Suzuki has no plan to hike stake in TVS Suzuki
Chennai: Suzuki Motor Company of Japan does not plan to increase its stake in its two-wheeler joint venture TVS Suzuki, according to Venu Srinivasan, chairman and managing director of the company. The TVS group holds 32 per cent of the company's equity of Rs 23.12 crore, Suzuki 25.9 per cent, non-resident Indians, foreign institutional investors and Indian financial institutions 17.1 per cent and the public the balance 25 per cent.

While addressing the annual general meeting of the company Mr Srinivasan said he was confident the company would continue to outgrow the market this year. However, he said, there will be pressure on profits as there is an increase in marketing costs.

The company has sold 3.44 lakh vehicles in the first five months of the current financial year against 2.73 lakh units during the corresponding period last year.
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Ford India plans new Ikon model
Mumbai: Ford India plans to bring out a 1.3-litre petrol version of its Ikon in addition to the proposed 1.6-litre petrol and 1.8-litre diesel versions set for launch in November 1999. The 1.3-litre version will match Maruti's Esteem in price, says the company.

Ford India will launch two models of its petrol version, Ikon 1.6 CLXi and Ikon 1.6 ZXi, while there will be one model, Ikon 1.8ZXi, in the diesel category.

The company has said it will begin bookings for the car in the first week of November. Deliveries will start from 22 November.
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Tube Investments plans outsourcing for growth
Mumbai: Tube Investments of India, leading bicycle maker and a part of Chennai's Murugappa group, plans to focus on brands, distribution, logistics and designing of bicycles. It will  outsource most other operations.

Vellayan, managing director of the company said, "TII will try to hold its market share via outsourcing, and manufacture only key components". The shift in the focus of the Rs 677-crore company comes at a time when it is celebrating its golden jubilee.

The company has a 24 per cent share in the 10 million per year bicycle market in India. It produces 35 per cent of the key components in-house. The company would like to be No 1 in tubes, chains, metal sections and steel strips, and attain second position in the cycle market, Mr Vellayan said. It is ranked No 3 in the domestic market now.
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Hughes Software launches bill payment software
Mumbai: Hughes Software Systems has launched SwiftBill, its electronic bill presentment and payments solution. Mahanagar Telephone Nigam Ltd has chosen SwiftBill to provide web-based bill presentment and payment service to its customers. MTNL has engaged the Indian Overseas Bank for the purpose.
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IBM gives new pension plan
Boston: International Business Machines, under pressure from its older workers, has doubled the number of US employees eligible to keep the existing pension benefits. The company has, however, denied that pressure from Congressmen and federal agencies or the prospects of its workers forming a union had contributed to its decision.

The company said it has decided to give the option of keeping a defined benefits plan to workers at least 40 years old and who have 10 years of service in the company. The plan will benefit some 65,000 workers.
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Microsoft, Ford plan car site pact
Seattle: Microsoft's MSN CarPoint will form an alliance with a major car company, most likely Ford Motor Company, sources said. A company spokesperson said Microsoft president Steve Ballmer will make an announcement soon, but declined to name the manufacturer.

Ballmer had earlier said Microsoft may sell all or part of CarPoint, considered one of the more successful online ventures of the company. Later the company clarified that it is committed to keeping CarPoint as a core part of its MSN internet portal.
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