The heritage brand's journey from Bond Street to Sarjapur Road will give a facelift to Wipro's fast moving consumer goods portfolio.
Sources familiar with the project said the SPV's promoters were looking at raising the additional capital to acquire up to 250 acres at Thane to complete the first phase of the SEZ project, for which IL&FS is an advisor. Inox Infrastructure Private Limited, a wholly-owned subsidiary of Gujarat Fluorochemicals Ltd, holds 50 per cent stake in Megnasolace.
The chances that US President Obama will achieve a near-universal healthcare system have dramatically improved after a lone Republican, Senator Olympia Snowe of Maine, prepared to vote with Democrats for a compromise proposal. This gives Obama a much better chance of achieving the 60 votes he needs to pass a Bill in the Senate.
The Unique ID card project, headed by Nandan Nilekani, is drawing interest from across the world because of the sheer scale of the project.
India's second-largest information technology services provider, Infosys Technologies, has applied for a mere 405 visas till date for financial year 2009-10 - its lowest application count in recent years.
The gap between operation and inspiration created by the premature exit of Infosys Technologies' key founder, Nandan Mohan Nilekani, is being filled by his colleagues.
Infosys BPO Ltd, the business process outsourcing operation of Infosys Technologies, is looking at raising its headcount in the Americas through inorganic growth. The company is understood to be scouting for a strategic acquisition in the $40-60 million range either in Canada or the US, according to industry sources.
The EDS-owned company had withdrawn this allowance from June 1 following a review of its shift policy sometime last month. This allowance was being given to applications delivery employees at levels 1-7 (those with up to seven years of work experience) doing the day shift beyond 10 pm everyday. The shift allowance of Rs 500 per shift for employees working between 10 pm and 6 am remains untouched.
Over 36 per cent of the 1,630 executives surveyed in India in March this year expected an upturn in the global economy by the end of 2009, as against 34 per cent of North American business executives and 32 per cent of Chinese. Asia-Pacific and Europe recorded 28 per cent and 24 per cent on the hope meter. However, about 62 per cent of Indians surveyed expected the world economy to rebound only by 2010 or later.
Plans to increase headcount in the US, mainly in the banking and finance vertical.
New shift policy to affect hundreds.
It is not clear which groups of the Indian operations have been affected by the cuts which are learnt to have been carried out across diverse functions. However, a company source said that a sizeable number of Microsoft's sales and support personnel in Hyderabad and a few in Bangalore were among those affected. The Response Windows team has also been dismantled completely, the source claimed.
A spokesperson attached to GE's Jack Welch Research Center in Bangalore said after the new people join, employee numbers in Bangalore would cross the 4,500-mark. GE's technology product research and development team is currently 3,800-people strong, with an additional 350 people employed in global research.
Selco Solar has illuminated the lives of many poor with over 95,000 solar installations.
"Employees who have been consistently demonstrating poor performance were counselled out. Less than 1 per cent of our 11,250 employees in Chennai and 11,496 employees in Hyderabad have been impacted. As for the Thiruvananthapuram centre, less than 1 per cent of the 1,800 employees were impacted," said Mohandas Pai, member of the board, director, human resources, Infosys Technologies.
IT services provider MindTree Consulting is restructuring salary offers to its trainees over an 18-month period by staggering payments and linking these to tenure. The plan will be applicable to 250 freshers who joined the company in March this year. Another 250 people are expected to join in October this year.
Infosys is recruiting 18,000 people in 2009-10 compared with 28,231 a year ago and will freeze wages to rein in costs. Of the 18,000 new recruits, about 2,000 will be lateral hires, with the rest being freshers. "Our offer letters have gone out over two-and-a-half months ago and we expect most of the new employees to join soon. The conversion rate will be 80 per cent," said HR Director TVM Pai. He ruled out any revision of the salary offers to freshers.
The company has told its employees that there won't be wage hikes for the financial year ending July 31, 2009, due to tight demand in the US and Europe, declining volumes and the need to further tighten expenses across business divisions. In a harsher step, the company has slashed retainer bonus, which averages 10 per cent of an employee's salary, from April 1. Travel allowance has been sharply reduced, if not curbed, in most cases.
iGate had in a statement on Friday evening said that it had dropped its bid for Satyam on 'further analysis'. Clarfying his stand last week that iGate would be keen to bid for Satyam at an offer price of below 90 cents a share, Murthy said, "Had we decided to pursue the bid, the share price would have had no bearing on our offer price as we would have bid at a price we thought was a fair valuation."
The company is said to be cutting back on recruitment for its consulting and services divisions and postponing expansion as it struggles to cut costs in a worsening global economic climate. Accenture employs around 40,000 people in India.
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