Maruti targets Rs 10,000-crore sales
New Delhi: Maruti Udyog aims to become a Rs 10,000-crore company by the end of the financial year 2000-2001. The company's new managing director Jagdish Khattar feels the company can generate this revenue on a production base of about 3 lakh cars.

Mr Khattar told newspersons that the company will post a turnover of about Rs 9,000 crore by the end of the current financial year, but "we have a target plan of being a Rs 10,000-crore company" in the next year.

He also revealed that Maruti will have a car in each segment, and its 800-cc car will continue to be the entry-level car. The company  plans to launch its Zen Classic car by next week. The car, which is Euro I compliant, has improved interiors and will be priced higher than the existing Zen LX and Zen VX models.
Back to News Review index page 

Honda cannot make 2 Kinetic models
New Delhi: The government has prohibited Honda Motors of Japan from manufacturing two models of two-wheelers by its proposed wholly owned subsidiary. The two models, NH 100 and Marvel, are at present being manufactured by its erstwhile joint venture partner, Kinetic Motor.

The curb will apply to any proposed joint venture involving Honda. The Foreign Investments Promotion Board imposed this condition, while clearing Honda's application for setting up a 100 per cent subsidiary to make two- and three-wheelers. The FIPB had earlier deferred Honda's plan reportedly on objections raised by the Kinetic group.
Back to News Review index page 

Coke acquiring bottling companies
Mumbai: Coca-Cola India is acquiring Grauer & Weil's subsidiaries, Poona Bottling Company and Waluj Beverages, for Rs 90 crore. The acquisition is part of the US soft drink major's plan to set up an integrated bottling network in the country, The Economic Times said in a report.

The company is planning to buy some 34 of its 54 bottling units in the country. Grauer & Weil has a 77 per cent stake in Poona Bottling, which in turn owns Waluj Beverages.
Back to News Review index page

Bilt Chemicals scouts for investor
New Delhi: Bilt Chemicals is looking for equity infusion through a strategic investor in order to finance its Rs 100 crore-expansion plan. The company, formed after hiving off the chemicals division of Ballarpur Industries, is planning a foray into value-added chemicals.

At present a Thapar group company, APR Rayons, holds 67 per cent stake in the company and Chescor Holdings 33 per cent. The company is also looking at the possibility of an initial public offer.
Back to News Review index page

Taj group to open 3-star hotels
Mumbai: The Taj group will build new hotels in several cities, including three-star hotels, says Indian Hotels Company chairman Ratan Tata. Addressing the annual general meeting of the company, Mr Tata said the group will not compromise on quality while expanding its activities. The Jodhpur and Goa hotels of the company will open in October and December 1999, he added.

The group's hotels recorded a lower occupancy rate of 51 per cent during April-July 1999 compared to the year-ago period. The total turnover of the company in the same period also declined to Rs 178 crore from Rs 185.12 crore earlier.
Back to News Review index page 

New company concepts interest DCA
New Delhi: The proposal of the department of electronics to bring in changes in the concepts of company formation has interested the department of company affairs. It has sought clarifications from the DoE on the concept of limited partnerships in information technology companies.

The Western concept is new to India and permits one partner to have limited liability, while the other partners take on unlimited liability. The DoE has suggested limited partnership companies in the IT sector in order to encourage start-ups.
Back to News Review index page 

TTK Pharma to focus on core area
Chennai: TTK Pharma has plans to hive off its divisions like paper, printing, maps and publication, and foods in a bid to focus on its core operational area of healthcare. The company also proposes to change its name to TTK Healthcare.

The non-healthcare businesses will be hived off into independent units or joint ventures or even sold, the company has said in a press release.
Back to News Review index page

Kirloskar Pneumatic in search of ally
Pune: Kirloskar Pneumatic, which has terminated its joint venture agreement with OYL, is on the look-out for a new partner for its window and split air-conditioner business.

The company is in talks with two prospective partners for a joint venture, which will take shape early 2000.
Back to News Review index page

CNN to have special India service
Mumbai: CNN is planning a special India service. The international news service has three feeds covering Europe and West Asia, Latin America and the US. The plan will mean that it will subdivide its Asia-Pacific feed.
Back to News Review index page 

Enkay told to pledge brands
Mumbai: Financial institutions have told Enkay Texofood and Industries to pledge two of its popular brands, Onjus and Life, against loans that are outstanding against the company.

The brands are valued at over Rs 100 crore. The two brands have a 69 per cent share in the packed natural juice market. Enkay Texofood owes around Rs 87 crore to various financial institutions including Industrial Development Bank of India, ICICI and IFCI in secured and unsecured loans.
Back to News Review index page

Piaggio, Scooters India plan JV
New Delhi: Piaggio, the estranged partner of LML, is about to find another joint venture partner. It will be Scooters India, the public sector two-wheeler company. The two are about to sign a memorandum of understanding for a joint venture to manufacture two- and three-wheelers.

Piaggio is understood to be taking a majority stake in the company.
Back to News Review index page

Visa setting up unit in India
New Delhi: Visa International is setting up a wholly-owned subsidiary in India to provide marketing support and help to  processing operations of its network of franchisees.

Visa says it has identified India as one of the major markets of the future. At present it has 23 member-banks in India.
Back to News Review index page 

Cardiac molecule from Torrent
Mumbai: Torrent Pharmaceuticals has created a new molecule for heart disease and it has cleared the first hurdle of pre-clinical trials. It is now awaiting government approval to enter the next phase.

The product, a coronary vasodilator, named TRC 266, is now being evaluated by the Drug Controller General of India.

The product is said to not lose its efficacy with continued use and is less likely to cause low blood pressure. The company has filed a patent application for the new chemical entity in India and in Paris Convention Treaty countries.
Back to News Review index page 

Datapro aims Rs 1,000 cr turnover
Mumbai: Datapro, the software development and training company, is targeting a Rs 1,400-crore turnover in three years. Its turnover in 1998-99 was Rs 100 crore.

"The group has prepared a three-pronged growth strategy -- with mergers and acquisitions, restructuring and cost-cutting and entry into new areas of business forming important components -- to achieve the target, A.D. Narula, director, business development, of Datapro, said.
Back to News Review index page

Tata Finance confirms stake sale plan
Mumbai: Tata Finance is negotiating with foreign companies and mutual funds to sell part of its equity through a private placement. Dilip Pendse, managing director of Tata Finance, said the company is talking to international companies and investment banks and expects to close the deal in 60 to 90 days.

The company has shareholders' approval to issue equity of up to 20 per cent of its paid-up capital. American International Group and Merrill Lynch & Co's Indian unit are reportedly seeking to acquire stakes.
Back to News Review index page 

Write off RINL's losses, says divestment panel
Visakhapatnam: The Disinvestment Commission of the central government has recommended that the government write off the entire accumulated losses of Rashtriya Ispat Nigam, totalling Rs 3,597 crore as on 31 March 1998.

This will keep the company from being referred to the Board for Industrial and Financial Restructuring and "clean up the balance sheet".
Back to News Review index page 

GE interested in stake in Piaggio
Milan: General Electric of the US is willing to take a stake in Italy's Piaggio, which is about to be taken over by US fund Texas Pacific Group. GE has offered to take an initial 30 per cent stake in the scooter maker and is also willing to support its financial and technological plans, an Italian newspaper said.

The paper, quoting a high official of GE in Italy, said GE wants to play a definite role, encouraging development of products and a wider presence in key markets.
Back to News Review index page 

Apple sues eMachine for copying iMac
San Francisco: Apple Computer has filed a case against eMachine, a private PC maker, for illegally copying the design of Apple's iMac computer for its recently launched aEone PC.

The case is the second in less than two months filed by the California-based PC maker in order to protect its innovative translucent design of iMac computers. California-based eMachine had launched its PC this month, which resembles iMac.
Back to News Review index page 

News Corp JV in China
Hong Kong: News Corporation said its joint venture PDN Xinren Information and Technology Company has finalised a strategic partnership with Oracle Corporation to develop e-commerce business in China. PDN is a joint venture between News Corp and Chin's official newspaper, People's Daily.

Oracle will provide an internet-based technology platform and e-commerce support services for ChinaByte, an internet content provider launched by PDN.
Back to News Review index page

Intel quitting graphics chips business
San Francisco: Intel is quitting graphics business. It says it will leave the segment of chips that process two- and three-dimensional graphics in personal computers.

An Intel spokesman said that the company is getting out of the market for stand-alone graphics chips but will continue to develop integrated chip sets which combine graphics processor with a standard PC chip set that accompanies microprocessors.
Back to News Review index page

TotalFina chief in persuading mission
Paris: TotalFina chairman Thierry Desmarest is persuading investors that his plan to take over Elf Aquitaine is better than Elf's plan to swallow TotalFina.

Mr Desmarest made several presentations to analysts averring that he is prepared for talks to find a solution. He also suggested that TotalFina might sweeten its offer.

TotalFina had launched its bid for rival Elf on 5 July, but it was rebuffed. Elf then thought offence was the best defence policy and launched its own plan to acquire TotalFina.
Back to News Review index page 

Qwest, US West file merger applications
New York: Qwest Communications International and US West said they have filed joint applications with state and federal regulators for approval of their $35 billion merger.

The telecommunications companies are merging to create a mega carrier. Qwest, the No 4 in US long distance operations and Baby Bell US West together will form a formidable telecom player in high-speed internet access.
Back to News Review index page 

Iridium shares on bulletin board
Chicago: Shareholders of Iridium, which has filed a bankruptcy petition in a US court, who have been unable to transact their shares, have found a bulletin board on the Internet. An internet chatroom, e-Bay, has posted a message on a Yahoo bulletin board, which reads: "You might want to sell them on eBay. They could have market value on an auction, or numismatic value if it tanks completely."
Back to News Review index page