UK’s supermarket group, Tesco has announced to enter in a wholesale cash-and-carry business in India. The company would invest up to £60 million (Rs 480 crore) in the first two years.

Tesco is the third largest retailer in the world with sales of $99.9 billion. It has reported a 13.9% rise in sales with strong growth in Europe and Asia.

Kolkata-based Texmaco Ltd, the rail wagon maker is looking into transferring its heavy engineering division to a newly formed subsidiary in order to raise resources and unlock value.

The company plans to raise Rs 200 crore by selling part of its stake in the proposed new entity to private investors. The main objective behind setting up the subsidiary was to raise resources and take advantage of the emerging business opportunities in the sector. Texmaco will be the main holding company in the new venture.

Cairn India has roped in Manu Kapoor as its new Director Corporate Affairs and CSR, effective 11th August 2008.

Prior to this appointment, Manu was with Reliance Retail Ltd as Head – Corporate Communications & Affairs responsible for communications, stakeholder management and setting up a Pan India communications network for the organisation.

Godawari Power and Ispat Ltd has signed a memorandum of understanding (MoU) with the government of Chattisgarh to set up manufacturing facilities in the state with a total investment of Rs 15.70 billion (1,570 crore).

The project will be implemented through a special purpose vehicle (SPV) called “Krishna Global Minerals Ltd”, which will be a subsidiary of Godawari Power and Ispat Ltd.

Under the project, the company will set up facilities to manufacture sponge and pig iron plants, steel billets, ferroy alloys and calcination plant etc.

The sources have confirmed that Steven Spielberg and David Geffen would strike a deal with Reliance ADA Group to open a new studio.

According to the deal, the Reliance industries would invest about $500 million in the equity. Dream Works is feeling a need of additional $500 to complete the deal. This financial help can be provided by J.P. Morgan Chase & Co.  

Tata Teleservices Limited has decided to launch its GSM services in the country. It will spend approximately Rs 6,450 crore for expansion of its GSM network by 2010. It will also spend some amount to promote its already existing CDMA service. The company is expected to launch GSM services by the end of financial year 2009. The company will also bid for 3G spectrum.

Earlier in the March, the Department of Telecommunications (DoT) permitted Tata Teleservices to operate GSM services using the same license of CDMA. Tata has been directed to pay fees for GSM services, which are likely to start in 19 circles.