New board composition as per the Indian telecom licensing norms
Sistema Shyam TeleServices Ltd (SSTL) that nationally operates its telecom services under the MTS brand with over 12 million wireless customers today announced appointment of Feliks Evtushenkov and Alexey Buyanov as director on the SSTL board. Additionally, the company also appointed Vikram Kaushik, former MD & CEO, Tata Sky and Bharat Patel, chairman, Indian Society of Advertisers as Independent Directors on the SSTL board. With these appointments, SSTL board strength now includes 13 members.
Ron Sommer, chairman of the SSTL Board said, "I am delighted to welcome Feliks Evtushenkov, Alexey Buyanov, Vikram Kaushik and Bharat Patel on the SSTL board. They bring with them a wealth of business experience. I am confident that their appointment will further enrich the process of providing strategic guidance to the company. We look forward to their valuable contribution".
In compliance with the Indian telecom licensing norms the SSTL board now has seven Indian and six foreign nationals.
As part of its foray into the Indian market, Daimler Financial Services announced an initial investment of $50 million
Germany-headquartered Daimler AG has forayed into the financial services space in India with the establishment of a new Daimler Financial Services subsidiary in the country.
"Two out of five Mercedes Benz cars and every fourth commercial vehicle of Daimler group worldwide is financed by Daimler Financial Services. We intend to replicate this success story in India," Daimler Financial Services AG Board of Management Chairman Klaus Entenmann said.
Currently, Daimler Financial Services operates in 40 countries, achieving a contract volume of 63.7 billion euros in 2010. As part of its foray into the Indian market, Daimler Financial Services announced an initial investment of $50 million.
He said Daimler Financial Services aims to reach a contract volume of $500 million in India in five years.
Daimler Financial Services India would initially offer finance, leasing and insurance products to customers and dealers of Mercedes Benz cars in India under the Mercedes Benz Financial programme with immediate effect.
Commercial vehicles from Daimler India would also be covered under this initiative.
By 2012, Daimler's truck, 'BharatBenz', is expected to be operational. Daimler Financial Services India would also support sales of financial services for BharatBenz.
Daimler Financial Services provides customers with a full range of automotive financial services, including financing, leasing, insurance and fleet management worldwide.
Reliance Mutual Fund new issue closes on 20th July
Reliance Mutual Fund has launched Reliance Fixed Horizon Fund-XX-Series 3, a close-ended income scheme.
The investment objective of the scheme is to generate regular returns and growth of capital by investing in a diversified portfolio of central and state government securities and other fixed income/debt securities maturing on or before the date of maturity of the scheme with the objective of limiting interest rate volatility. The tenure of the scheme is 90 days.
The new issue closes on 20th July. The minimum investment amount is Rs5,000.
Crisil Short Term Bond Fund Index is the benchmark index. Amit Tripathi is the fund manager