Business News

• ING Vysya Bank raises deposit rates
• Mahindra launches new brand position
• Essar, Kobe ink auto-grade steel JV

ING Vysya Bank raises deposit rates

ING Vysya Bank Ltd has raised its term deposit rates across various maturity buckets by up to 1%. The increase is with effect from Friday, a press release issued on Monday said. The bank has raised its rate by 1 percentage point from 7.75% to 8.75% for deposits of a tenor of 501729 days. For tenors of 201364 days and 365499 days, the rates have been increased from 7.25% to 7.75% and 7.75% to 8.5%, respectively, the release said.

Mahindra launches new brand position

The Mahindra group on Monday launched a new brand position called `Rise' as it seeks to present a unified face for its disparate interests ranging from tractors to software. It means “achieving world class standards in everything we do, setting new benchmarks of excellence, and conquering tough global markets“, vice chairman and managing director Anand Mahindra said in a statement.

The company said it will invest `120 crore in three years to promote this brand position. The move is also prompted by the increasing multinational character of the group.
The earlier “core purpose” of the group--`Indians are second to none“--was shaped by the hunger of colonial nation such as India to grow, Mahindra said. Now, with more factories across the globe, 10% of the group's 112,000 employees are foreign nationals.

Essar, Kobe ink auto-grade steel JV

Essar Steel Ltd on Monday said it will formalize its partnership with Japan's Kobe Steel Ltd in a joint venture (JV) agreement for producing auto grade steel at Hazira in Gujarat.

The company has a time frame of one year for converting a memorandum of understanding on the JV, Essar Steel chief executive officer Malay Mukherjee said. Mukherjee said the company is also looking at reviving a 1 million tonnes per annum plant in Zimbabwe.