Corporate Moves

Air Sahara in association with Standard Chartered has introduced their new package, Instabuys. Standard Chartered group credit card holders would be able to fly Air Sahara and have the option to pay for the cost of the flight in as many as 12 equated, interest-free installments.

Aptech is launching an IT-enabled course aimed at training professionals for the call centre industry in India. Christened Calltech, the course seeks to provide the requisite skills to aspiring call centre professionals.

State Bank of India has been fined $ 7.5 million by US authorities for violation of banking laws and failure to maintain accurate records. The bank has agreed to pay the fine without disputing any of the allegations it has been charged with.

Kesoram Industries, the flagship company of the B.K. Birla Group, will spin off by way of sale or lease, its oil mills and solvent extraction business on a going concern basis. This decision comes on the heels of its plants either being idle or not doing well.

The Government has decided to exit from its present holding of 59.9 per cent in Indian Petrochemicals Corporation (IPCL), in two stages. In a fresh proposal cleared by the Cabinet Committee on Disinvestment (CCD), the Government, in the first stage, will offload 26 per cent of its equity in IPCL along with transfer of management control to a strategic buyer.

Chennai-based software and services training firm Pentasoft Technologies has reduced its staff strength by 1,335 from the end of the first quarter of this fiscal. It has restructured its operations by cutting down low productivity jobs and switching others to a variable pay system.

The Telecom Regulatory Authority of India (TRAI) has put an end to Videsh Sanchar Nigam Ltd's (VSNL) virtual monopoly in the long distance telephony segment by throwing open the field to private operators.

The Indian operations of South Korea's ailing Daewoo Motors could face the prospect of liquidation with a significant proportion of its capital already eroded by losses. Daewoo Corporation holds a 91.6 per cent stake in Daewoo Motors India. The Indian arm had been rejected earlier by General Motors, which signed an agreement with Daewoo to take over the ailing company.

Satyam Computer Services, the Hyderabad-based IT solutions firm, has announced a global strategic alliance with US-based Adexa Inc to offer collaborative commerce solutions.

IDBI Bank has announced its tie-up with Visa International to launch Visa Electron, an online debit card that extends the benefits of plastic money to IDBI Bank account holders.

Global Trust Bank has announced the launch of its mobile banking facility, Intouch, for its customers in Chennai. Essentially offered free of charge by the bank, customers would only have to pay the regular SMS service charges to Airtel for using the facility.