Reliance, NRL, ONGC, Essar can sell petrol, diesel
New Delhi: The central government has granted approval to Reliance Industries, Numaligarh Refineries, ONGC and Essar Oil for marketing petrol and diesel.
Petroleum Minister Ram Naik said these companies are planning to set up 8,659 retail outlets. Of this, 923 outlets will be set up in remote or low-service areas. There are currently 18,401 retail outlets in India, with the public sector undertakings in the process of setting up 2,900 new ones.
Back to News Review index page  

Three MNC partners to get out of GSPL gas project
Mumbai: The state-owned Gujarat State Petronets ambitious Rs 2,500-crore gas grid project is running into trouble, with three out of four multinational companies that had showed interest in picking up equity in the project, planning to opt out of the project.
Back to News Review index page  
Ruias, Hutchison in talks for widening operating field
Mumbai: The Ruias of Essar are holding talks with Hutchison Telecom asking the latter to take part in other Essar operating circles of east Uttar Pradesh, Haryana and Rajasthan.
Back to News Review index page  
Hutchison Essar launches unified brand
New Delhi: In a clear departure from its earlier decision on extending the Orange brand to the existing and new circles, the fourth cellular operator Hutchison Essar has, for the first time, launched a new unified brand, Hutch, to give a new colour to the future operations.
Back to News Review index page  

Templeton India to pick up Pioneer ITI by June
New Delhi: Franklin Templeton Asset Managements Indian unit expects to complete its acquisition of another domestic fund by June 2002, which will make it the largest private-sector asset manager in the country.
The acquisition of Pioneer ITI Asset Management for about $50 million will double Templeton's local assets to around Rs 80 billion, Vijay Advani, Templetons managing director of Asia, said. Our strength is in the value style of investment. Pioneer ITI specialises in the growth style. What we have are two sets of complementary products to give our clients.
Back to News Review index page  
APMDC interested in private investment
Hyderabad: The Andhra Pradesh Mineral Development Corporation has shown interest in promoting joint ventures for the processing of heavy mineral beach sands at Bhimili in Vizianagaram district and Kalingapatnam in Srikakulam district, according to its CMD, Dr Priyadarshi Dash.
Back to News Review index page  
Ranbaxy guarded against Augmentin patents
Mumbai: Even as the markets are agog with the opportunity that may open up for generic versions of GlaxoSmithKlines drug Augmentin, Ranbaxy, one of the companys on whom the spotlight falls, prefers to watch developments before charting its strategies.
Back to News Review index page  
M&A activity to improve: AT Kearney survey
New Delhi: With globalisation gradually taking firm roots in India through reform measures being implemented by the government at a sustainable pace which, by its own admission, is slow on account of the "human face'', mergers and acquisitions are likely to see a rise, an AT Kearney survey has said.
Back to News Review index page  
Usha Beltron considers sponge iron unit
Mumbai: Usha Beltron Ltd has unveiled plans to set up a sponge iron plant as a backward integration project in Jamshedpur at an estimated cost of Rs 75 crore. Work on the project is expected to begin soon.
Back to News Review index page  
Electrolux board okays rights issue
Mumbai: The board of directors of Electrolux Kelvinator has approved a Rs 250-crore rights issue, the proceeds of which will be used to introduce new products and improve financials.
Back to News Review index page  
Natco bulk facility get TGA nod
Mumbai: Natco Pharma Ltd, the active pharmaceutical ingredients and formulations company known for its timed release technology, has announced that its bulk chemical manufacturing facility located at Mekaguda near here was successfully got the TGA approval.
Back to News Review index page  

Osram sees a fortune in LED market
Mumbai: Lighting major Osram India plans to report revenues close to Rs 172.5 crore in the current financial year, up 15 per cent from Rs 150 crore a year ago, according to its managing director Gagan Mehra.
Back to News Review index page