Former British prime minister Tony Blair is expected on Thursday to join U S bank JPMorgan Chase & Co Inc as a senior adviser, according to a person familiar with the situation, reports Reuters from New York. JPMorgan declined to comment. The Financial Times in London first reported the move on its Web site, saying it would be the first of a series positions Blair expects to take in the private sector.
Kotak Mahindra Group to launch infrastructure financing
Kotak Mahindra Group on Thursday announced that it will be foraying into infrastructure financing and investment banking solutions through Kotak Mahindra Capital Company (KMCC, reports DHNS from Mumbai. In this context, the Group has appointed Mr Sanjay Sethi as executive director who will be heading the newly formed infrastructure group of KMCC.
A statement quoting Ms. Falguni Nayar, MD, KMCC said: "The investment climate for infrastructure projects in India is improving rapidly and with this foray, we at Kotak Investment Bank aim to offer to our customers a complete range of investment banking solutions in the infrastructure space." Prior to joining KMCC, Mr Sethi was heading the project finance and private sector group of IL&FS Infrastructure Development Corporation. He was also the chief operating officer of IL&FS Cluster Development Initiative, a company engaged in developing industrial infrastructure across the country.
CorpBank bags three Banking Technology Awards 2007
Corporation Bank has won three Banking Technology Awards for excellence in absorption of IT in day-to-day banking operations under the auspices of the Indian Banks Association [IBA] and the Trade Fairs & Conference International (TFCI). The awards are "Best Bank Award for Best Use of IT in Retail Banking", "Best Bank Award for Best Implementation of STP (Straight Through Processing)" & "Runner-up Award for Best IT Security Policies & Practices." The Awards were received on behalf of the Bank by Shri B.R.Bhat, General Manager of the Bank at a special function held at Mumbai on Thursday.
Corporation Bank has leveraged technology to provide many 'firsts' to its customers like online educational loan for professional courses, SMS-based Pay-by-Mobile services etc, the Bank informed.
AIG Investment’s new economic reform Fund
AIG Investments has announced the launch of AIG Infrastructure and Economic Reform Fund, an open ended equity sheme in Mumbai on Friday. The new fund offer, priced at Rs ten per unit, will remain open for purchase till January 31.
AIG Global Asset management Company (India) CEO Saurabh Sonthalia said, “The investment objective of the scheme is to generate long-term capital appreciation from a diversified portfolio of predominantly (at least 65 per cent) equity and equity-related securities of companies involved in economic development of India.”
SBI Life to invest Rs 200-250 cr by March this year
SBI Life Insurance company, a joint venture of State Bank of India and French firm Cardif SA, will infuse Rs 200-250 crore by March this year, to meet its business requirements.
The fresh capital infusion would be made by March to meet its fund requirement in line with the business growth targets, SBI Life Insurance MD & CEO U S Roy told reporters on the sidelines of an insurance meet organised by the Indian Chamber of Commerce on Friday in Kolkata.
The current paid capital of the company is Rs 600 crore and authorised capital is Rs 1,000 crore. “We are looking at a growth of 100 to 150 per cent in this fiscal and hope to touch a total premium income of Rs 6,500-7,000 crore in FY08 as compared to around 3,000 crore last fiscal,” Roy said. Asked about plans for an IPO of the company, he said, “We are eligible for an IPO once we post profit in this year but it is not yet clear from the regulations weather it is mandatory.”
L&T bags contract worth Rs 2,000 crore from Kingston Properties
Engineering and construction major Larsen & Toubro (L&T) on Thursday said in Mumbai it has bagged orders valued at Rs 2,000 crore on turnkey basis from Kingston Properties, for construction of various office & residential buildings in a span of four years.
Apart from this project, the Company informed that its Construction Division has secured orders for many assignments, including Rs 665-crore design & build contract from Cognizant Technology for development of centres in Chennai and Kolkatta.
L&T has also bagged a Rs 187 crore order from ITC Hotels for their Grand Chola Hotel at Chennai. The scope of work involves construction of 1.52 million square feet area to house 600 rooms. It has secured Rs 408 crore contract from ICICI Bank for construction of their office building at Hyderabad. The work involves construction of 4 million square feet building area, having basement plus 16 floors.
L&T's ECC division has also secured Rs 300 crore order from CSJ Infrastructure for construction of 3 million sq ft building at Chandigarh for development of malls, office space & hotel. In the last nine months of this fiscal, the business unit has bagged contracts worth nearly Rs 12,500 crore including Mumbai International Airport.
