MAY
28, 2012: MAHINDRA & MAHINDRA IN TALKS TO ENTER GENERAL INSURANCE BUSINESS
Mahindra & Mahindra, the country's biggest farm
equipment maker, is in talks with US-based Travelers Group to enter
the fast-growing Rs. 40,000-crore general insurance business.
People close to the development said that talks have begun between executives of the two groups for a joint venture to sell general insurance products in India.
People close to the development said that talks have begun between executives of the two groups for a joint venture to sell general insurance products in India.
Mahindra's
presence in the automobile industry will provide enormous opportunities to sell
motor insurance.
MAY
25, 2012: SBI CARDS TO FOCUS GROWTH IN TIER 2 AND 3 CENTRES
The
third largest credit card issuer SBI
Cards said it will be focusing on tier 2 and 3 centers for
growth in the near future and clients in these segments will grow to occupy 20
per cent of the total over the next three years.
"The growth in tier 2 and 3 centers will outpace growth in tier 1 cities...even though it occupies a very small share right now, we are targeting it to increase to 20 per cent of total number of cards in three years," said Chief Executive Kadambi Narahari
He said the card company, a joint venture between State Bank of India and GE of the US, already has a presence in 50 cities and will be leveraging on SBI's network to grow.
"The growth in tier 2 and 3 centers will outpace growth in tier 1 cities...even though it occupies a very small share right now, we are targeting it to increase to 20 per cent of total number of cards in three years," said Chief Executive Kadambi Narahari
He said the card company, a joint venture between State Bank of India and GE of the US, already has a presence in 50 cities and will be leveraging on SBI's network to grow.
Life Insurance
Corp (LIC) has offered to buy out the erstwhile Unit Trust of India's stakes in
ITC, Axis Bank and Larsen & Toubro (L&T), valued at Rs 37,000 crore, in a move that will
ease the government's fiscal burden, but fuel debate on the insurer's risk and
governance policies.
The proposal to buy these stakes, which are in possession of the government, was made recently to finance ministry officials, who are looking for ways to bridge the yawning fiscal gap, two persons familiar with the proposal said.
The buyout, if it happens, could be staggered over months or even over two years, they said. They declined to add whether it was a voluntary decision by LIC.
The state-run insurer's proposal could help the government side-step hostile public investors, who turned their backs on a share sale by Oil and Natural Gas Corp, forcing LIC to bail out the Rs 12,400-crore issue.
The proposal to buy these stakes, which are in possession of the government, was made recently to finance ministry officials, who are looking for ways to bridge the yawning fiscal gap, two persons familiar with the proposal said.
The buyout, if it happens, could be staggered over months or even over two years, they said. They declined to add whether it was a voluntary decision by LIC.
The state-run insurer's proposal could help the government side-step hostile public investors, who turned their backs on a share sale by Oil and Natural Gas Corp, forcing LIC to bail out the Rs 12,400-crore issue.
MAY 23, 2012: BLACKSTONE IN TALKS WITH UNITECH FOR RS 3,000CR DEAL FOR
SEZS, IT PARK
US
private equity firm Blackstone is in talks with real estate developer Unitech to
buy its two special economic zones in Gurgaon and Noida and an IT park in
Kolkata in a deal worth over Rs 3,000 crore.
A senior executive at Unitech confirmed the development and said that Blackstone is carrying out due diligence on the properties, which are part of AIM-listed Unitech Corporate Parks.
The two SEZs under consideration have about 3.5 million sq ft of built-up space, of which about 60% is leased. The information technology park in Kolkata is spread over 1.90 million sq ft.
Unitech, India's third-largest real estate company by market value, effectively holds 45% in UCP, as it owns 40% of the assets under UCP and owns 10% of the holding company as well. UCP has six assets spread across Noida, Greater Noida, Gurgaon and Kolkata.
A senior executive at Unitech confirmed the development and said that Blackstone is carrying out due diligence on the properties, which are part of AIM-listed Unitech Corporate Parks.
The two SEZs under consideration have about 3.5 million sq ft of built-up space, of which about 60% is leased. The information technology park in Kolkata is spread over 1.90 million sq ft.
Unitech, India's third-largest real estate company by market value, effectively holds 45% in UCP, as it owns 40% of the assets under UCP and owns 10% of the holding company as well. UCP has six assets spread across Noida, Greater Noida, Gurgaon and Kolkata.
MAY 22 2012: IBM TO HELP AXIS BANK PROVIDE EFFICIENT CUSTOMER CARE
SERVICE
Technology
giant IBM said it has been engaged by Axis Bank in a large project to provide more efficient customer
care services to its customers.
The financial details of the deal were not disclosed. IBM will consolidate and manage the contact centre operations from the bank's existing 58 regional asset centers to a single mortgage contact centre, IBM said in a statement.
The contact centre will cater to inbound voice and email communications from bank customers, it added.
The financial details of the deal were not disclosed. IBM will consolidate and manage the contact centre operations from the bank's existing 58 regional asset centers to a single mortgage contact centre, IBM said in a statement.
The contact centre will cater to inbound voice and email communications from bank customers, it added.
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