Following are the important business news carried by leading financial dailies on Tuesday Aug. 07, 2012:
Thomas Cook expanding forex business
Fresh from a change in ownership, Thomas Cook India is expanding its foreign exchange (forex) business. With an increase in demand for inward remittances, Thomas Cook added 26 forex outlets in Tier-II and III cities in the quarter ended June and plans to set up four more soon. Currently, the company has 128 foreign exchange outlets. ''Metro cities are becoming cluttered. We are seeing good opportunities in smaller towns and cities in the forex business. The inward remittances business is growing at a CAGR (compound annual growth rate) of 25%,'' said Mahesh Iyer, head (forex), Thomas Cook India.
Shriram EPC scouts for partners in foreign markets
Shriram EPC is scouting for partners in Africa, West Asia and South Asia to form joint ventures for its proposed entry into these geographical areas. Speaking to Business Standard, T Shivaraman, managing director & CEO of Shriram EPC, said the company is looking beyond India for water and power mainly in these countries.
Siemens-led group wins Rs 19.88 bn contract from NMDC
Germany-based Siemens said a consortium led by it has won a Rs 19.88 billion contract from country's top iron ore miner NMDC for the supply of a steelmaking plant. ''A consortium led by Siemens VAI Metals Technologies received an order from National Mineral Development Corporation Limited (NMDC) for the supply of a complete LD (BOF) steelmaking plant. The order volume for the consortium amounts to approximately 290 million euro (Rs 19.88 billion)'', Siemens said in a statement.
Strides inks pact with Gilead Sciences to promote HIV drug
Drug firm Strides Arcolab today said it has inked a pact with US-based Gilead Sciences Inc to sell low-cost generic versions of latter's HIV medicine 'emtricitabine' in developing countries. According to the pact, the Indian firm would also promote fixed-dose combinations of emtricitabine, co-formulated with other Gilead HIV medicines.
Engineers India bags consultancy contract from GITL
Engineers India (EIL) on Monday said it has bagged a project management consultancy contract from the 2,000 km Mallavaram-Bhopal-Bhilwara-Vijaipur natural gas pipeline project. GSPL India Transco (GITL) the Gandhinagar-based firm which would be implementing the project, has awarded the project management consultancy services contract to EIL, the state-owned firm said in a statement here.
Disclaimer: IRIS has taken due care and caution in compilation of data for its web site. Information has been obtained by IRIS from sources which it considers reliable. However, IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website.