Bizbits

FII limit in PentafourMUMBAI: The Reserve Bank of India (RBI) has barred all foreign institutional investors (FIIs) from making additiona...

FII limit in Pentafour

MUMBAI: The Reserve Bank of India (RBI) has barred all foreign institutional investors (FIIs) from making additional purchases of shares of Pentafour software, as the overall ceiling at 24 per cent of equity for FII holding has been reached. No further secondary market purchases in the shares of Pentafour should be made on behalf of FIIs, RBI said. It has also advised FIIs to purchase equity shares and convertible debentures upto 30 per cent of the paid up capital of NIIT, as permitted by a board resolution of the company.

Havell’s JV

MUMBAI: The Rs 200 crore Havell’s group, engaged in the manufacture of a range of electrical products has signed a joint venture (JV) MOU with Dorman Smith of the UK for one of its group companies, namely ECS Ltd. The JV signed on Friday envisages 50:50 equity participation by both the partners and will results in investment of Rs 20 crore going into ECS to upgrade/introduce new technologies/and install new machinery whichcan handle higher volumes.

N&N Systems

MUMBAI: The US-based NSO Corporation has appointed N&N Systems and Software as the sole distributor and republisher for Quick View Plus in India, Nepal, Srilanka, Bangladesh, Pakistan and United Arab Emirates. Quick View Plus allows the user to work with over 200 file formats. It can work with Windows, Macintosh, DOS and major e-mail groupware programs like Microsoft Outlook, Netscape Messenger and Lotus Notes, according to a press release from the company.

Whirlpool

MUMBAI: Whirlpool of India, the leading white goods manufacturer and marketer has launched an addition to its range of washing machines. The new machine christened Europa’ is a front-load tumble washing machine and complements the other Whirlpool washing machines already available in the market.

Interpack’99

MUMBAI: Fifteen major Indian packaging companies will participate in Interpack’99 by exhibiting their high-tech packaging materials, confectionerymachinery and equipment primarily to capture potential markets in developing countries such as Africa, Middle East, South East Asia and South America. Interpack’99, a showcase for the global range of packaging machinery and packaging and confectionery machinery is to be held from May 6 to 12,1999 at Germany.

Kvaerner director

MUMBAI: Kishor M Thatte has joined Kvaerner Cementation India Ltd (formerly Trafalgar House Construction India), a part of Kvaerner ASA of Norway/UK, as finance director. Previously, Thatte was senior vice president and company secretary at Aptech Ltd.

Galileo India

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MUMBAI: Galileo India Pvt Ltd (GIPL) has introduced Viewpoint in the Western region. Viewpoint is the first graphical user interface travel sales software solution which is fast, friendly and efficient. It provides on-line booking solutions for air, car rentals and hotels across the world. Viewpoint is designed to increase travel agent productivity by creating a point & click’ environmentfor all travel bookings. The introduction in Mumbai is part of the national roll-out plan.

Citicorp

MUMBAI: Citicorp Information technology Industries has received the National Export award for excellent performance in export during the 1996-97 from the Government. The awards, instituted by the FIEO, set up by the Ministry of Commerce, is the highest recognition awarded annually for excellent performance in exports.

CyberTech plans unit

MUMBAI: The Rs 13-crore CyberTech Systems and Software Limited (CSSL), primarily known for its bodyshopping activities, is venturing into software development with the setting up of a Rs 20 crore facility at Thane in Mumbai. The company has chalked out an aggressive growth strategy for servicing the domestic market and tapping opportunities in the Middle East. It has earmarked Rs 10 crore from its Rs 40 crore cash surplus for the express purpose of acquisitions. The primary aim of these acquisitions would be to get a foothold in the domesticmarket and a marketing base in the Middle East. Talks are at an advanced stage with two local companies one which is a systems integrator, Vinod Kumar Garg, executive director, said.

IIS Infotech

MUMBAI: IIS Infotech has become the first software company in India to offer shares of its parent company, UK-based FI Group Plc, which are listed on the London Stock Exchange. Employees will receive free shares worth between 0 per cent to 10 per cent of their annual salary, depending on the company’s annual performance. The shares will be bought by the company at the prevailing market price from the employee’s profit share entitlement.

Allied Comp

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MUMBAI: UK-based notebook manufacturer Allied Computer Industries is setting up operations in Mumbai to tap the Indian market. Starting February, it will sell and service its branded notebooks in the country to compete with Acer which positions its notebooks at the lower end of the market, Hirji Patel, managing directorsaid.

Syndicate Foods

MUMBAI: Syndicate Foods (India) has launched country’s first Tetrapack Jal Jeera branded drink called Kool’. This is initially being launched in Mumbai, Pune and rest of Maharashtra. Thereafter, it would rolled out to other states.