Mumbai, Aug 16 -- Electronics goods major Videocon Industries said Tuesday its board of directors has approved the proposal to merge Electrolux Kelvinator Ltd with the company.
The merger is subject to necessary approvals of the creditors of both the companies and other necessary approvals from different authorities, said a Videocon statement issued to the Bombay Stock Exchange.
The merger is also subject to sanction of scheme by the Mumbai high court, added the statement.
Videocon Group last month signed an agreement with AB Electrolux to acquire the Swedish company's entire 91.85 percent stake in Electrolux Kelvinator Ltd.
Videocon will now take over the three manufacturing facilities of Electrolux Kelvinator in India at Shahjanpur in Rajasthan, Warora and Butibori in Maharashtra.
The Videocon Group will distribute products under Electrolux and the Kelvinator brands in India. This makes Videocon India's number one home appliances company.
i-flex solutions bags deal from Vietnam bank
i-flex solutions Ltd, a leading software services companies, said Tuesday that the Vietnam-based Indovina Bank has selected the company's Flexcube software as the core solution for its banking operations.
Indovina Bank, a joint venture between Industrial and Commercial Bank of Vietnam and Taiwan's Cathay United Bank, will implement FLEXCUBE across all its branches in Vietnam, said a company statement issued here.
i-flex solutions said Flexcube will provide the bank the capability to launch modern banking services such as ATMs, telephone banking and Internet banking across all it's branches.
Indovina's Flexcube implementation will be spread across retail and corporate banking functions and provide the platform for the rapid customer acquisition programme.
Gufic Biosciences to foray into anticancer products
Gufic Biosciences Limited said Tuesday that the company was all set to foray into anticancer products by focusing on its research and development activities.
The company is in advanced stage of development of range of anticancer products, said a statement issued to the Bombay Stock Exchange.
"These products are going to be a major import substitute for Indian patients, thus making the medicine affordable," said the statement. "There are very few players in Indian market catering to this area."
Gufic Biosciences said the products would also be exported to various countries.
Scandent wins deal from Singapore Airlines
Scandent Solutions Corporation Ltd. said Tuesday that the company has signed a major deal with Singapore Airlines to implement an enterprise learning system (ELS).
The rollout of ELS for Singapore Airlines will represent one of the largest learning initiatives in Singapore, said a statement issued by Scandent Solutions to the Bombay Stock Exchange.
Besides improving the business processes in Singapore Airlines' training schools, the ELS will also increase the effectiveness of staff across the Singapore Airlines Group, added the statement.
"We are very pleased to partner with Singapore Airlines in implementing a strategic enterprise learning initiative that will further maximise the Airline's operating performance," said Dilip Keshu, chief executive of Scandent Solutions.
Published by HT Syndication with permission from Indo-Asian News Service.
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