MindTree to acquire Kyocera Wireless (Business Capsule)

MUMBAI - Software major MindTree said it would acquire the Bangalore-based subsidiary of Kyocera Wireless by making an upfront payment of $6 million, while further payments would be linked to revenues in the next two fiscals.

“We expect this acquisition to contribute approximately $9 million in revenues for the period October 2009 to March 2010, with profit after tax expected to be in the range of 13-15 percent,” MindTree said in a regulatory statement.

Kyocera Wireless employs about 600 people in its development centre at Bangalore.

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Delhi to host conference on public-private partnership

New Delhi: The National Real Estate Development Council (Naredco) is organising a conference on “Public Private Partnership in Housing”, with a view of promoting cooperation between the public and private sectors to tackle the housing problem of the urban poor.

The conference is scheduled for Oct 9 at India Habitat Centre and several dignitaries of public as well as private sector are participating in the same.

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Topworth forays into infrastructure

Mumbai: The Rs.3,000-crore steel maker Topworth group is foraying into the infrastructure sector through its newly formed company Topworth Infrastructure Ltd, a top official said Tuesday.

In the first year of its operations, the company intends to capture maximum market share and make its presence felt. “We intend to invest over Rs.1,000 crore this fiscal in different projects,” group managing director Rumneek Bawa said.

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Neotia resigns as Ambuja Cement chairman

Kolkata: One of the founding promoters and the chairman of Ambuja Cements Ltd, Suresh Neotia, has stepped down from the board of the company for personal reasons, a statement said here Tuesday.

Neotia informed the board that he would like to retire from corporate assignments and would prefer to spend his time on things that are dearer to him. The board has conferred upon Neotia the status of chairman emeritus.

N.S. Sekhsaria, the present vice-chairman, has been appointed as the chairman and Paul Hugentobler as the vice-chairman of the company.

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ISO certificate for KINFRA Film and Video Park

Thiruvananthapuram: City-based KINFRA Film and Video Park became the first entertainment industrial park in the country to receive ISO certification, it said Tuesday.

The park, situated on the outskirts of the capital city, has been awarded ISO 14001:2004 certificate for environmental management. ISO 14001:2004 is a standard certification for meeting Pollution Control Board (PCB) regulations.

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Thejo Engineering targets overseas markets

Chennai: City-based conveyor belt maintenance company Thejo Engineering is targeting overseas markets like Australia, the US, Middle East and Europe to boost its business.

“The economic recession has made industries to postpone replacement of their old conveyor systems and run the operations by better maintenance. This augured well for us,” Thejo chief executive V.A. George said.

The company is focusing on overseas markets to increase its export revenues by 25 to 50 percent in two years.