Reliance plans refinery expansion
Mumbai: Reliance Petroleum is said to be planning expansion of capacity of its Jamnagar, Gujarat refinery from 27 million tonnes to 40 million tonnes per annum.

The plan envisages the   addition of a third stream to the existing two. This would imply addition of vacuum distillations and crude distillation units in addition to an extra line of 13 million tonnes capacity.

The company is said to be approaching  financial institutions for funds for the expansion which is expected to cost Rs. 425 crore. Company officials, however, refused to comment on this
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Daewoo to infuse funds in Indian venture
New Delhi: Daewoo group of Korea, despite its financial problems back home, is expected to bring in an additional equity of $100 million to its Indian car venture, Daewoo Motors India. This will result in Daewoo's stake in the venture going up from 92 per cent to 96 per cent.

The additional funds will be utilised for reducing debt and to launch new products.

In keeping with a financial restructuring exercise initiated by the group back home, it is reportedly transferring the holding in the Indian company from Daewoo Corporation to Daewoo Motor Corporation.
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Shell, Enron vie for Pipavav power project
Mumbai: Enron Corporation, Shell, PowerGen, ABB along with Indian companies like Reliance Industries, Tata Electric and BSES are vying for the 2,000 megawatt power project to be set up at Pipavav in Gujarat.

Source said as many as 13 companies have submitted requests for qualification. Some of the bids are made by consortiums of companies. Pipavav is the second major power project for which global tenders have been floated. The shortlisting is expected to be completed by end-September.
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Honda's import plan faces hurdles
New Delhi: The ministries of industry and commerce are understood to have opposed  Japanese automaker Honda's proposed plan to bring into the country its new car models in a fully built condition.

Honda Siel, the Indian arm of the auto major, has proposed the plan to import cars from Japan in view of its low volumes in the premium car segment and the limited number of models of the car available in India.

The Foreign Investments Promotion Board has deferred the company's proposal for three weeks saying its needs to be examined further. It is not known what the objections are. 
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MoU signed for TN power project
Mumbai: Dakshin Bharat Energy Consortium has entered into a memorandum of understanding with Ras Laffan Liquefied Natural Gas Company of Qatar for supplying LNG for the company's 1,800 MW  Ennore, Tamil Nadu power project.

The consortium comprises the AV Birla group, CMS Energy and Unocal Corporation, Woodside Development Asia of Australia and Siemens Project Venture of Germany.

The consortium is proposing to build a pipeline network to provide cost-effective and environment-friendly natural gas as fuel and feedstock to customers in Tamil Nadu.
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Kirloskar Bros. to focus on turnkey projects
Bangalore: Kirloskar Brothers, which has a collaboration arrangement with well known hydro turbine major, Ebara Corporation of Japan, will focus on turnkey projects for independent power plants in south India.

The company is now completing a Rs 17.2 crore hydro project for the Tamil Nadu Electricity Board. It has also received orders worth Rs 15 crore from private power companies for projects in Karnataka, Andhra Pradesh and Himachal Pradesh.
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New models from Royal Enfield
Pune: Royal Enfield Motors is planning to introduce several new models in the high end segment of the motorcycle market.

P.K. Purang, managing director of the company, said bikes from 250 cc onwards will be manufactured by the company to maintain its position as a "premium" product manufacturer. There will be a 535 cc bike, which will be  available in the third quarter of the current year and a 624 cc bike by April 2000. These are in addition to new models, Lightning, a 500 cc bike, and Machismo A 350,  already launched.
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Kinetic in tie-up with Hyosung
Mumbai: Kinetic Engineering has concluded a technical collaboration agreement with Hyosung Motors of South Korea for the manufacture of four stroke motorcycles in India.

The agreement, which involves  transfer of technology, spares and engineering support, will help the company launch Hyosung's GF range of motorcycles in India by January 2000. The motorcycles will be in the 125 cc and 150 cc capacity ranges.   The company has set up a two-lakh per annum capacity plant at Koregaon Bhima near Pune.
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Sanyo to pick up equity in BPL venture
Bangalore: Sanyo Electric Company of Japan is acquiring a 12 per cent equity in BPL Sanyo Utilities and Appliances.This follows the merger of BPL Refrigeration, BPL Sanyo Finance and Alpha Securities with BPL Sanyo Utilities and Appliances.

Sanyo has provided know-how to the BPL group for colour television, VCRs, audio systems, washing machines and frost-free refrigerators. The new alliance is expected to strengthen BPL in areas of technology support and manufacturing.
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Dr Reddy's cancer molecule under ICMR study
Mumbai: The original research molecule developed by Dr Reddy's Laboratories for treatment of cancer, DRF 1042, will be examined by a committee of the Indian Council of Medical Research on 6 August. The company will begin the first phase of trials of the drug at the Tata Memorial Hospital and at the Nizzam Institute in Hyderabad after it receives approval from the ICMR. The product will undergo trials in two phases -- for safety and efficacy. The company expects to market the drug in three years' time.

The company which has been doing a  lot of   basic research is expected to spend around Rs 23 crore on research in the current financial year.
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BioMeriux India to start production
Mumbai: BioMeriux India, the 100 per cent-owned subsidiary of BioMeriux of France -- the global leader in medical diagnostics -- is planning to commence production in India. The company at present imports products from the parent in France and markets them in India.

The French parent has about eight research and production facilities in France, Italy, the US and Brazil.
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Luxottica plans open offer for B & L stake
New Delhi: Luxottica, the Italian eye-wear company, is planning to come out with an open offer to buy shares held by public and institutions in Bausch & Lomb (India). This follows a $2.5 billion deal under which Luxottica has purchased Bausch & Lomb's global sunglass business.

As part of the above deal, Luxottica had finalised an agreement to buy all the assets and liabilities of Bausch & Lomb India's sunglass business, including its popular brands, Ray Ban and Killer Loop.
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Gujarat Ambuja net up 15%
Mumbai: Gujarat Ambuja Cements has reported a 15.26 per cent increase in net profit to Rs 151 crore for the year ended 30 June 1999 compared with Rs 131 crore for the previous year.

The company has also reported an 11 per cent growth in turnover to Rs 1,250 crore from Rs 1,131 crore. The volume of cement sold during the year has gone up by 17 per cent to 5.91 million tonne.
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Hindalco Q1 profit goes up
Mumbai: Hindalco Industries has recorded a 10 per cent increase in net profit to Rs 138 crore in the first quarter of the current financial year compared with Rs 125 crore in the corresponding period of the previous year. In volume terms, the company's sales grew up by 17 per cent and exports by 93 per cent in the first quarter, the company announced.
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Dow Chem to buy Union Carbide
New York: Dow Chemical Company is acquiring rival Union Carbide Corporation in a stock deal of $11.6 billion. The acquisition will create the second largest chemical company in the world, after DuPont.

Under the terms of the deal, Union Carbide shareholders will receive 0.537 share of Dow for each Union Carbide share. It will give them a 25 per cent share in the company. The deal values Union Carbide at $66.96 per share, based on Dow's closing stock price of $124.69. 
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Daewoo plans $15 billion revival plan
Seoul: The embattled Daewoo group is set to present a detailed  restructuring plan after its Korean creditors rejected its first plan as too vague.

Kim Woo-il, executive director of the group, said the revised plan would outline how the group will raise approx. $15 billion this  year, required for its revival,  by selling assets and stocks and offering rights issues and spinning off new subsidiaries.
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Elf investors to decided on counterbid
Paris: Investors in Elf, the French energy company, will decide on 3 September on whether to issue new shares to finance the company's counterbid for TotalFina.

Both Elf and TotalFina have about 40 per cent common shareholders. Elf will have to adopt a resolution to allow it to issue new shares to finance its counter offer, with approval by two thirds of the shareholders.
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Reckitt to shed 1,500 jobs
London: Reckitt & Colman, the consumer goods manufacturer, which plans to merge with Dutch detergents group Benckiser, says it will shed 1,500 jobs worldwide.

The company said it will close down or sell 15 plants worldwide as part of its plan to cut costs and restore earnings growth.

Acting chief executive Mike Turrell, however, declined to say where the job cut will be effected, but said most of them will be in Europe.
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SocGen share sale blocked
Paris: French regulator blocked   Societe Generale's sale of a block of its shares to British ally CGU plc.The COB bourse regulator said it is asking a court to cancel a deal in which CGU bought 3.5 per cent of Societe Generale's capital, adding that the shares would be frozen until 26 August.
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