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ABB to consolidate power business
New Delhi: ABB, the Swiss-Swedish company,
is planning to focus on the power business in India and, for this purpose, it is setting
up a holding company. At a later date, the company will transfer its interests to the
joint venture formed out of the merger of the global power businesses of ABB and Alstom.
The company intends to merge the holdings in units like ABB ABL
(formerly ACC Babcock), routed through various subsidiaries, into the new venture.
Elsag Bailey Finance and Technology, a group company in
the Netherlands, has been identified for the task of consolidation of the power business
in India and for the transfer to the joint venture company.
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TCS spin-off not now, says
Ratan Tata
Bangalore: Tata Sons has no intention at the
moment to hive off Tata Consultancy Services into a separate company, chairman Ratan Tata
has said. However, this does not mean the company will not look at the possibility at a
later date, Mr Tata clarified to journalists.
Mr Tata revealed that almost all of Tata Sons' profits
come from TCS, which is into providing software and consulting services, and is a division
of Tata Sons.
He also said various information technology companies of
the group are operating in diverse areas with some of them being held publicly and others
privately and as such it has to be seen whether it is worthwhile consolidating their
activities.
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Airfare war extended to 15
September
Mumbai: Indian Airlines and Jet Airways have
decided to extend their reduced fares of Rs 3,800 on the Delhi-Mumbai route till 15
September 1999. The lower rate was supposed to have been valid until 15 August.
Meanwhile, Sahara Airlines, the airlines that sparked off
the fare war, has decided to reduce its fare further to Rs 3,500 in this sector. Air-India
offers the lowest fare in this sector -- Rs 2,655.
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IOC plans Rs 1,000 crore
investment in Tamil Nadu
Chennai: Indian Oil Corporation will invest
about Rs 1,000 crore in Tamil Nadu under various infrastructure projects and a logistics
network.
The projects include a Chennai-Trichi pipeline, an
integrated multi-product terminal at Ennore, an LPG bottling plant at Ennore and terminals
in Chennai and Madurai as tap-off points for the pipeline.
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Gridco order for Siemens
Mumbai: Siemens has received a Rs 350-crore
order from the Grid Corporation of Orissa for setting up a switchyard on a turnkey basis
in the state. The company said the project includes civil works and setting up of a 400 kv
switchyard.
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Popcorn through internet
Mumbai: ITC Agro-Tech, a unit of the ITC
group, has started selling microwave popcorn, ACT II, through the internet. ACT II, the
company says, is imported from Golden Valley Microwave Foods, a division of US-based
ConAgra Inc.
The company has set up warehouses in Mumbai, Delhi and
Hyderabad to service customers. ITC Agro has tied up with Blue Dart to deliver the
popcorn. The price of the microwave popcorn available in three flavours will be Rs 29 per
pack.
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GE to source materials from
India
New Delhi: General Electric has decided to
source certain materials and services from India. The group feels India is a major source
for quality goods and services across various industries and it can become a hub for its
global business.
GE will set up a dedicated sourcing arm in India, which
will be a wholly owned subsidiary. The proposed company will cater to GE's main business
divisions across the world, which include aircraft engines, appliances, medical systems,
capital services, industrial systems, lighting and power systems.
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S. Kumars in readymade
market
Mumbai: The S.Kumars group is entering the
readymade garments market. S. Kumars Synfabs, a group company, will run this business. It
will set up 200 exclusive showrooms in the country in the next four years.
Mr Nitin Kasliwal, director of S Kumars, said the company
will target sales of about Rs 200 crore in four years' time. Initially, the company will
cater to men, but later readywear for women and children too will be made available.
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Mahindra resort in Goa by
December
Chennai: The Mahindra group's Rs 55-crore
resort project in Goa is expected to be commissioned in December 1999.
R. Ramanathan chief executive officer of Mahindra Holidays
& Resorts India said the group is looking at acquisitions in order to expand its
network. It has already identified three small resorts for this purpose.
The company is also expanding its resort at Munnar by
adding 50 rooms, Mr Ramanathan said.
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Maruti in JV with Sumitomo
New Delhi: Maruti Udyog said it is setting
up a joint venture with Sumitomo Corporation and Maruti Countrywide Auto Financial
Services to service and repair Maruti vehicles and for sale of spare parts and accessories
of motor vehicles. At a later date it will take up sale and purchase of used cars.
MUL and Sumitomo hold 47.5 per cent equity each in the
venture and while Maruti Countrywide holds five per cent.
Meanwhile, the company said it is planning to give a
facelift to its 800-cc and Esteem models. The changes include alterations in body design
to give a classier look and introduction of Euro-II complaint engines.
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Iridium files for
bankruptcy
New York: Satellite mobile telephone company
Iridium has filed for protection from creditors under the US Bankruptcy Code after
defaulting on more than $1.5 billion in loans.
A group of bondholders of the company, who have about 25
per cent of Iridium's $1.45 billion of outstanding senior notes, filed an involuntary
bankruptcy petition against the ailing company.
The company, which has a communications network through
its 66 low-orbiting satellites, has suffered from heavy debt, low subscriber growth,
marketing and distribution debacles and technical problems with its handsets.
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Sony to sell music online
Tokyo: Sony will sell music via the Internet
by the end of this year. Sony Music Entertainment, a 71 per cent Sony company, will sell
songs of contracted Japanese artists on the net.
Sony's will be the first online sale of music by a
Japanese company.
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Statoil wants to privatise
Oslo: Norwegian state-owned oil and gas
company Statoil said it has recommended to the government part-privatisation of the
company and listing on the stock exchange.
Statoil has also advised the government to transfer all or
part of the state's direct majority shares in the oil and gas interests to Statoil.
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Ford Focus in US next month
Detroit: Ford Motor Company will launch its
small car, Focus, in the US next month with an unprecedented ad blitz.
The auto maker, No. 2 in the world, said it expects to
sell 300,00 units of the vehicle in the US, in hatchback, sedan and wagon configurations.
The Focus will be a replacement for the company's Escort model. The car is already on sale
in Europe, where it was introduced last year.
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ING bids for BHF Bank
Frankfurt: ING, the Dutch financial company,
launched a friendly 2.2-billion euro bid for the shares it does not already own in BHF
Bank of France. This will be a cross-border takeover in Europe.
ING said it is offering 45 euros per BHF share from August
17 to September 24. The BHF Bank management has said it has recommended to its
shareholders that they accept the offer.
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US firm to buy part of
Daewoo Electronics
Seoul: A US investment firm has come forward
to buy some assets and operations of Daewoo Electronics, a unit of the debt-ridden Daewoo
group, which is in the process of finalising a restructuring programme initiated by the
South Korean regulator and the group's creditors.
A Daewoo spokesman said Walid Alomar & Associates has
signed a preliminary agreement on 9 July for the purchase of the assets and operations at
$3.2 bullion. The shareholders and creditors of the group must approve the deal before it
can be finalised. The Daewoo group controls 5.4 per cent of Daewoo Electronics' shares.
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