Bangalore: J.M. Garg has been appointed as the chairman and managing director of Corporation Bank. Garg takes over from B. Sambamurthy who retired on 31 October.
Prior to joining Corporation Bank, Garg was an executive director of Punjab National Bank. The public sector bank’s subsidiaries include CorpBank Securities Ltd and Chikmagalur-Kodagu Grameena Bank.
— Deepti Chaudhary
JSW Steel plans to cut production by 20%
New Delhi: Steel producer JSW Steel Ltd plans to cut production by about 20% starting this month.
JSW’s crude steel production rose 5% to 338,000 tonnes in October, while flat products output fell 2% to 247,000 tonnes, the company said in a statement to National Stock Exchange on Friday.
“The company is planning from November to rationalize the product mix as per the current market conditions and appropriately modify the production programme to effectively reduce the total production by around 20%,” the firm said in a regulatory filing to the Bombay Stock Exchange.
— Bloomberg and PTI
Tech Mahindra opens 6th back office in UK
Bangalore:Tech Mahindra Ltd, an Indian information technology (IT) services firm, said it opened its sixth back office and software development centre in the UK, that would service global clients, including its largest customer and investor BT Group Plc.
The centre at South Tyneside, UK, will employ at least 500 people in three years for software development and back office support for government specific services of BT, a statement said.
“The centre is expected not only to generate direct local employment but also provide a boost to local business,” said Mahesh Nagaraj, vice president for strategic initiatives at Tech Mahindra.
— Staff Writer
Sun Pharma extends offer for Taro shares
Mumbai: Sun Pharmaceutical Industries Ltd announced on Friday its subsidiary, Alkaloida Chemical Co. Exclusive Group Ltd, has extended the date for the purchase of all outstanding ordinary shares of Taro Pharmaceutical Industries Ltd.
The offer will now expire on 19 December unless further extended or earlier terminated. Sun’s tender offer was extended to comply with a continuing order issued by the supreme court of Israel temporarily prohibiting the closing of the offer until its decision on an appeal filed by Taro and certain of its directors regarding the applicability of the offer.
The supreme court is to hear the appeal on 8 December. If the temporary order remains in effect on 19 December, Sun will further extend the offer, while the temporary order remains outstanding, said a Friday release of Sun Pharma.
— Staff Writer