UST Global, a US-headquartered IT services company with presence in India, has announced the acquisition of Kanchi Technologies, a Milwaukee-based engineering solutions company. The value of the acquisition was not disclosed.
According to a press release, this acquisition is expected to grow UST Global?s engineering services. Kanchi Technologies has operations in the US, Germany and India.
It provides end-to-end product development capabilities to companies in the automotive, off-highway and manufacturing sectors.
Mindtree appoints Girotra to its board
Technology services firm Mindtree has appointed Manisha Girotra, the India CEO of a leading global independent investment bank, to its board of directors. The board also elected Rostow Ravanan as an Executive Director in addition to his role as the CFO, the company said in a statement. Ravanan co-founded Mindtree in 1999. Girotra, whose appointment is effective May 20, is the Chief Executive Officer of Moelis & Company in India. She ran the India operations for UBS and Barclays de Zoete Wedd’s investment bank. Girotra is a specialist in investment banking, Mergers & Acquisitions and wealth management.
NIIT Q4 profit surges five-fold to R14 crore
IT training solutions firm NIIT has reported an over five-fold rise in net profit to R14 crore for the quarter ended March 2014 on strong growth in corporate learning segment. The company’s net profit (on like-to-like basis) stood at R2.7 crore in the January-March quarter of 2013. The financials exclude numbers from hardware supplied by NIIT for some contracts and are compared on a like-to-like basis. Net revenue grew 5% to R232.9 crore in the quarter from R221.6 crore in the year-ago period.
Zee Entertainment Q4 net up 21% at R217.58 crore
Zee Entertainment Enterprises has reported a 21.14% increase in consolidated net profit at R217.58 crore for the fourth quarter ended March 31, 2014. The company had reported consolidated net profit of R179.6 crore in the same period of the previous fiscal. Consolidated total income stood at R1,158.81 crore during the January-March quarter 2013-14, up 20.17% compared with R964.29 crore during the same period last fiscal, Zee Entertainment said in a BSE filing.
Alstom T&D bags order to revamp Bihar grid
Alstom T&D India, a unit of French engineering group Alstom, said it has bagged a R50.66-crore order to renovate and modernise grid substations in Bihar. “Alstom T&D India has secured an order worth R506.6 million to renovate and modernise 132/33KV grid substations across various locations for Bihar State Power Transmission Company (BSPTCL),” the company said in a statement here. Bihar is looking to invest in revamping the power sector in the state. The state government plans to replace the obsolete infrastructure and increase power capacity for its 11 crore people.
Aegis adds 600 people to Kuala Lumpur workforce
Aegis, the business process management arm of Essar Group, has increased headcount at its Kuala Lumpur centre by 60% to 1,600 people, driven by strong demand across verticals such as telecom, banking and travel. Aegis, which closed the acquisition of Malaysia-based Symphony BPO in March this year, has since then leveraged its domain expertise and customer experience methodology to support clients, Aegis said in a statement. At the time of acquisition, the headcount stood at about 1,000.
Reliance Cement forays into West Bengal
Reliance Cement Company (RCC) has made a foray into West Bengal, a market that has 14-million-tonnes per annum (mtpa) demand and potential to grow by 8% in the coming years. “West Bengal is one of the largest cement consuming states in Eastern India with total consumption of around 14 million tonne per annum,” Reliance Cement Company CEO Arvind Pathak said in a statement. “With ever-increasing industrial activities, real estate, construction and infrastructure, in addition to the onset of various industrial zones being developed in West Bengal, the market is expected to grow at the rate of 8% over the next few years,” he added.
PepsiCo India invites 200 farmers to IPL matches
Beverages and snacks major PepsiCo India has invited 200 farmers from various states, including West Bengal and Punjab, to watch IPL matches live at Mohali, Kolkata and Mumbai, to commemorate 25 years in the country. The company has invited its 200 farmer friends from the states of West Bengal, Punjab, Bihar and Maharashtra to watch Pepsi IPL matches live at the stadiums in Mohali, Kolkata and Mumbai, PepsiCo India said in a statement.
