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General Insurance shelves plan to merge subsidiaries' overseas operations
The General Insurance Corporation (GIC) has dropped its plan to merge the overseas operations of its four subsidiaries -- New India Assurance, Oriental, United India and National Insurance -- following stiff opposition from some of them. New India is believed to be the most vocal in its opposition to the merger move.
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ICICI subsidiary to extend venture capital aid to Ruksun Software
Ruksun Software Technologies Pvt Ltd, formerly Ruksun Connectsoft, will receive venture capital assistance from the Bangalore-based TDICI, a subsidiary of ICICI. With the venture capital assistance, Ruksun plans to go public in the next three to five years.
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Aditya Birla group to base textile production operations in SE Asia
The Aditya Birla group is planning to re-engineer its textile business by concentrating manufacturing activities in south-east Asia. The decision was taken in the light of the current economic turmoil in south-east Asia. Given the huge depreciation in their currencies, textile exports from the region will be very competitive.
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HDFC net shoots up to Rs 198 cr in nine months
The Housing Development Finance Corporation Ltd (HDFC) has recorded a 16.55% rise in net profit in the first three quarters of the current fiscal (April-December) compared to the corresponding period of the previous year. The net profit for the nine-month period ending December 31, was at Rs 197.99 crore against Rs 169.88 crore recorded in the same period last year.
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