Month: December 2007

Thomas Cook India has signed a MOU with JTB Corp. Japan, one of the largest travel solutions companies in the world. The alliance will allow Thomas Cook to access the JTB Corp. network across 30 countries alongwith affiliates spreading over 800 offices. For JTB Corp. the alliance will provide a ready platform to enter the Indian market.

Thomas Cook expects to witness growth in areas such as in-bound and out-bound tours. With this alliance, Thomas Cook also expects to see tremendous growth in its corporate travel business as it would now have access to the global relationships of JTB Corp. Every year with increasing number of travelers into India from Japan; JTB Corp. being the leader in the Japanese market, would be able to use the network of Thomas Cook to serve its clientele better. The travel cooperation arrangements would be for inbound, outbound and corporate travel across markets such as Japan, China, South-East Asia, Australia, New Zealand, Europe and America.

Mahindra & Mahindra (M&M) is reportedly planning to introduce its utility vehicle, Scorpio, in the quality-conscious US market, which is also the largest in the world with 15 million vehicles in annual sales.

The reports suggest that the company already has firm orders for 45,000 units of Scorpio for the first year, which is more than the 40,000 it sold in India in the last financial year.

Around 285 US dealers have signed up to sell the vehicle and are investing $178 million in setting up sales and service outlets, the report added.

Sundram Fasteners has acquired 100% equity share capital of Upasana Engineering (UEL), a step-down wholly-owned subsidiary at cost from Sundram Fasteners Investments, a wholly-owned subsidiary of the company.

Consequent to acquisition of the equity shares, UEL has become a wholly-owned subsidiary of the company with effect from 12 December 2007. UEL manufacture spokes and nipples, tools and other and components at its two units located in Chennai and Hosur, both in the State of Tamil Nadu.

Leading Global Investor Eton Park will invest Rs 500 crore in Reliance Capital AMC for a 5% stake in the company. At this valuation, the Reliance AMC valuations amounts to Rs 400 / share of Reliance Capital Ltd.

Reliance AMC is valued at Rs 10,000 crore, approximately 13% of the valuation of total Assets Under Management under the AMC.