Daikin plans retail expansion
Daikin has announced aggressive retail expansion plan after launching a range of inverter ACs incorporating a refrigerant that promises low carbon dioxide emissions. The new range of inverter ACs will have a starting price of Rs.35,400. The company has planned to expand its dealerships to 2500 from the present 1800 and will also set up 100 Daikin Exclusive Solution Plazas in the coming months. Daikin Air-conditioning India expects its revenues to increase to Rs.2200 crore in 2013-14 when compared to Rs.1800 crore in 2012-13. – Special Correspondent
HMT unit MD suspended
M. D. Sreekumar, Managing Director of Bangalore-based HMT Machine Tools Ltd., has been placed under suspension for allegedly diverting and misappropriating Rs.30 crore, according to a HMT release here. The company is a subsidiary of HMT Ltd. The Department of Heavy Industries under the Ministry of Heavy Industries and Public Enterprises took the action a few days back. An earlier internal inquiry conducted by the Chief Vigilance Commissioner in the ministry confirmed the alleged diversion of money, the release said. Mr. Sreekumar was appointed MD of the company in May 2012. — Special Correspondent