Ranachary in high level committee on capital markets
Mumbai: In light of the opening up of the insurance sector, the government has expanded the high-level committee on capital markets (HLC) by inducting the Insurance Regulatory and Development Authority (IRDA) chairman Mr. C Rangachary. He is expected to attend the next meeting of the committee to be held in early November.

The government believes that this induction will help resolve various issues that may be needed to be sorted out with other regulatory bodies such as the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (Sebi), with the privatisation of the insurance sector.

The committee is chaired by the RBI governor Bimal Jalan. Other members include the Sebi chairman D R Mehta and Secretary, Economic Affairs of the finance ministry.
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Ravina to bid adieu as Fiat India MD, heads for US
Mumbai: Mr. Giovanni Ravina, managing director of Fiat India, is understood to be heading to the United States on a new assignment from next month.

According to company sources, Mr. Ravina has been offered a plum posting in Fiat's subsidiary, Case New Holland (the merged entity of New Holland and Case Corporation of the US) which manufactures tractors and heavy farm equipment.

While a successor to Mr. Ravina in Fiat India has not yet been identified, it is believed that a production man from Fiat's Turin headquarters could take over as the new managing director of the Indian subsidiary.

Mr. Ravina had taken over as managing director of the company in 1998 when the Italian parent had acquired majority control in the Kurla operations of Premier Automobiles where the Uno was being assembled. He decided to give top priority to increasing production of the car as it was tipped to be a keen contender to the Maruti 800 and Zen.

Mr. Ravina, who firmly believed that the only way to keep costs in check was to increase the rate of localisation in components, earnestly began work for the Palio where some important suppliers worldwide shifted base to the Kurla plant.

Mr. Ravina's exit coincides with similar high profile exits in other auto companies, notably Mr. Richard Swando of General Motors India and Mr. SG Awasthi, of Daewoo Motors India.
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