Infotech Signs Deal With Tele Atlas

Hyderabad: Infotech Enterprises Ltd, global technology solutions provider, on March 17 announced that it has signed a new multi-year contract with digital map leader Tele Atlas to provide extensive map database and software development services.

Under the agreement, Infotech will deploy several hundred data conversion specialists to work on various projects for Tele Atlas. The new contract is designed to help lay a solid foundation for a process-driven relationship and focus on database and engineering innovation, said a statement by Infotech. Infotech''s high-skilled professional database teams would assist the production of Tele Atlas'' digital map database entering into verified map data information gathered by Tele Atlas'' global resource network, which includes data collected from its global fleet of Mobile Mapping Vans. The Rs 4.8 billion Infotech provides engineering services and geographic information services to manufacturing, aerospace, transportation, telecom, utilities and government customers worldwide. It currently employs over 6,800 professionals across 25 global locations.

Vivimed Labs Looking At 2 Acquisitions In US, Europe

Hyderabad: Vivimed Labs, a speciality chemical and Home and Personal Care (H&PC) company, is likely to take over two companies in the US and Europe. The Hyderabad-based company, which has bought UK-based James Robinson last month, is currently in talks with the target firms, and the acquisition is almost certain. The Rs 140-crore company (2006-07) believes that an inorganic growth path is the best way, given the global potential for H&PC products. Vivimed, which is a eligible supplier of ingredients to over 30 global personal care products, is planning to transfer the manufacturing of James Robinson''s products to India. The global H&PC market is pegged at $275 billion, with 12 per cent growth per annum. Australia and Asia have a 1 per cent share in this, while India''s share is below 0.5 per cent and there is lot of scope for a middle-tier company like Vivimed.

In the speciality pharma division, which pools in 30 per cent of the revenue, Vivimed is working on anti-TB and anti-hypertension drugs in addition to its existing anti-cancer range. By 2010, its revenues will come equally from H&PC and speciality pharma. Vivimed is hoping to clock revenue of Rs 195 crore, with about Rs 20 crore as net profit this fiscal year.

Metlife Partners Viswas To Up Rural Footprint

Hyderabad: MetLife India Insurance Company Ltd has joined hands with VISWAS, a rural agri-products retail chain for farmers, for distributing its insurance products. As a pilot project, 50 retail outlets of VISWAS will be selling insurance products of MetLife. By the end of 2008, the sale of our products will be extended to 250 Viswas centres in Andhra Pradesh, Tamil Nadu, Karnataka and Maharashtra. VISWAS outlets will offer MetLife Suvidha, a product designed for urban and rural poor, to the farmers. Through a special initiative christened as Sunehre Sapne, MetLife plans to educate farmers and other rural poor on the need for financial planning and insurance. In the next few days the sale of MetLife products will begin in East and West Godavari Districts of Andhra Pradesh to be extended to other districts within six months.

IRDA Asks Insurers To Follow Proposal Norms

Hyderabad: The Insurance Regulatory and Development Authority (IRDA) has asked the insurers to strictly follow norms with regard to proposal for insurance. The authority has advised all insurers to strictly follow the provisions relating to Proposal for insurance (Section 4) under the IRDA (Protection of Policyholders'' Interests), 2002. IRDA was in receipt of several complaints, citing instances of policies being issued without collecting a proposal form from customers as specified in Section 4.

SBH Unlikely To Slash Interest Rates

Hyderabad: State Bank of Hyderabad has no plans to slash interest rates in the aftermath of Credit Policy review by the Reserve Bank of India. They hoped a rate cut of at least 25 basis points by the RBI. The status quo maintained by the central bank in the Credit Policy will not permit any rate cut. On the RBI''s advice to monitor unhedged exposure to foreign currency.