of Asian Paints at Sriperumbudur, near Chennai, is likely to be affected as employees have gone on strike. In a regulatory filing to stock exchanges, Asian Paints said, “The operations at the company’s paints plant situated at Sriperumbudur, Tamil Nadu, will be affected due to the strike called by the Asian Paints Employees’ Union Sriperumbudur and workmen with effect from December 20.”
GMR inks pact with IFC for Nepal hydel project
GMR Energy has signed a joint development agreement with the International Finance Corporation to jointly develop Upper Marsyangdi-2 hydropower project of 600 MW in Nepal. The project is in advanced stage of development and is being undertaken by Himtal Hydro Power Company, a subsidiary of GMR Energy which is a subsidiary of GMR Infrastructure. The project development agreement is expected to be signed early next year. The project aims at a total investment of around $1 billion and is targeted for commissioning by FY21.
Naomi Ishii to take over as Toyota Kirloskar MD
Toyota Kirloskar Motor announced on Friday the proposed appointment of Naomi Ishii as its new managing director, pending a formal decision at a board meeting scheduled for January 6. Ishii, who has spent over two decades at Toyota Motor Corporation in human resources and business planning divisions, is currently a general manager, product and business planning. He replaces Hiroshi Nakagawa, who will move back to Japan.
GM to hike vehicle prices by up to Rs 10,000 from Jan
General Motors India on Friday said it will hike prices of its entire range of vehicles by up to Rs 10,000 from next month in order to partially offset impact of rising input costs. “We plan to hike prices across our entire product portfolio by up to R10,000 from January. This is due to cost pressure,” GM India vice-president P Balendran said.
L&T IDPL seeks FIPB approval for FDI
L&T Infrastructure Development Projects (L&T IDPL) has submitted an application to the FIPB seeking approval in relation to a proposed FDI. The company said that it is engaged in discussions with a global institutional investor for a proposed acquisition of a stake in L&T IDPL. The company expects an initial infusion of R1,000 crore with this stake sale followed by a second tranche of the same amount after a year from the date of initial investment. The proposed transactions are subject to regulatory and authority approvals.
DSP BlackRock launches