Technocraft plans distribution centre in south, says Raniwala

Technocraft Industries, the world's second largest drum closure company, is looking to set up a distribution centre in South India for its scaffolding and formworks solutions.

"We are seeing a lot of increase in construction activity in South India due to which the company is looking at setting up a distribution centre there for smaller developers and contractors. We are already looking for space in Hyderabad or Bengaluru," Technocraft Industries senior vice president Mudit Raniwala told DH.

Insurance biz heading to e-route

With wider reach of insurance products and the convenience of dematerialisation of policies, insurance repositories (IR) are slowly gaining prominence, and the industry is shifting to the electronic mode.

The Insurance Regulatory and Development Authority of India (IRDAI) granted IR licences in 2013, to five companies, of which, one exited from the business. These repositories maintain data of insurance policies in electronic form on behalf of insurers.

Webscale to invest in APAC market

Webscale, a Silicon Valley-based startup that integrates web application delivery in the cloud, plans to invest a lot more in the Asia-Pacific (APAC) ecommerce market.

The company claims to have significantly expanded its sales and support office in Bengaluru, and it is now the second largest office.

"We will be investing heavily in the APAC ecommerce market and bringing on cloud provider partners that want our technology stack to allow them to compete with the leaders in cloud services like Amazon Web Services (AWS)," said its CEO Sonal Puri.

Avenue Supermarts IPO likely to open on March 8

Avenue Supermarts, the owner of the DMart brand of stores, is likely to open its initial public offer of Rs 1,870 crore on March 8, according to the company's red herring prospectus (RHP).

The issue is likely to close on March 10, and the company, in consultation with the lead managers, may consider participation by anchor investors. The anchor investor bid/issue period shall be one working day prior to the bid/issue opening date, the RHP states.

Iraqi Forces Face Stiff Resistance as Mosul Push Continues

Iraqi military officials say U.S.-backed forces are facing stiffer resistance as soldiers push deeper into the western half of Mosul, the last stronghold of the Islamic State group in Iraq.

Lieutenant Colonel Abdulamir al-Mohammadawi told the French news agency several elite units that previously recaptured Mosul airport were moving north toward the center of the city, where they planned to retake the Turkish consulate and other government buildings.

He said the troops are facing increasingly heavy resistance as they move further into the IS-held part of the city.