Business News

·        Motherson to acquire 80% in Peguform

·        Posco plant to be built in three phases

·        NIIT Tech in JV with US-based Morris

Motherson to acquire 80% in Peguform

Leading auto component maker Motherson Sumi Systems Ltd (MSSL) on Wednesday said it will acquire an 80% stake in Germany's Peguform Group from Cross Industries AG for an undisclosed sum.

The acquisition will be carried out jointly with group firm Samvardhana Motherson Finance Ltd, the company said.

“At the meeting held on July 13, 2011, the board of directors of MSSL has in principle approved the proposal to (jointly with Samvardhana Motherson Finance Limited) acquire 80% of the shareholding of Peguform Group, Ger many, from Cross Industries AG,“ it said.

Cross industries will continue to hold a 20% shareholding, the statement said.

Posco plant to be built in three phases

South Korean steel company Posco will build the $12 billion plant in Orissa in three phases and hopes to start work on 4 million tonne first phase soon after the land is transferred to it.
“We will build the 12 million tonne per annum steel plant in Orissa in three phases. The first phase will be of 4, and we hope to begin work soon after Orissa government transfers land to us,“ Posco India vice-president Vikas Sharan said.

NIIT Tech in JV with US-based Morris

Mid sized information technology (IT) firm NIIT Technologies Ltd has announced a joint venture with Morris Communications, an US based media conglomerate, marking its entry into the media vertical.

Named NIIT Media Technologies Incorporated, the joint venture, in which NIIT will have 60% stake, will provide integrated IT and business process out sourcing (BPO) services the group companies of Morris and is also targeting to service other media companies.