Industry News
IL&FS-NSDC JV to set up 100 skill development centers
KOLKATA: The small and medium enterprise unit of Infrastructure Leasing Financial Services (IL&FS) is in final negotiations with the National Skill Development Corporation (NSDC) to float a joint venture which will set up 100 skill development centers over the next five-seven years. While both the organisations are giving a final shape to the deal, IL&FS Cluster Development Initiative (IL&FS-CDI) will hold 73% of the equity in the proposed special purpose vehicle, while the balance 27% is likely to be held by NSDC, two people familiar with the development said.
Stanchart on hiring spree for SME business
Standard Chartered's consumer banking group, which has been aggressively expanding its private and priority banking operations, is now turning to the SME business which it hopes to double in the next three years, its CEO said on Monday. The UK-based emerging markets-focused lender aims to hire 1,200 relationship managers to serve small and medium enterprises in the next three years, and will offer a broader range of services such as managing foreign exchange risks and coping with volatile commodity prices.
BMW launches finance subsidiary in India
German luxury car maker BMW on Tuesday said it has set up an Indian finance subsidiary, in which it will invest $50 million this year. BMW Financial Services will operate as a non-banking finance company and will have three business lines, retail finance, commercial finance and insurance solutions, the firm said in a statement.
We will invest $2 bn in India: Blackstone Group
MUMBAI: The world's largest private equity company, Blackstone Group, could earmark up to $2 billion for investment in India over the next three years, stepping up its activity in the country in line with its rising economic stature. New York-based Blackstone has already invested $1.2 billion since it started operations in India five years ago, and its co-founder and chairman Stephen Schwarzman says it's hungry for more.
"I think we certainly could invest another $1-2 billion in India in the next three years and we have the ability to invest more if the opportunity presents itself. We were very bullish on India"
LIC Housing wants license to bank
LIC Housing Finance, an arm of Life Insurance Corporation of India, has made a strong case for a banking license for itself. LICHF managing director KK Nair said his company was in a strong position to promote a bank. LICHF, besides being the second largest housing finance company, also has the advantage of being promoted by Life Insurance Corporation — the largest financial institution with over . 10 lakh crore of assets.
