DLF buys land for Rs 1,675 cr
DLF Ltd on Thursday said it has bought 38 acres of land for Rs 1675 crore from  DCM Shriram Consolidated Ltd (DSCL) and Lohias Group. The project is on a prime land at just about 10 km from Connaught Place. This acquisition coupled with the previous acquisition of contiguous plots, will add Rs 4,000 crore to its net asset value (NAV), DLF said in a statement. Another DLF group company already owns 25 acres in an adjoining piece of land. “The project will be built around a 121-acre green belt belonging to DDA. The development will offer modem workspace to IT/ITeS companies, clubbed with residential, retail and recreational developments,” DLF said. It is learnt that DLF is mulling an investment of around Rs12,000 crore towards development of this land into an integrated township.

KVB’s new savings account
Karur Vysya Bank on Thursday launched a new savings bank product named ‘KVB Freedom SB A/C’, which offers multicity features for its savings bank customers. Some of the major features of the product includes payable at par cheques facility at all branches upto Rs 15 lakhs per month, free cash remittance facility upto Rs 75,000 per month into the account and cash withdrawal facility upto Rs 25,000 per day at any branch, free collection of outstation instruments upto Rs 25,000 per month, free net and mobile banking, free VISA debit card with accidental death insurance cover of Rs two lakhs, free statement of account through e-mail and minimum monthly average balance of Rs 10,000.

Expansion plan of Silver Soft
Silver Software announced on Thursday the expansion of their India development centre. The company, which currently employs 280 people here will add another 500 in the next three years or so. The company’s new facility is spread over 50,000 sq. feet and a state-of-the-art facility with a capacity of nearly 600 seats spread across four floors. Bangalore accounts for two third of the staff worldwide and shall continue to support the company’s growth. Silver Software is also looking for partners to support its foray into new sectors including medical device and automotive sector, said the company.

Fidelity ties up with SBI for MF
Fidelity Fund Management announced on Thursday that it has entered into an agreement with State Bank of India, for the distribution of its products. Fidelity Fund Management’s entire suite of mutual funds will now be available at the branches of SBI throughout the country. SBI is India’s largest commercial bank, has over 90 million customers and a vast domestic network of over 9500 branches.

IDBI Bank to raise Rs 300 cr
IDBI Bank plans to raise Rs 300 crore in debt during the current financial year, CM and MD Yogesh Agarwal said on Thursday. The bank had no plans to raise funds through equity, he said in Kolkata. The current capital adequacy ratio of bank stood at more than 14 pc and the funds would be raised as Tier II capital. As a part of diversification exercise, the bank plans to foray into the life insurance business along with other partners.

Donear plans retail foray
Companies in the textile sector are moving into hi-end design for products as well as garments. Donear has decided to expand its operations by opening up 200 dicounted retail stores in major cities across the country. Debashis Poddar, CEO, Donear Industries said, “Our first three stores will be operational by Diwali this year in Mumbai. We plan to set up 200 stores by 2008,” speaking at the Fabrics and Accessories Trade Show press conference on Thursday in Bangalore. The stores will house lifestyle products from clothes to shoes under a different brand name, yet to be announced. The stores will also have products of other brands. In addition to this Donear has also set up a Rs 200 crore new plant in Gujarat, specially for cotton and wool fabrics. This new integrated unit has yarn dyeing, weavinng, fabric dyeing/finishing upto garmenting, all under one roof. The facility will start from January 2008.