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Restructuring plan: Ford India talks up compensation with dealer partners

Ford India on Wednesday met its principal dealers to work out a compensation formula as it prepares to exit India's automobile market as part of a restructuring it announced on September 9. Most of the company's 170 dealers signed a non-disclosure agreement – a precondition set by the company to start negotiations. The day-long meeting hosted by Anurag Mehrotra, Ford India managing director, was attended by 10 principal dealers of the company at its corporate office in Gurugram. As part of the restructuring plan, Ford will cease production of cars and sport utility vehicles at its plants and will sell vehicles only till stocks last.

Jubilant Ingrevia arm divests 10% stake in Safe Foods Corp for $18.2 mn

Jubilant Ingrevia on Wednesday said its subsidiary Jubilant Life Sciences International Pte Ltd has divested its 10 per cent stake in Safe Foods Corporation for a consideration of USD 18.2 million (around Rs 134.2 crore). "Jubilant Life Sciences International Pte. Ltd, Singapore, a whollyowned subsidiary of the company has divested its entire 10 per cent stake, consisting of 5,40,463 shares, held in Safe Foods Corporation on 21.09.21 for a consideration of USD 18.2 million (approx. Rs 134.2 crore) pursuant to approval of the plan of merger between Safe Food and Packers Sanitation Services Inc Ltd," Jubilant Ingrevia said in a filing to BSE.

Mindtree appoints key personnel to expand Europe and APAC presence

Mid-sized information technology firm Mindtree is expanding in Europe and Asia-Pacific and has appointed key personnel in the regions. The company has appointed Klaus Seifert as Head of Strategy for Europe and Chief Business Officer for Germany, Austria, and Switzerland (DACH). Munich-based Seifert has over two decades of experience in sales, business development, and profit and loss management across diverse industry sectors. He was formerly the head of Global Technology Services for DACH at IBM. Further, Erik Julius Larsen has joined the company as Chief Business Officer for Nordics and Benelux.

Hero Electric to raise capacity at Ludhiana plant to 500k units in 6 months

Hero Electric on Wednesday said it plans to ramp up production capacity at its Ludhiana facility to over five lakh units by March next year in order to cater to enhanced demand for electric two wheelers. The company noted that it has been witnessing a robust demand after the COVID situation improved in the country. The company's electric scooters, with the revised amendments to FAME 2 and additional state subsidies, were the most affordable in the country with prices starting at Rs 53,600 (post subsidy), it said.

Axis Bank commits Rs 30,000 cr till FY26 towards sustainable lending

The country's third largest private sector lender Axis Bank has committed Rs 30,000 crore lending till fiscal year 2025-26 under its sustainable financing framework, a senior official said. These commitments are in line with the Sustainable Development Goals (SDGs), supporting India's commitments under the Paris Agreement. As part of its commitments, the bank has set a target of incremental lending of Rs 30,000 crore over the next 5 years, under wholesale banking towards pertinent sectors included in its Sustainable Financing Framework (SFF)," Rajesh Dahiya, Executive Director (Corporate Centre), Axis Bank told PTI.

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