Acquired: By Mahindra & Mahindra, an 80 per cent stake in Honda’s former Indian partner Kinetic Motor Company for Rs 110 crore. This will give M&M an entry into the twowheeler market and further intensify the competition in the segment where the three main players are Hero Honda, Bajaj Auto and TVS.
Revised: By the Reserve Bank of India, the estimates for the growth of India’s gross domestic product (GDP) for 2008-09 from 8-8.5 per cent earlier to 8 per cent, signalling official admission of the slowdown in the economy.
Postponed: By Vishal Retail, the Gurgaon-based owner of retail chain Vishal Megamart, its Rs 200-crore initial public offering (IPO) due to weak market sentiments. Until the situation improves, the value retail company will take the franchisee route to make its expansion less capital-intensive.
Planned: By the Indian arm of Toyota Motor Corporation, the rollout, by 2010, of an innovative small car designed specially for the Indian market. The Japanese auto giant is building its second plant at Bidadi, about 40 km from India’s IT hub Bangalore, at an investment of Rs 1,400 crore to manufacture a range of passenger cars and multi-utility vehicles.
Shelved: By the Tata Group, its $3-billion (Rs 12,900 crore) plan to invest in Bangladesh’s power, steel and fertiliser sectors, after failing to secure infrastructure support from the government. In 2005, the group had entered into a 15-year gas and coal supply agreement with the Bangladesh government for setting up a 2.4 million-tonne steel plant, a one million-tonne urea plant and a 1,000-MW thermal power plant in that country.
Appointed: Jaspal Singh Bindra as the Chairman of Standard Chartered Bank (China). Bindra will oversee the bank’s compliance with statutory and regulatory obligations. He is currently the Asia CEO of Standard Chartered Bank.