Hero Motors Ltd, a part of the Hero Group, and Magna Steyr India Pvt Ltd, a co-operation between Magna Steyr and Magna Powertrain, said they have entered a business development and technical assistance agreement. No financial details were provided.
As part of the agreement, Hero Motors and Magna Steyr India will co-operate in the development of new product lines, including drivetrain assemblies for the global recreation market as well as the India automotive industry.
"The alliance uniquely positions Hero Motors to provide end-to-end solutions for powertrain products worldwide," said Pankaj Munjal, managing director, Hero Motors. "As a player in the automotive industry for drivetrain systems, Hero felt the need for an alliance which would enhance our service capability to the customer by including design competence, advanced engineering and project management to our already existing manufacturing excellence."
with South Africa-based Befula Investments to explore opportunities in the power sector in that country.
L&T and Befula Investments have signed an agreement to form a joint venture firm Larsen Toubro TD SA, it said in a statement. The JV would capitalise on the power transmission and distribution opportunities in South Africa, it said.
The installed power capacity of South Africa is close to 44,000 MW and the current peak demand shortage is about 3,000 MW which is expected to grow 6% every year, the release said.
On Friday, L&T shares gained 0.9% to Rs2,016 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.9% up at 20,045 points.
New Delhi: Foreign lenders operating in the country reduced their overall lending by over 1% and staff strength by over 6% in the 2009-10 fiscal, reports PTI.
This happened even as the overall economy bounced back and foreign banks increased their number of branches in India during 2009-10.
According to the Reserve Bank of India (RBI), foreign banks gave out total advances of Rs1,63,260 crore during 2009-10. This was 1.28% less than Rs1,65,385 crore of loans given by the banks in 2008-09.
In addition, overseas banks had 27,742 employees in India as on 31 March 2010, a fall of 6.22% compared to the previous fiscal, RBI said in its latest 'Profile of Banks'.
However, the total number of offices operated by foreign lenders in the country went up to 310 in the last fiscal, from 295 in 2008-09, it added.
There are 32 overseas banks operating in the country.
Among major foreign lenders, Citibank gave out advances of Rs36,655 crore in 2009-10, down from Rs39,920 crore in the previous fiscal, while Barclays Bank's lending fell to Rs7,565 crore in the last fiscal from Rs10,551 crore in FY'09.
Hong Kong & Shanghai Banking Corp gave out Rs23,475 crore in India last fiscal, down from Rs27,589 crore in the year before that. Royal Bank of Scotland NV's lending in the country fell to Rs13,406 crore in 2009-10, against Rs16,660 crore.
However, Deutsche Bank's advances to Indian customers went up to Rs12,923 crore in the fiscal ending March 2010, from Rs8,798 in the previous year.
Standard Chartered Bank had the largest payroll among foreign banks in India as on 31 March 2010. It employed 7,903 staff in the country, which was a small rise from 7,825 in the previous fiscal.
But many of the other overseas banks reduced their staff strength substantially last fiscal.
Hong Kong & Shanghai Banking Corp cut staff numbers to 6,685 last fiscal. It had 7,746 employees in India in 2008-09.
Royal Bank of Scotland NV's workforce in India came down to 2,716 in 2009-10 from 3,241 in the previous fiscal, while Citibank's went down to 4,613 from 4,795.
Barclays reduced India payroll by a third and ended 2009-10 with 1,083 employees against 1,534 in 2008-09.
Even as they shed staff in India, overseas banks added more branches in the country last fiscal.
Standard Chartered Bank increased the number of its offices to 95 from 91, while Hong Kong & Shanghai Banking Corp touched the 50 mark from 47 a year-ago. Citibank's total branches in the country went up to 43 in 2009-10 from 41 in the previous fiscal.