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Reliance
Infocom to start operations by end-July
New Delhi:
Reliance Infocom, the
telecom venture of the Reliance group, is set to start its basic,
national and international long-distance operations across India
by end-July 2002.
A major part of its infrastructure network deployment, comprising
60,000 km of optical fibre cable, is nearing completion. Many of
its fibre links have been tested.
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Harish
Bharti takes battle to Pizza Hut
New York: Harish
Bharti, the famed Indian American lawyer who fought and won a
$10-million settlement from McDonalds, has taken his battle to
the worlds largest pizza chain Pizza Hut.
Pizza Hut is a subsidiary
of Tricon Global Restaurants and is recognised as a leader in the
$25-billion pizza category.
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RIL
to make open offer for IPCL at Rs 1231
New Delhi: Reliance
Industries will have to make an open offer for buying 20 per cent
of IPCLs shares held by the public at Rs 231 per share as per
the takeover code stipulated by Sebi.
In line with the Sebi norms, the acquirer will have to make the
open offer at either the bid price or the six-month average price
of the companys scrip, whichever is higher.
As the bid price of Rs 231 per share quoted by RIL for acquiring a
26-per cent controlling stake in IPCL was higher than the
six-month average, the open offer will have to be priced at the
bid price.
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Infosys
forays into new areas to buck risk
Bangalore: The
segment-wise revenue break-up of the service offerings of the IT
major Infosys Technologies for the fiscal 2001-02 seems to suggest
that the de-risking strategy of the firm hinges on venturing into
relatively newer areas and business segments.
The strategy is also in tune with the volume-driven growth
projected by the company for the year.
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Whirlpool
decision on royalty by yearend
Mumbai: Whirlpool of India, which had put off royalty
payment to the parent company Whirlpool Corporation in 1998 till
2003, proposes to take a decision on the same towards the end of
this year.
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Fiat
Siena versions rolled out in Hyderabad
Hyderabad: Following the recent successful launch of new
Fiat Siena in Bangalore, Fiat Auto has rolled out three versions
of the new offering here.
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Ispat
to up HR coil capacity by 60 per cent
Kolkata: Ispat
Industries will be hiking its hot-rolled-coil-making capacity by
60 per cent to 2.4 million tonnes by October 2002.
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Bajaj
may phase out Aspire motorcycle
Mumbai: With maximum volumes coming from the Boxer, Caliber
and the Pulsar brands, Bajaj Auto has decided to phase out its
Aspire motorcycle due to poor sales and within just nine months of
its launch.
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IPCL
officials anxious, tensed after RIL takeover
Ahmedabad: The anxiety and tension at the IPCL headquarters
in Baroda was quite apparent as RIL won the sweepstakes for taking
over the petrochemicals major.
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ITDC
to lease out space at Hotel Ashok
New Delhi: With the government taking Hotel Ashok out of
the divestment list, India Tourism Development Corporation has
launched a two-pronged revival plan to bring the hotel out of the
red.
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Sun
Pharmas US arm all set to turn around
Detroit: Caraco Pharmaceutical Laboratories, an affiliate
of the Indian drugmaker Sun Pharmaceutical Industries, expects to
post its first profit this year. Incorporated by American
promoters 12 years ago, Caraco has had a large Indian ownership,
in the shape of the Mumbai-based Sun Pharma, for the past five
years.
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Nestle
bites Cadbury with sweet prices
Mumbai: New product launches and aggressive marketing have
helped Nestle India bite off a chunk of Cadbury Indias
confectioneries market share in recent months.
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Aditya
Biral group integrates chemical business
Mumbai: The Aditya Birla group has integrated its chemical
business, which is in three different companies, by bringing
marketing and procurement activities under one roof.
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Multi-application
tractors to come to M&Ms rescue
New Delhi: With
the downturn in the Indian tractor market expected to continue in
the current fiscal, Mahindra and Mahindra, Indias largest
tractor manufacturer, is increasingly looking at getting into
multi-application tractors and inbuilt additions to its existing
product range.
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RIL sees
12% rise in output post-IPCL buyout
Mumbai: The
Reliance groups petrochemicals production will increase by 12
per cent from 11.50 million tonnes to over 12.80 million tonnes
per year, while its turnover will go up by Rs 5,200 crore with the
acquisition of IPCL.
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NIIT
software development centre in China
Mumbai: Lured
by the large number of software developers in China and its
geographical positioning to serve as a gateway to other Southeast
Asian countries, NIIT has firmed up its plans to set up a software
development centre there within the next one year.
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IOCs
oil import loans down to $1.36 billion
New Delhi: The
petroleum sector major Indian Oil Corporations oil import loans
have reduced by $798 million to $1.36 billion in the financial
year ended 31 March 2002 over that of the previous years.
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