Wipro Technologies, a subsidiary of Wipro Limited, has merged its telecom service provider and product engineering services divisions. The new entity, to be known as Telecom & Product Engineering Solution (TPE), will contribute $1 billion to Wipro's $3.2 billion top line.
Hexaware Technologies is planning to acquire an IT company in the US or Europe for $20-40 million (around Rs 85-170 crore). They intend to penetrate the European markets quickly and are are looking for a suitable fit in the enterprise resource planning (ERP) space for verticals such as banking and financial services or transportation domains.
Steel Authority of India (SAIL) has approved a major modernisation and expansion programme for its Bhilai Steel Plant (BSP).
Cagiva has reached an agreement with Kinetic Engineering where the latter is likely to start manufacturing single-cylinder Cagiva models developed in Italy.
Mahindra-Renault, a 51:49 joint venture between Mahindra & Mahindra (M&M) and French carmaker Renault, commissioned its Logan manufacturing plant, adjacent to its state-of-the-art facility in Nashik.
Shakti Pumps (India) Ltd is planning to set up a four-lakh submersible pumps and motors manufacturing facility near its existing plant at Pithampur.
Bharat Heavy Electricals Limited (BHEL), Trichy, garnered a record turnover of Rs 4,575 crore during the year ended on March 31, 2007, registering 30 per cent growth over the last year.
Chhattisgarh Mineral Development Corporation (CMDC) and National Mineral Development Corporation (NMDC)-will form a joint venture company (JVC) for supplying raw material to the local steel industries in the state.
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