Bangalore:Incat International Plc., the engineering and IT services firm owned by Tata Technologies Ltd, said it expects to sign an engineering design outsourcing deal with group firm Jaguar Land Rover by November.
Incat would acquire the work of around 150 people from an unknown vendor of Jaguar Land Rover. “There will be hardcore new product engineering work,” said Samir Yajnik, chief operating officer for Asia-Pacific at the firm. He declined to name the vendor.
Bulk of the work would be done offshore or low-cost locations in India, similar to other deals with the British luxury car maker, which was acquired in March by Tata Motors Ltd.
Incat on 5 August won a five-year IT outsourcing deal, which pertains to migrating application work of Jaguar to Land Rover in two phases.
The deal was won in the face of competition from firms such as IBM Corp., Cap Gemini, Computer Science Corp., said Yajnik.
‘The Economic Times’ first reported the deal on 6 August, and valued it at around $100 million.
SC suspends hearing on provident fund scam
New Delhi: The Supreme Court hearing on the Uttar Pradesh provident fund scam was suspended on Thursday after a judge voluntarily stepped aside from the case. “If you don’t have faith in a single judge, I will recuse myself from this matter. I can’t tolerate this,” Justice B.N. Agarwal said in response to senior counsel Shanti Bhushan’s remark that the court was “giving protection to corrupt judges”.
Recusal is a process by which a judge steps away from hearings voluntarily either to avoid a perception of bias or potential conflict of interest.
The scandal relates to the alleged siphoning off of Rs23 crore from the provident fund accounts of junior employees of the Ghaziabad district court in Uttar Pradesh between 2001 and 2008. Some judges and judicial officers are among the accused in the case. Last month, Chief Justice of India K.G. Balakrishnan also recused himself from hearing the matter after Transparency International challenged a directive he gave in relation to the investigation against the accused judicial officers.
Arvind Brands sees big returns from Megamart
Bangalore: Arvind Brands, the retail arm of Arvind Mills Ltd, expects revenues of Rs300 crore from its value chain Megamart this year.
Arvind Brands had posted a turnover of Rs350 crore last year, in which Megamart contributed about Rs140 crore. Currently, there are 93 Megamart stores across 42 cities.
The company launched its two large format value stores called, Megamart Outlet Centre in Pune and Chennai earlier this year.
“The large format stores give higher returns.” said J. Suresh, chief executive, Arvind Brands and Retail. The company plans to establish more than 250 large and small format stores across India over the next three to four years for an investment of $100 million.
Arvind Brands include Flying Machine, Newport, Ruf and Tuf, Excalibur and international brands such as Arrow, Lee and Wrangler.
Sale of sick NTC mill in Mumbai approved
New Delhi: A group of ministers led by Sharad Pawar gave its approval on Thursday to sell government-owned National Textile Corp. Ltd’s (NTC) ailing Finlay Mills in Mumbai and has cleared a proposal of three other sick mills for a joint venture with private players after relocating the plants.
The plants are located in Bangalore, Ahmedabad and Udaipur, according to a government official.
NTC, which has about 52 mills, is undergoing a major restructuring and has already entered into joint ventures with private parties for five mills.
Ministers who attended the meet include textiles minister S. Vaghela and finance minister P. Chidambaram.
Austral Coke IPO is a hit despite public spat
Mumbai: The initial public offering, or IPO, of Kolkata-based Austral Coke and Projects Ltd, which opened bids for shares on Thursday, was fully subscribed by evening, even as it engaged in a public spat with key rival publicly traded Gujarat NRE Coke Ltd.
Gujarat NRE issued a release alleging that Austral’s reported production capacity of 375,000 tonnes per annum, financial statements and comparisons with Gujarat NRE are misleading.
“The promoters of Austral have claimed that they were the original promoters of Gujarat NRE Coke Ltd, conveniently forgetting to mention that they were forcefully expelled in 1997 from Gujarat NRE for fraudulent practice including defalcation of shareholder monies,” the release said.
Austral countered these charges by dubbing the tussle with Gujarat NRE as “a family dispute”, and that the latter is trying to involve the media purposefully at the time of the IPO. The disputes, which are now in courts, are not to be discussed in a public platform, it said.
The IPO of 8.2 million equity shares, including a greenshoe option of 1 million shares, carries a price band of Rs164 to Rs196. A greenshoe option gives the issuer the right to sell more shares than originally planned.