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National Grid to invest $1 billion
Mumbai: National Grid International, a subsidiary of National Grid of the
UK, will invest up to $1 billion in power transmission projects in India. The company is
also planning to enter into power distribution in the country and provide infrastructure
support to telecom service providers with its transmission network.
The Economic Times quoted Roger Woods, country director of
the company, as saying that the company expects the new government to ensure proper
implementation of policies and projects. He said with the introduction of the Electricity
(Supply) Act Amendment bill in July 1998, things have been looking up.
National Grid is a monopoly player in the UK in wholesale
power transmission. It is acquiring The New England Power Utility Company and entering the
distribution business.
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Ambassador cars via the
net
Calcutta: Hindustan Motors will sell its new-look Ambassador cars on its
website. Even spareparts will be available on the net. At present Mitsubishi Lancer cars
are marketed through an interactive CD-ROM.
The company has completed a Rs 75-crore upgradation and
modernisation of its Uttarpara, West Bengal, plant. The plant has got a new paint shop and
dyes for body panels and reconditioned presses. The modernisation has resulted in
reduction in power consumption, among other things, leading to a total cost saving of
nearly 8 crore per annum.
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LML to launch motorcycles
New Delhi: LML will launch its new motorcycles during the first quarter
of 2000. It has taken this decision following the interim ruling by International Court of
Arbitration rejecting estranged partner Piaggio's plea for curbs on the Indian company.
LML will also introduce what is called the
"step-through", hybrid of a scooter and a motorcycle.
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FIs agree to fund Jindal
interest cost
Mumbai: Financial institutions have decided to fund Jindal Vijayanagar
Steel's interest cost of Rs 632.3 crore arising out of the delay in commissioning its
plant. The institutions will also provide additional assistance through term loans or
through subscription to quasi-equity instruments.
The interest payments will be converted to straight term
loans, optionally convertible debentures, non-convertible debentures or convertible
preference shares with a low coupon rate.
The delay has caused the project cost to go up by Rs 929.2
crore to Rs 6,144.2 crore.
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Global
Telesystems to focus on e-com
New Delhi: Global Telesystems will hive off its consumer telecom products
business and will focus on software and e-com solutions. The decision has been taken on
the basis of advice from KPMG, which has been appointed consultant for a restructuring
programme. The company may also consider selling off its consumer telecom business.
Global Telesystems expects that this will enhance
shareholder value, as a large portion of its liabilities will be shifted to the spun-off
division. The restructuring will give the company a focus on e-commerce solutions.
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Micro Labs plans new brands
Bangalore: The Micro Labs group of companies plans to introduce new
brands in almost all therapeutic segments, and new drug delivery systems, so that it can
be among the top 20 pharmaceutical companies in India. The Rs 200-crore group now ranks 29th
as per ORG figures.
The companies in the group are Micro Labs, Micro Nova
Pharmaceutical, Brown & Burk Pharmaceutical, and Micro Exports. Micro Nova
Pharmaceutical will be merged with Micro Labs during the current financial year.
The group also expects to have a turnover of Rs 250 crore
this year. It makes only formulations, and markets over 160 brands in different dosage
forms.
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Duncans to prune staff
Calcutta: G.P. Goenka group company Duncans Industries is reducing
the number of its staff at its head office in Calcutta. The company has launched a
voluntary retirement scheme, and about 50 employees have opted for it. The company, which
manages a number of tea gardens, is not in a position to rationalise its manpower to suit
its requirements.
The VRS is being funded internally, and offers around Rs 5
to Rs 5.5 lakh per employee who opts for retirement. At present, it is available only for
subordinate staff.
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Ceat Financial to focus on
SOHO
Mumbai: Ceat Financial Services, the RPG group finance company, has
decided to exit from corporate lending. Instead it will handle small-office-home-office
requirements, container leasing and primary dealership business.
The company is in financial trouble and the parent RPG
group is about to infuse funds to overcome the crisis. It has also stopped accepting fresh
deposits and renewal of existing ones.
The company has restructured its business mix as a number
of banks have entered the non-banking finance sector.
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Sriven ties up with Raymond
Karsan
Hyderabad: Sriven Multi-Tech, an infotech company formerly known as BOSS
Industries, has entered into an agreement with Raymond Karsan Associates of the US for
supply of its software, Searcher. Raymond Karsan is a leading human resources consulting
agency. Sriven is maintaining the software for Raymond Karsan's clients in India.
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Surya
Roshni considers spin-off
New Delhi: According to a report in The Economic Times, Surya
Roshni Ltd. is planning to hive off its steel tubes and lighting divisions into separate
companies. A final decision is yet to be taken. According to managing director B D
Agarwal, the hive-off may enable the company to survive competition and to focus better.
The company has commissioned a
ribbon glass plant in Gwalior.
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Air France to skip
Bangalore
Bangalore: Air France Cargo is likely to skip Bangalore and concentrate
instead on Chennai. The airline is also considering a tie-up with the Container
Corporation of India for truck services to move Europe-bound cargo from Bangalore to
Chennai by road.
The airline at present operates a twice-a-week jumbo
service to Bangalore. It is likely to increase its present twice-a-week flights to
Chennai.
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Cable & Wireless to sell
cellphone assets
London: Cable & Wireless says it will sell its mobile phone interests
in Japan to Vodafone Airtouch, the world's largest cellphone company, for $411 million.
Cable & Wireless is selling its stake in Digital Phone
Group, and its 2.5 per cent holding in each of the six Digital Tuka companies, which cover
the rest of Japan. The company has already sold several of its minority assets across the
world, and has been planning to dispose of its Japanese cellular assets, as it lacks
managerial control.
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Ericsson, Electrolux in
JV
Stockholm: Ericsson and Electrolux say they will set up a joint venture
company to develop and market internet-related products and services for homes. The new
company, in which the two will have equal stakes, will be operational in October 1999. The
joint venture is expected to take 20 per cent of the new $15 billion market for household
electronic services by 2005, the two companies said.
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Bell
Atlantic, 3 Com introduce net package
New York: Bell Atlantic Corporation and 3Com have introduced an internet
access package available through retail stores in US markets. The service, Infospeed,
offers high-speed, wide-scale internet access across the country. It is part of Bell
Atlantic's plan to take on cable television operators, who offer a competing internet
service.
The package allows Bell Atlantic's customers to buy
equipment and services to set up web links without help from phone technicians. The
service uses digital subscriber line technology which delivers data over standard phone
lines at a speed up to 7 million bits a second, many times faster than the current
standard modem speed of 56,000 bits.
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APA to have Montreal as HQ
Montreal: The giant aluminium company created by the merger of Alcan
Aluminium, Pechney and Alusuisse-Lonza, will have one corporate headquarters at Montreal.
Six of its main business sectors will be managed from Canada, Europe and the US.
The new company, called APA for the time being, will have
annual revenue of $22 billion and operations in 59 countries.
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Xerox fires staff for net
abuse
Stamford: Xerox Corporation says it has dismissed more than 20 employees
for accessing pornographic sites during working hours.
The company said forty employees have been fired for
inappropriate use of internet. Some of them used the net for gambling too. The employees
worked in various centres of Xerox in the US.
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