Hexaware in JV with Pemtrad
Hexaware Technologies on Monday announced in Mumbai the signing of a Joint Venture  with Pemtrad International to launch Risk Technology International (RiskTech). The new entity will focus exclusively on offering a comprehensive suite of technology-intensive solutions in the domain of enterprise risk and compliance management, primarily for financial institutions worldwide. RiskTech will have offices in UK, USA and India.
 Atul Nishar, Executive Chairman of Hexaware said, “ We expect to achieve revenue of $20 mn plus in the third year in RiskTech coupled with a high downstream revenue potential for Hexaware.”
Bilcare launches  India Chapter
Bilcare Research launched the India Chapter of Association of  Clinical Research Professionals  (ACRP) along with inauguration of its first academic centre at Pune, India. This is ACRP’s first chapter in India and will be a gateway for quality clinical research training in the Asian region. In association with ACRP, Bilcare Research Academy plans to impart training to hospitals, clinical research organisations and other intermediaries in the clinical research business. To accomplish this goal, Bilcare has already tied-up with Bangalore Diabetic Hospital and nine other hospitals across the country.
UTI Bank defers GDR plans
UTI Bank on Monday in Mumbai said it has deferred its $600 million global depository receipts (GDR) issue as well as the simultaneous preferential offer to its promoters. 
     In a statement released here, UTI Bank said the decision  was taken in order to provide promoter shareholders – Specified Undertaking of Unit Trust of India (SUUTI), LIC and General Insurance Corporation – more time to take a call on subscribing to the preferential offer.
The shareholders will again meet on July 13, 2007 to consider the capital raising plans. A resolution was passed, however, for increasing UTI Bank’s authorised capital to Rs 500 crore from Rs 300 crore.
IndusInd gets $50 m credit line 
IndusInd Bank on Monday in Mumbai announced that it has got a $50 million credit line from Wachovia Bank. “The funds under this credit line will be utilised for providing trade related financing.
   The arrangement also cuts the lead time for fund availability generally associated with loan syndications,” said Moses Harding, Executive VP and Head of Wholesale Banking Group, Indusind Bank. The Bank has representative offices in Dubai and London, and has entered into strategic alliances with Union National Bank in the UAE and Doha Bank in Qatar. 
TCS among    global top 25
Tata Consultancy Services (TCS) announced in Mumbai on Monday that it has been ranked among the leading global IT companies in BusinessWeek’s 2007 Information Technology 100 listing. TCS is ranked 23rd in this annual listing of the world’s leading IT companies. Additionally, TCS was the only Indian company ranked among the top 10 most profitable companies on the list with a return on equity of 46 per cent. 
Cadila to buy Brazil’s Nikkho
Cadila Healthcare on Monday announced that it would acquire Quimica e Farmaceutica Nikkho do Brasil Ltd (Nikkho), a privately held mid-sized company based in Brazil.
   The acquisition is being made through Zydus Healthcare Brasil, the step-down wholly-owned subsidiary of the company. “With the group already present in the pure generics market, this strategic acquisition brings in an added advantage of making a foray in the ‘branded generics’ business in Brazil,” Cadila said in a statement.
New GM for     NF Railway
Ashutosh Swamy has taken over as the new General Manager of Northeast Frontier Railway. An officer of the Indian Railway Service Mechanical Engineers, Mr Swamy belongs to 1967 batch of SCRA. Ashutosh Swamy has worked in various capacities in the Indian Railway.