Marico
serves notice to Recon
Mumbai: According to a report in The
Economic Times, Marico Industries Ltd., which had
entered into an understanding with Recon Oil Industries
for the Cococare brand, has served a notice on the latter.
Marico claims
that any sale of the Cococare brand by Recon will be in
violation of an earlier understanding between Marico and
Recon. It says that it had come into this understanding
so as to prevent prospective buyers such as HLL from buying
Cococare.
Hindustan
Lever, which recently acquired the brand, says that it
is the "one and only beneficial owner" of Cococare.
It has already paid for the brand and is not aware of
any understanding between Recon and any other party.
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SRF
buys DuPont Fibers
New Delhi: The Arun Bharat Ram group
flagship, SRF Ltd., has taken over DuPont Fibers Ltd.,
by offering a 5 per cent stake to DuPont in SRF. DuPont
Fibers is a wholly-owned subsidiary of DuPont of the US.
DuPont Fibers employees have been taken over by SRF.
The agreement
between the two companies states that DuPont will have
the right to buy back up to 50 per cent in DuPont Fibers.
SRF has also sold its 69 per cent SRF Bearings holding
to P C Sen, former chairman, Peerless General Finance
& Investment Company.
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Skoda
to buy 30 per cent in IMP
Mumbai: German utility
and automobile company Skoda will
take a 30 per cent stake
in IMP Power, formerly Industrial
Meters, in the price range of
Rs.150-Rs.175 per share. The current market price of the
company is around Rs.120. The deal is expected to be concluded
by March 2000.
IMP
Power had a technological and
buyback arrangement with Skoda in 1998. The promoters
stake in IMP currently is 70 per cent.
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Lever-Johnson
may buy Cycle
Mumbai: According to a report in the
Business Standard, Lever Johnson, the 50-50 joint
venture between Hindustan Lever Ltd. and S C Johnson,
may buy the Cycle agarbatti brand from N Ranga Rao &
Sons. The price is not known.
There are
about 25 variants of the Cycle brand, which is reported
to have a 30 per cent share of the organised agarbatti
market. Company officials refused to confirm the deal.
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HAL
in technical agreement with Airbus
Mumbai: According to a report in the
Business Standard, Europe's Airbus Industrie will
design and manufacture cargo planes in the 20-tonne category
for Hindustan Aeronautics Ltd. Airbus may even pick up
a stake in the venture. The venture would require an investment
of about Rs.450 crore.
In Asia,
this is the first time Airbus has entered into an alliance
for the manufacture of cargo planes. It is also expected
to build a base in China to make 100-seater aircraft.
Airbus says
that 95 out of 105 aircraft currently in use in India
will be replaced in the next 20 years. This will involve
an investment of $9.3 billion. It predicts an average
growth in air traffic of about 5.3 per cent per annum
for Indian air operators.
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Will
HCL Tech float?
Mumbai: HCL Technologies, which was supposed
to come out with a public issue offering only 10 per cent
of the equity to the general public may face certain hurdles.
Under the current issue norms laid down by the Securities
and Exchange Board of India, a minimum of 25 per cent
of the equity has to be offered to the general public.
Sebi had
earlier said it would relax the guidelines for the information
technology sector. But this move has been questioned by
the finance ministry, which has asked for an opinion from
the law ministry.
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Birla
Corp performing well this year
Calcutta: Birla Corporation Ltd. has
said that its cement and clinker production have increased
by 24 per cent to 15.78 lakh tonnes and 23 per cent to
10.76 lakh tonnes respectively, during the period April
to August 1999. It has also seen a 24 per cent increase
in cement despatches during the period.
K C Mittal,
managing director of the company says that this performance
is significant, though the companys Satna unit is
still facing lower demand.
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Indocean
Chase takes up 26 per cent in Dominos
Mumbai: According to a report in The
Economic Times, Chase Capital Partners Indian
associate, Indocean Chase Capital Advisors, will take
a 26 per cent stake in the Dominos Pizza Incs
Indian subsidiary, Dominos Pizza India Ltd.
Dominos
Pizza India is owned by the Bhartiyas of Vam Organics.
The stake may be increased later to 32 per cent. The Indian
outfit will expand the number of its outlets in the country
from the current 34 to 150 in the next four years.
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SAILs
Salem plant finds more bidders
New Delhi: Jindal Strips will compete
with Nippon Metal Industries of Japan, Avesta Sheffield
of the UK and the Nova group of Canada for buying the
Salem stainless steel plant of the Steel Authority of
India Ltd. Morgan Stanley is the merchant banker for the
deal.
According
to N C Mathur, director, corporate and international marketing,
if the deal comes through, it will help Jindal become
more cost effective.
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Siemens,
Matsushita to float IPO
London: Epcos, the joint venture company
floated by Siemens and Matsushita will come out with a
1.7 billion euro, or $1.78 billion, public issue. Epcos
manufactures passive electronic components.
The issue
will be the second largest in Germany. The biggest one
made with the privatisation of Deutsche Telekom.
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Novartis
to launch three drugs
Basle: Swiss drug giant Novartis will
launch three new drugs in a move to boost sagging sales.
The companys growth has been lagging behind the
industry average ever since it was formed from the merger
of Sandoz and Ciba in 1996.
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Lock
Heed Martin to focus on core areas
Los Angeles: US aviation company, Lockheed
Martin, has put eight non-core areas for sale, will shed
flab and decentralise. Lockheeds F-22 planes, 300
of which the US Pentagon wants to buy, will give a big
boost to Lockheeds performance in the next fiscal.
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