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Information management specialist company Saksoft has acquired the US-based business intelligence and information management company, Electronic Data Professionals, through its subsidiary for an undisclosed amount. The company said in a statement on Tuesday that EDP would operate as a separate entity in the US. It would be a direct subsidiary of Saksoft, United States. EDP has been operational for seven years and has grown consistently well for the last few years. The terms of the deal have not been disclosed. The acquisition is effective immediately. Aditya Krishna, CEO, Saksoft said, "Saksoft is investing in sales, marketing and delivery capabilities for the US market and EDP will be an additional channel for client acquisition and account management."
Mercedes Benz hikes car prices by up to 3%
Mercedes-Benz India on Tuesday declared a price increase plan for their vehicle range in India. The increase in the price range is from 1-3% and will be effective from 14-January, 2013, a company statement said. Eberhard Kern, MD & CEO, Mercedes-Benz India commented, "Rising inputs cost, volatility of the rupee-euro, high interest rates and other associated factors have put significant pressure on us. Consequently, we are forced to share a part of this burden with our customers and we will increase prices of our vehicles to the tune of 1-3% effective January 14." The price of the B-Class will be increased by 1%, for the C-Class and E-Class sedans it will be 1.5% and for the S-Class sedan, the rise in price will be 3%. The M-Class SUV will be more expensive by 3% and the prices of the CBU range of vehicles comprising the CLS-Class, SLK-Class, R-Class and the SLS AMG will also be increased by 1%.
Easun Reyrolle plans to raise R100 crore
Easun Reyrolle, a key player in electrical power management, plans to raise R100 crore by way of mixed instruments including private placement, offer to qualified institutional buyers (QIBs), rights offer, foreign currency loan and global depository receipts. The company is in the process of expanding its business by pursuing growth opportunities in power transmission and distribution front for which long term funds are required to be generated. It has sought shareholders' nod for the fund raising plans The fund-raising is to fuel the future growth plans and the existing endeavors of the company. This will help the company repay the existing debts (including those taken from the promoters), to meet working capital and general corporate purposes.
Hockey India League, Hero sign title sponsorship deal
The upcoming Hockey India League has signed a multi-year deal with Hero MotoCorp, the world's largest two-wheeler manufacturer, for the title sponsorship of the event. With this sponsorship, the tournament will be called as "Hero Hockey India League". Announcing this here today, Secretary General of Hockey India and Chairman Hockey India League Narinder Batra said, "We are delighted to have Hero MotoCorp as the Title Sponsor of the Hockey India League.
Aurobindo gets USFDA nod for anti-migraine tablets
Drug maker Aurobindo Pharma on Tuesday said it has received final approval from the US Food and Drug Administration (USFDA) to manufacture and market Rizatriptan Benzoate Tablets used in the treatment of migraine. The product which was tentatively approved by the FDA earlier, is ready for launch, a statement from Aurobindo said.
L&T Finance Holdings buys Family Credit for R120 cr
L&T Finance Holdings today said it has completed the acquisition of auto finance company Family Credit for R120 crore. Family Credit, which was a subsidiary of Societe Generale Consumer Finance, has presence across two-wheeler and auto financing, L&T Finance Holdings said in a filing on the BSE. In October, 2012, L&T Finance Holdings had agreed to pay R120 crore for acquisition. The acquisition will consolidate company's presence in auto financing business in India, it said. As of June 30, Family Credit had loan book size of R1,287 crore of which two-wheeler financing constituted 53% and car financing 35%. It has 53 branches across 16 states in India and has more than 1,400 dealer outlets with a customer base in excess of 400,000.
Adani Power seeks coal linkages for power project
Adani Power has requested the coal ministry to grant long-term coal linkage for its proposed thermal power plant in Maharashtra. "Adani Power Maharashtra (a subsidiary of Adani Power) has submitted a request, indicating that they are setting up ...IPP (Independent Power Producer) at Tiroda (Maharashtra)... "The applicant has, therefore, requested that as the first unit is on the verge of commissioning and pending allocation of alternate coal, the tapering linkage be converted to long-term coal linkage," said a coal ministry document. The project, the document said, is at advanced stage of development and the first unit is expected to be commissioned shortly.
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