Mumbai: Deutsche Bank AG has hired Ajay Bagga, former chief executive of Lotus India Asset Management Co. Pvt. Ltd, as head of its Indian private banking arm, two officials with direct knowledge of the matter said.
Bagga, who left Lotus late last year after the firm was sold to Religare Enterprises Ltd, joined Deutsche Bank’s private wealth management as managing director and head on Wednesday, officials said.
—Reuters
*********
3i appoints Anil Ahuja as Asia business head
Mumbai: Global private equity player 3i Group Plc. has appointed Anil Ahuja as the head of the company’s Asia business.
“Anil’s appointment is consistent with our approach of developing local Asian talent to lead this growing business,” 3i Asia chairman Chris Rowlands said in a statement.
Ahuja would lead 3i’s investment teams to deliver its strategic objectives across Asia, working with local business heads in China, Singapore and India.
Ahuja would be based out of Singapore.
—PTI
*********
Jim Leng is Rio Tinto’s new chairman
London: Anglo-Australian mining company Rio Tinto announced on Wednesday the appointment of Jim Leng, currently deputy chairman of Tata Steel Ltd, as its new chairman.
Leng will take over from current chairman Paul Skinner on 20 April, and becomes chairman designate with immediate effect, the group said in a statement.
—AFP
*********
Not holding back on capex, says M&M
New Delhi: Auto maker Mahindra and Mahindra Ltd (M&M) said on Wednesday it will not hold back its capex, including the Rs4,000 crore investment for setting up a greenfield plant at Chakan in Maharashtra, notwithstanding the slowdown that the automotive industry is going through.
“We are not reviewing any of our projects. That means we are not holding any of our product plans and whatever capex is associated with that is happening,” M&M chief operations officer (automotive sector) Rajesh Jejurikar told reporters here. He said M&M is also not shutting down its plants at the moment.
—PTI
*********
Pakistan deploys troops on Indian border
New Delhi: Pakistan has deployed additional troops along the border with India since the Mumbai attacks, but India has not responded in a similar manner, the Indian army chief said on Wednesday.
“The aspect of some (Pakistani) troops coming towards the east...we are aware. That has happened,” General Deepak Kapoor told reporters. “They have come to the eastern border of Pakistan with India.”
Pakistan’s military has denied any build-up of forces on the Indian border.
Kapoor said India’s armed forces were in a state of full preparedness.
—Reuters
*********
BoA to decide on nine SEZ proposals today
New Delhi: The board of approval (BoA) will consider nine proposals for setting up special economic zones (SEZs) at its meeting here on Thursday.
The proposals listed on the agenda for the meeting include those of Larsen and Toubro Ltd (L&T), JSW Aluminium and Navi Mumbai SEZ, promoted by Anand Jain, an aide of Reliance Industries Ltd chairman Mukesh Ambani.
—PTI