Weekly slideshow of economic timesPresentation Transcript
Weekly Slideshow of Economic Times: 23 rd to 29 th August Presented By: Deepinder Kaur Grewal MBA 2C
#1. Tech Mahindra CEO Sanjay Kalra quits firm after six years.
Vineet Nayyar, who is the vice-chairman, will take over the operational responsibilities of CEO.
Mr Nayyar himself was set to retire last year but was prevailed on to stay and given an extension of his term.
Mr Kalra is quitting at a critical time
when Tech Mahindra, which took over scam-hit Satyam Computer Services and the two are set to be merged after Satyam’s accounts are re-stated.
Tech Mahindra’s revenues are also under pressure with its largest client, British Telecom (BT), ramping down business and contracts from other telecom clients, also under pressure.
Sanjay’s contribution to Tech Mahindra’s success is invaluable. His focus on building and managing large relationships with key customers has helped stabilise and take TechM to greater heights.
Earlier, there was talk of rivalry between Mr Kalra and Mr Gurnani, but insiders said was no longer the case after Tech Mahindra took over Satyam Computer.
Mr Kalra was elevated to the position of CEO in June last year.
#2. M&M plans to bring Ssangyong vehicles to India after deal
Utility vehicles maker Mahindra & Mahindra (M&M) plans to bring Ssangyong vehicles to India after completing acquisition of the South Korean automaker.
M&M will retain Ssangyong as a separate unit but is looking at the new compact SUV, Korando platform that will be launched in the market later this year.
The company expects to complete the acquisition within the next four months.
Pawan Goenka said “We would look at products to complement our existing range in India.”
#3. Ford to storm Indian market with eight new models, create export hub
US auto giant Ford Motor would launch eight new models and turn the nation into an export hub for its popular locally made Figo hatchback.
Ford aimed to make the new cars for the Indian market locally and they would be in high volume segments such as the popular small car category, which accounts for around 70 percent of new sales.
The ambitious plan would have a "tremendous impact on manufacturing, suppliers, dealers and employees in India."
#4. India may extend deadline on BlackBerry security row
India may extend an Aug. 31 deadline in its standoff with Research In Motion over access to Blackberry data, if the Canadian firm says it has a solution and asks for time.
India says it wants the means to track and read Blackberry's secure email and instant messaging services that officials fear could be misused by militants and anyone trying to create political instability.
RIM says it was willing to lead an industry forum to look at India's security concerns as well as uphold the need of corporates for a secure system.
Governments such as Saudi Arabia's fear it could become a tool to plan militant attacks or for those breaking Islamic laws.
RIM uses powerful codes to scramble, or encrypt, email messages as they travel between a BlackBerry device and a computer known as a BlackBerry Enterprise Server (BES) that is designed to secure those emails.
RIM has said BlackBerry security is based on a system where the customers create their own key and the company neither has a master key nor any "back door" to allow RIM or any third party to gain access to crucial corporate data.
Vedanta Aluminium has halted its expansion programme at the alumina refinery at Lanjigarh, in Orissa, after the government issued a notification making it mandatory for companies to seek environment clearance for any major change in processes.
Instances have come to the notice of this ministry where project proponents have undertaken construction activities without obtaining requisite environmental clearance.
No activity relating to any project covered under this notification, including civil construction, can be undertaken at site without obtaining prior environmental clearance," the notification added.
"There is no threshold limit given in the EIA notification for such a project," Mr Kumar told ET.
Hence prior environment clearance, as per the notification for our proposed expansion, is not mandatory before undertaking any construction activities.