IDBI Principal restructures management
Mumbai: IDBI Principal Asset Management Company, the 50:50 joint venture between Industrial Development Bank of India and Principal Financial Group-USA, has brought about several changes in its top management.

The company, which is the asset manager to IDBI Mutual Fund, has also gone in for a new logo incorporating the IDBI name with the trademark blue Principal Financial Services Triangle logo and a change of name, from IDBI Investment Management Company to the present one.

Mr. Bhushan Arolkar, previously with Standard Chartered Bank, joins the company as the new head of marketing. Reporting to him will be Mr. Udayan Basu, previously with Zurich AMC, who has been designated as vice-president, marketing.

Mr. Jimmy Patel, who was earlier head of operations at Sun F&C AMC , takes over as chief administrative officer.

Mr. Binay Chandgothia , former SBI Magnum Liquibond scheme fund manager , has been hired to a new position as head of fixed income.

Mr. Rajat Jain, of SBI Mutual Fund, takes over as chief investment officer, with Mr. Tridib Pathak, assistant vice-president, investments, reporting to him.

Mr. Sanjay Sachdev, a nominee of the Principal Financial group, takes over as chief executive officer, replacing Mr. R K Bansal, who is going back to parent IDBI.
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ANZ loses top official to Mashreq Bank
Mumbai: Mr. HV. Sheshadri, head of corporate banking in the north, for ANZ Grindlays, has left the services of the bank, to take over as chief executive officer of Mashreq Bank in India

This is the first senior-level resignation in the bank in India, since the merger announcement of ANZ Grindlays with Standard Chartered Bank. The merger process in the country is slated to be complete by July end.

It is expected that Mr. Ian Periera, who has been jointly heading the corporate banking division of ANZ Grindlays in the western region, will become the head of corporate banking in the north, in place of Mr. Sheshadri.
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Tool down strike at Bajaj Tempo
Pune: Three-wheeler and LCV manufacturer, Bajaj Tempo, has suffered losses amounting to Rs. 90 crore during the five-week tool down strike by employees at its Pune facility, beginning last month.

Although an agreement has now been reached with the unions, the company believes that it has lost valuable time in the market place. According to Mr. Abhay Firodia, the chairman of the company, five weeks of production time lost translates into much more than five weeks of marketing time, because of the considerable cranking up time required for us to get back on track.

The company is limping back to normalcy with the agreement with the union having been signed. But company officials expect it to take a few weeks before complete normalcy is restored.

The company was manufacturing approximately 70-80 three-wheelers and 20 tractors a day before the lock-out, he said, adding that the plant is now working only at about 60 per cent of that level.
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