Bizbits

MUMBAI: Rallis India Ltd RIL and Monsanto have signed a memorandum of understanding to jointly develop and launch rural development initiatives in India. The companies will provide technical inputs, farm management training and other services to improve farm productivity to raise farmer income. Monsanto is a leader in the herbicides and seed business and RIL has a strong distribution network along with several state insecticides and fungicides on its range. Together the companies are in a unique position to transfer emerging technologies and expertise to the farmers.

Initiative Media

MUMBAI: Initiative Media, the media buying division of Lintas India Limited, has once again bagged the prestigious central media buying assignment of ITC. The award of the AOR to Initiative Media came after a pitch was invited by ITC. HTA Trikaya Grey and Clarion Bates/Zenith are reported to be the other agencies thatpitched.

Initiative Media is amongst the largest media buyers in the country and has the largest AOR8217;s in virtually every city. With ITC is Calcutta, Maruti in Delhi, Britannia in Bangalore, Bajaj in Pune and G M Pens in Chennai as its AOR clients, Initiative Media is the only media buying outfit with a truly national presence.

Polaris Software

MUMBAI: Polaris Software Lab Limited of Channai is joining the list of software companies which have gone public in the last couple of months. The firm is likely to enter the market in July end or early August. The issue will be priced at a premium of Rs 175 to Rs 210 per share. The size of the issue will be Rs 80 to Rs 90 crore, chairman and managing director Arun Jain said. The proceeds of the issue will be used for its expansion plans amounting to Rs 77 crore. It involves setting up three software development facilities: one at Chennai in addition to the existing two, one more at Noida 8212; the third location is yet to be finalised. The company is alsoplanning to set up development centres in Europe and US to get a better pricing for its services.

The company has established subsidiaries in US, UK and Singapore. It recorded consolidated turnover of Rs 83 crore for 1998-99 with the Indian company accounting for Rs 60 crore and a profit after tax of Rs 14.65 crore 8212; representing a 98 per cent and 200 per cent growth respectively over the previous years.

Bahwan in India

CHENNAI: THE US dollar one billion Bahwan group of the Middle-East today launched its India operations by the setting up of a software products and services subsidiary here to cater to its global clients.

quot;We propose to make India a major hub for the company8217;s global operations in information technology IT though in the beginning we will not address Indian markets,quot; Bahwan Cybertek Technologies chief Hind Bahwan told reporters here. The company had set a turnover target of US five million Rs 21.5 crore approx. over the next three years on an investment of Rs fourcrore.