City-based software firm to acquire US company

The board of Bangalore-based Cranes Software International Ltd has approved 100 per cent acquisition of the equity shares of Engineering Technology Associates Inc of the United States, reports UNI from Mumbai. The acquisition would be through its wholly owned subsidiary Cranes Software Inc, USA and the company would invest Rs 72 crore to meet acquisition cost besides immediate investments in product upgrades, alliances, infrastructure modernisation and expansion, the company said.

General Motors ends $4.1 billion credit pact

General Motors Corp on Friday said it had terminated a $4.1 billion standby credit agreement with a syndicate of banks, saying it had sufficient liquidity without the borrowing arrangement, reports Reuters from Detroit. GM had entered into the credit agreement in June 2007. The automaker had never borrowed under the terms of the deal, which was secured by GM’s stake in its former finance arm GMAC.

“After reviewing its liquidity position, GM believes that it has sufficient liquidity and financial flexibility to meet its capital requirements in the first half of 2008 without the credit agreement,” the company explained.

Rajeev Chandrasekhar to head FICCI

The Rajya Sabha member from Bangalore Rajeev Chandrasekhar—Karnataka’s one of leading entrepreneurs—has become the President-elect of Federation of Indian Chambers of Commerce and Industry (FICCI), reports DHNS from New Delhi.

He will be assuming the office of the President of FICCI at the conclusion of the 80th Annual Session of Federation of Indian Chambers of Commerce and Industry.

Mr Chandrasekhar is the Chairman and Chief Executive Officer of Jupiter Capital and has been member of high profile committees like the Prime Minister's Council on Trade and Industry (1999-2003). He held the post of Chairperson of Infrastructure Task Force constituted by the Karnataka government from 1999-2002.

He also served as Director, Karnataka Power Corporation Limited. He founded BPL Mobile in 1994 and was one of the earliest investors to spot the Indian telecom opportunity and invest in it.  His flagship company—Jupiter Capital—is  in the business of evaluating and pursing investments in the untapped infrastructure space.