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Rs 524-crore FDI proposals cleared
The government has cleared nine proposals that will bring in foreign investment of Rs 524 crore, more than half of which would be contributed by Japan’s Mitsui and Company to set up warehousing and container freight stations in the country.

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PM to meet Chinese Premier at ASEAN meet
The serene Thai beach resort here is expected to provide an ideal setting for tomorrow"s meeting between Prime Minister Manmohan Singh and his Chinese counterpart Wen Jiabao to lower temperatures built over recent weeks on border and other issues.

News of the day

'Wipro to review compensation factor'
Wipro Ltd, a provider of IT solutions and services including systems integration, information systems outsourcing and IT-enabled services, says it has not been affected by the crisis in West Asia and will continue to invest in the region. Wipro already has a company — Wipro Arabia, formed in 2007 through a joint venture with the Dar Al Riyadh Group — providing IT solutions and services in the Kingdom of Saudi Arabia. In an interview, GIRISH S PARANJPE, Wipro, joint chief executive officer (IT business), shares with K Rajani Kanth the company’s placement strategies and its outlook for 2010. Edited excerpts:
Public Relations

ICICI-First Data look at 500,000 PoS terminals by 2015

ICICI Merchant Services, the newly-formed joint venture (JV) between ICICI Bank and First Data Corporation (FDC), plans to expand its Point-of-sale (PoS) terminal network to 500,000 over the next five years, according to a senior FDC executive. - Union Bank signals rise in deposit rates - 2000-09: The game changers - A dozen banks to get new chiefs this year - Sebi allows 16 banks to accept ASBAs - "We are bullish on telecom, infrastructure" - PSU banks score on customer care At present, the bank has a merchant acquiring network of 150,000 terminals. ICICI Bank on Wednesday formally announced the JV with FDC. FDC will own 81 per cent stake in the JV with ICICI Bank holding the remaining stake. The total valuation of the JV is $80 million (about Rs 368 crore), according to a senior ICICI Bank executive. FDC is currently owned by private equity giant KKR. The deal was struck a few months back, but was awaiting regulatory approval from the Reserve Bank of India.


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