Despite the global slowdown in the automobile sector, Anand Automotive Systems still plans to go ahead with the investment worth Rs 600 crore to set up 13 plants across the country by 2010. 

The company accepts that the slowdown in the domestic automobile sector has put the group's bottom lines under pressure but said the company was confident that old export as well as domestic orders would help it tide over the current crisis. 

Leading electronic equipment manufacturer, Royal Philips Electronics has acquired Meditronics for an undisclosed amount. Meditronics is a Mumbai based company, known for its expertise in manufacturing general X-ray systems.

Philips is also thinking to relocate its research and development operations in emerging markets of developing countries. It may announce more acquisitions in coming days, as per confidential sources. It had already acquired health firm, Alpha two months earlier to expand its base in healthcare business in India.

Mark Robinson has been appointed as a New CEO of Citi south Asia, replacing Sanjay Nayar, who is taking charge of Indian operations of world's leading buyout firm; Kohlberg Kravis Roberts & Co (KKR). Nayar was heading the Indian operations since 2002. 

KKR is interested to expand its base in India in private equity, infrastructure, mezzanine and distressed funds. It has already invested over $1 billion in the Flextronics International and Bharti Infratel, the telecom tower arm of Bharti Airtel.

ZTE USA, Inc. a division of ZTE Corporation, a top worldwide provider of telecommunications equipment and network solutions, and Qualcomm Incorporated, a leading developer and innovator of advanced wireless technologies and data solutions, made announcement about their partnership with Aircell® to make the networking platform for Aircell’s new Inflight Internet service, Gogo®, which first began service in August on select American Airlines flights.