Tata Motors global CEO steps down

Carl-Peter Forster has ceased to be the Tata Motors group CEO and MD, with immediate effect, due to his unavoidable personal circumstances

Tata Motors Ltd announces that Carl-Peter Forster has ceased to be the group CEO and MD, with immediate effect, due to his unavoidable personal circumstances. However, at the request of the Board, Mr Forster will continue to serve the Board of Tata Motors Ltd as a non-executive member. Prakash Telang, MD of India Operations, and Dr Ralf Speth, CEO of Jaguar Land Rover, will represent their respective operations on the Board.

Ratan N Tata, Chairman of the Board of Tata Motors, noted: "The Board respects Carl-Peter's personal circumstances that led to this move. We would like to thank him for his contributions to the successful development of our company in his role as Group CEO and MD. We are looking forward to continue to working with him as a non-executive member of the Board."

Carl-Peter Forster stated: "I deeply regret that my personal circumstances make it difficult for me to continue to perform the challenging duties of managing the thriving global activities of the Tata Motors Group with its main activities in India and the UK and increasingly in additional overseas markets. I am glad to continue my association with Tata Motors."

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India Inc M&A deals worth $2.1 billion in August: Grant Thornton

According to Grant Thornton's latest Dealtracker report, there were as many as 49 merger and acquisition transactions worth $2,181 million in August, while in the year-ago period there were 42 deals worth $401 million

Mumbai: Corporate India announced merger and acquisition (M&A) deals worth $2.1 billion in August, taking the total value of M&A activities in the country in 2011 till date to over $30.5 billion, reports PTI quoting a report by consultancy firm Grant Thornton.

"The M&A activity has shown some improvement compared to the last two months," Srividya CG, partner and practice head, valuations, at Grant Thornton India said.

According to Grant Thornton's latest Dealtracker report, there were as many as 49 merger and acquisition transactions worth $2,181 million in August, while in the year-ago period there were 42 deals worth $401 million.

Outbound deals, wherein Indian companies acquired businesses outside the country, were the flavour of the month, with 11 M&A deals worth $0.89 billion, as against 29 transactions valued at $0.29 billion in 2010.

Meanwhile, the total value of inbound deals in August 2011, wherein foreign entities merged with or acquired Indian businesses, amounted to $0.47 billion by way of 11 deals, as compared to seven deals worth $0.02 billion in 2010.

The total value of domestic deals in August was $0.82 billion (27 deals), compared to $0.09 billion (19 deals) in the corresponding month of 2010.

A sector-wise analysis shows that telecom was the sector that accounted for the maximum deal value, mainly driven by Piramal Healthcare's acquisition of a stake in Vodafone-Essar.

The other key sectors include mining, pharma & healthcare, oil & gas and infrastructure.

The other major deals of the month were GMR Energy's 30% stake acquisition in PT Golden Energy Mines for $550 million and Group Danone's acquisition of Wockhardt Group's nutrition business for $355 million.

The top five deals accounted for 84% of the total M&A deal value in the month of August.

On the private equity front, there were 29 deals worth $0.36 billion in August compared to 19 transactions worth $0.09 billion in the same period last year.

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HDFC Bank launches Personal Loan Swift

Swift will soon be available to all customers who hold salary accounts with the Bank in 25 select branches across the country

HDFC Bank has launched Personal Loan Swift, a product that's processed in 24 hours. The loan will be decisioned in 24 working hours once documents are complete.

Using cutting-edge imaging solution technology, HDFC Bank will now set the pace in this product category and ensure that loan processing will start the moment a customer steps into a branch in the morning and be complete in 24 hours, subject to certain conditions. Swift will soon be available to all customers who hold salary accounts with the Bank in 25 select branches across the country.

Swift was unveiled at the HITEC City branch in Hyderabad today by Sai Giridhar, Senior Vice President & Business Manager, Unsecured Loans, HDFC Bank, and CS Gopinath, Executive Vice President, Regional Head, AP and Chennai, HDFC Bank.

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