New Delhi:K.K. Swamy, former deputy managing director of Toyota Motor Co.’s local unit has been appointed as managing director and vice-president of Volkswagen India Pvt. Ltd. He will take charge on 21 July, the company said in an emailed statement.

Swamy will report to president of the company Jorg Muller, it said.

In his Toyota days, Swamy was considered the Indian face for the Japanese company’s interactions with the government, besides driving marketing initiatives.

Govt relaxes ban on cement exports

New Delhi:The government on Tuesday relaxed a ban on export of cement by allowing shipments from the ports of Gujarat. It also excluded exports to Nepal from the ban.

“There is drop in demand for cement during the monsoon season,” commerce secretary G.K. Pillai said. “Moreover, there are some cement manufacturers who were otherwise supplying abroad and their business has been affected.”

Pillai, however, ruled out any relaxation in the ban on the export of rice. Udit Misra

New Delhi:Educomp Solutions Ltd has tied-up with Singapore-listed Raffles Education Corp. for two joint ventures.

One will provide higher education programmes in India. An existing design institute being run by Raffles in Mumbai will be merged with this joint venture.

The second partnership will offer Educomp’s products such as its online lessons to schools in China.

Shares of Educomp Solutions gained 0.95% to close at Rs4,017.05 on the Bombay Stock Exchange. Aparna Kalra

Construction, highway bodies threaten strike

New Delhi: Builders Association of India, the trade association representing the construction industry, and the National Highway Builders Federation have threatened to go on a day-long strike if the government does not take steps to combat runaway steel, cement and bitumen prices and revise the price variation agreements in contracts awarded by ministries.

“This industry is worth about Rs3.5 lakh crore a year. We are losing at least Rs70,000 crore every year because of the steel and cement inflation,” said S. P. Goel, president of Builders Association of India. “The industry cannot sustain these kind losses per annum,” he added..Rahul Chandran

Irda yet to appoint new chairman

New Delhi: Delays in the appointment process has left the country’s insurance regulator without a chairman for almost two weeks.

The Insurance Regulatory and Development Authority (IRDA) has had no chairman since the term of C.S.Rao ended on 14 May. A search committee appointed by the finance ministry had shortlisted former Andhra Pradesh chief secretary J.Harinarayan, ministry officials had earlier said.

The appointments committee of the cabinet is now considering the issue and also looking into the merits of another person interviewed by the search committee, a finance ministry official, who did not want to be identified, said. Staff Writer