Corporate Moves

* Bajaj Electricals has announced that it has earmarked Rs 100 crore for taking up new ventures with the objective of achieving a turnover of Rs 1,000 crore in the next three years.

* The BPL group's 520-MW thermal power project in Ramagundam, Andhra Pradesh, is expected to go into financial closure by end-November. This would make it one of the first private sector thermal projects to do so.

* The Dalmias of Rennaisance Estates Ltd have announced that they are open to revising their offer price above the counter offer of Rs. 36 per share announced by the Mahindra-Sheth combine, for acquiring control over Gesco Corporation.

* Essel Packaging announced that it will be acquiring Propack Holdings AG in a cash-and-stock deal, in its bid to become a global leader in laminated tubes.

* The Hero group is planning to offload 50 per cent stake in its fully-owned unit, Hero Global Designs Pvt Ltd, to two European firms.

* Hindustan Motors has announced that it is selling its earthmoving division (HMEED) to Caterpillar Inc. of the US for a consideration of Rs 337.50 crore.

* Indian Bank has announced a voluntary retirement scheme (VRS) which will be open for one month from November 27 for employees who have completed 15 years of service or are 40 years of age.

* Infosys Technologies has signed a strategic partnership with Standard Trust Bank, Nigeria, to provide enterprise banking solutions, through its Finacle and BankAway platforms.

* Pentamedia Graphics Ltd has announced its acquisition of 51 per cent stake in Film Roman, a Nasdaq-listed US media company, in a cash deal expected to cost $15 million.

* Polaris Software has announced that its new initiative, Polaris Weblab , would focus on the optimum integration of research and application specialists and would create Web Interactive architects and designers.

* Steel Authority of India Ltd (SAIL) has deferred its voluntary retirement scheme (VRS) to reduce its workforce by almost 10,000 until the next financial year.

* Tata Consultancy Services (TCS) has announced that it plans to set up a software development centre in Hungary by the year-end to increase its presence in the European Union.

* Tata Telecom Ltd has announced that its division, Tatafone, is being hived-off into a separate entity and that it would become a 100 per cent subsidiary of the Tata group.

* The Thapar group has announced that it has decided to reorganise its business into four groups led by the four sons of Lala Karam Chand Thapar.

* Zee Telefilms has decide to merge its news and current affairs divisions within entertainment in a major restructuring exercise, based on the recommendation of its management consultant, A. T. Kearney.