Jaiprakash Associates is in the process of setting up manufacturing units in Gujarat and Karnataka
Jaiprakash Associates said its shareholders and creditors have approved the hiving off of the cement business to a wholly-owned subsidiary, Jaypee Cement Corporation (JCCL).
"We are pleased to inform that the equity shareholders and creditors of the company, in their respective meetings held on 25 February 2012, have duly approved the scheme of arrangement," Jaiprakash Associates said in a communique to the Bombay Stock Exchange (BSE).
The company said while 99.99% of the shareholders, who cast their votes favoured the scheme of arrangement, 99.87% of the creditors, who voted, approved the plan.
Cement is one of the major businesses of Jaiprakash Associates, the flagship company of the Jaypee group. Besides expanding capacity in North, East and Central India, it is in the process of setting up manufacturing units in Gujarat and Karnataka.
Jaypee Group has an aggregate installed capacity of 26.20 million tonne per annum of cement at present. It is in the midst of expanding capacity to 35.90 million tonne.
Jaiprakash Associates has interests in areas such as infrastructure development, real estate and hospitality. The proposed demerger is expected to benefit both the transferor and the demerged firm as it would provide focused management for the respective businesses of the two companies, it had earlier said.
In the late afternoon, Jaiprakash Associates was trading at around Rs74.95 per share on the Bombay Stock Exchange, 6.92% up from the previous close.
Infosys will deploy its mobile commerce platform Infosys Walletedge to enable the service support cashless payments and settlement needs of customers.
The country's second largest software exporter Infosys said it has been selected as the technology partner for 'airtel money', the mobile wallet service of telecom operator Bharti Airtel. Under the partnership, Infosys will deploy its mobile commerce platform Infosys Walletedge to enable the service support cashless payments and settlement needs of customers, Infosys said in a filing to the BSE.
The platform will enable 'airtel money' customers to pay bills, recharge accounts, shop at over 7,000 merchant outlets, transact online through multiple channels, including mobile phones, interactive voice response, ATMs and points of sale, it added.
In the late afternoon, Infosys was trading at around Rs2879.95 per share on the Bombay Stock Exchange, 0.01% down from the previous close.
In Gujarat, Airtel has already established partnerships with over 200 merchants
Bharti Airtel, through its wholly owned subsidiary Airtel M Commerce Services Limited (AMSL), has launched airtel money in Gujarat.
Airtel money is a fast and secure service that allows its users to load cash on their mobile devices and spend it to pay utility bills and recharges, shop at 7000+ merchant outlets, transact online etc. Apart from serving as an easy alternative to cash / card payment options, airtel money is also the first mobile based service to offer customers the convenience of instant money transfer to prepaid wallets and bank accounts. With this, customers in Gujarat can now use airtel money to make payments and transfer money across the country.
In Gujarat, Airtel has already established partnerships with over 200 merchants including, Torrent Power, Adani Gas, Gwalia sweets, Deepkala – CG Road, Rajwadu, Eagle Travels, Royal Express, Cream and Crust, Newyork city- a garment shop who are now accepting payments via airtel money. Customers using airtel money will be able to avail exclusive discounts and attractive offers at various merchant outlets in the market – and save money as they shop!