MUMBAI: Dena Bank has set up an in-house committee to look into the viability of its branches, based on the findings of which unviable branches would subsequently be closed down.

``We feel the bank has many branches which are not doing much business. This is causing strain on our profits, especially in the current scenario of thinning spreads. The committee will report on the viability of all our branches and recommend steps of rationalisation,'' Dena Bank Chairman and Managing Director (CMD) Ramesh Mishra said. ``Unviable branches are mainly concentrated in rural areas. According to the rules of nationalisation, we were required to set up a lot of branches in remote areas despite the lack of business potential,'' he said.

Alfa Laval export base

MUMBAI: Swedish engineering giant Alfa Laval's plans to make India an export base as part of its strategy to relocate some of its manufacturing facilities outside Europe, Alfa Laval India MD Satish Tandon said. Theparent company has already decided to relocate separators and decanters assembly lines to India and has pumped in Rs 3 crore in the new production line.

IIS Infotech staff to get free shares

NEW DELHI: Indian software firm, IIS Infotech, has introduced a novel scheme in which all its employees will be offered free shares of its parent FI group, listed on the London Stock Exchange (LSE). "All 1,100 staff will get shares in FI group worth up to 10 per cent of their annual salary," Executive Chairman of IIS, Saurabh Srivastava said. He said the FI group's shares, quoted at around three pounds per share on LSE, would be allowed to sell only after a two-year period. "FI group has already started buying the shares for the employees at the prevailing market price.