Business News

• Mukesh Ambani named BofA director
• Toyota accelerates India expansion
• Siemens sets up financial arm in India

Mukesh Ambani named BofA director

Bank of America Corp. (BofA), the largest US lender by assets, named Reliance Industries Ltd chair man Mukesh Ambani as a director on its board. Ambani will be the first non American to become a director on the board of the bank if he is elected at the annual shareholders' meeting, BofA said in an emailed statement on Wednesday.

“It is a privilege and a great honor for me, as the first nonAmerican citizen to oin the board of one of the world's larg st financial institutions”, Ambani said in he statement.

“Ambani has a reputation for strateic vision and operational excellence”, aid Brian T. Moynihan, chief executive BofA. “The management team looks forward to benefiting from his judgment end experience”.

Toyota accelerates India expansion

Toyota Motor Corp., the world's biggest car maker, accelerated plans for a 40% capacity increase in India because of surging demand for Etios, Corolla and Fortuner vehicles.

The car maker's two local plants will be able to make 210,000 vehicles a year beginning September, compared with 150,000 now, Sandeep Singh, deputy managing director of its Bangalore based unit, said by phone on Wednesday. He didn't say when the `300 crore expansion plan was previously targeted for. “Demand for the Etios, Corolla and Fortuner was much higher than we expected”, Singh said. “We've brought forward the schedule for the expansion due to the demand”. BLOOMBERG

Mumbai:

Siemens sets up financial arm in India

German multinational Siemens AG on Wednesday said it has set up a financial services arm Siemens Financial Services Pvt. Ltd in India. The newly setup company has filed an application for a certificate of registration to commence business of a non banking financial company with the Reserve Bank of India, a press release issued in Mumbai stated.