General Electric (GE), the $ 62-billion US conglomerate, has recently signed letters of intent with Wipro Infotech, Tata Consultancy Services, Patni and Satyam Computers for software information management and engineering services for the next three years. Mr. Venkatesh Valluri, Vice-President (Business Development) of GE International Operations said on Friday that GE was looking at increasing outsourcing from India in software and was looking at a target of over Rs. 100 crores from the four companies in the first year of operations.

IA operations back to normal, talks inconclusive

While the Indian Airlines operations were back to normal today, the talks between the Indian Commercial Pilots' Association and the management of the airline did not yield any results. It was decided to continue with the discussions tomorrow. The ICPA team reiterated their demand for dropping of disciplinary proceedings against nine pilots who, in response to the ICPA directive, had either offloaded cabin crew drawing higher basic salaries than them or refused to operate flights with contractual commanders.

SEBI to inspect 6 schemes of UTI

The Securities and Exchange Board of India has decided to inspect six mutual fund schemes of the Unit Trust of India. SEBI will inspect two old schemes, US-64 and Mastergain and four other schemes initially, the Chairman of the regulatory body, Mr. D. R. Mehta, said. The schemes of all the other mutual funds will also be inspected this year. Mr. Mehta said SEBI had also initiated a dialogue with the mutual fund industry on the discounts to the Net Asset Value at which most of them were being quoted now.

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