Business News

·        Mahindra renames Logan as Verito

·        Dailmler gets RBI nod to set up NBFC

·        Tata to retain its stake in Riversdale

Mahindra renames Logan as Verito

A year after breaking up its joint venture with Renault SA, Mahindra and Mahindra Ltd on Monday said it has renamed the `Logan' sedan as `Verito', thus completely dropping the French auto maker's badge from the entry level sedan.

“We are delighted to announce that the Logan will now be called the Verito.
It will sport the Mahindra badge and emblem,“ the company said in a statement. Last April, M&M and Renault had agreed to part ways from their joint venture--Mahindra Renault Pvt.

Ltd--that was formed in 2005 to produce and sell the Logan as the car failed to meet expectations.

Dailmler gets RBI nod to set up NBFC

The Reserve Bank of India (RBI) has given its approval to Germany's Daimler AG to set up a non-banking finance company (NBFC), the company said in a statement on Monday.

Tata to retain its stake in Riversdale

Tata Steel Ltd on Monday said it will remain invested in Australian mining firm Riversdale Mining Ltd, which was acquired by global mining giant Rio Tinto early this month.

When asked if the Indian company will continue to hold a stake in Riversdale, Tata Steel vice chairman B. Muthuraman said: “Yes“. He, however, didn't elaborate further.