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Top corporate news of the day

Tata Power announced sale of its 30% stake in PT Mitratama Perkasa to Indonesia’s Bakrie Group for around US$120mn.

February 28, 2014 8:49 IST | India Infoline News Service
Tech Mahindra said it has signed an agreement to acquire the IT and consultancy services business of chemical giant BASF in a bid to strengthen its presence in Western Europe. (ET)

The Ministry of Corporate Affairs has sought the law ministry's opinion on the course of action to be taken against Financial Technologies India after an inspection found the company of violating regulations, a senior MCA official said. (ET)

The Board for Industrial and Financial Reconstruction has declared ICSA (India) Ltd a sick entity and asked it not to dispose of any of its assets without its permission. It appointed State Bank of India to prepare a rehabilitation scheme for the ailing company. (BL)

A division bench of the Andhra Pradesh High Court has asked the Customs Excise & Service Tax Appellate Tribunal to reconsider appeals filed by IVRCL in a case related to a service tax claim. Earlier, the Tribunal had asked the Hyderabad-based infrastructure company to make a deposit of Rs100mn towards its service tax due. (BL)

Lanco Infratech has become the successful bidder for the 1x660-MW supercritical Ennore thermal power station expansion project. The EPC contract of Rs39.6bn is from Tamil Nadu Generation and Distribution Corporation. (BL)

Tata Power announced sale of its 30% stake in PT Mitratama Perkasa to Indonesia’s Bakrie Group for around US$120mn. (BL)

Renuka Sugars said its board has given in-principle approval for issuing shares to existing shareholders through the rights issue to raise Rs7.25bn. (BL)

Ramco Systems has signed a memorandum of understanding with French company Turbomeca, a helicopter engine manufacturer, to develop compatibility solutions between Turbomeca’s BOOST and Ramco’s M&E/MRO solution. (BL)

Nucleus Software Exports is launching a new product for managing transactions, called FinnAxia Business Internet Banking. The company said the latest product will help banks in defining cash concentration structures based on corporates’ operating model, thereby ensuring optimum fund consolidation. (BL)

Infosys told its employees in India they would get pay increments of five to seven per cent in FY15, sources said. (BS)

The expert appraisal committee of the ministry of forests and environment has recommended grant of environment and costal regulatory zone clearance to GSPC LNG Ltd’s LNG terminal at Mundra Port, putting Gujarat government’s plan on track to commence the project by 2016. (BS)

India Value Fund Advisors has purchased National Bulk Handling Corporation, the warehousing arm of Financial Technologies for Rs3bn. (ET)

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