Indian Rayon buys Madura Garments
Mumbai: A.V. Birla group company Indian Rayon pipped two rivals, Lalbhai group company Arvind Garments and startup venture Indus League, to the post to acquire Madura Garments, the readymade garments unit of UK-based Coats Viyella, for a sum of Rs 189.23 crore. The acquisition will bring to the Kumar Mangalam Birla-led Indian Rayon’s fold such coveted readymade brands in the men’s dress range as Louis Philippe, Van Heusen, Allen Solly, Byford, Peter England and SanFrisco.

Also, Indian Rayon's overseas subsidiary, Aditya Vikram Global Trading House, is buying the technology and exclusive brand rights for various Saarc and Middle East countries from Coats Viyella for Rs 47 crore, to value the entire deal at Rs 236 crore. The acquisition comes into effect from 1 January 2000. Madura Garments will be taken over by Indian Rayon as a going concern with all its employees, brand licences, distribution, and manufacturing networks, and will function as a division of Indian Rayon.
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Lupin promoters sell 15% holding
Mumbai: Lupin Laboratories’ promoters, the Guptas, have sold an additional 8.06 per cent of their holding in the company – 2.55 million shares – to strategic investors at a total consideration of Rs 120 crore, according to The Economic Times. The divestment brings down their holding in the company to 64 per cent. The Guptas had earlier sold off nearly 7 per cent of equity for Rs 95 crore.

The shares have been acquired by six foreign institutional investors, including Morgan Stanley, Alliance Capital and Jardine Fleming. These FIIs now hold 10 per cent of the equity of the company. The deal, brokered by SS Kantilal Ishwarlal, fetched the Guptas a price of Rs 470 per share. The funds raised from the sale are likely to be used to reduce the company's debt.
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SAIL restructuring plan gets nod
New Delhi: The finance ministry has cleared the restructuring package for the Steel Authority of India Ltd. The package contains both financial and business restructuring proposals and it will now be put before the cabinet for final approval. It includes waiver of 75 per cent of SAIL’s Rs 6,096-crore loan from the Steel Development Fund, as also a waiver of government loans of Rs 356 crore to IISCO, routed through SAIL, and bringing back to its own books an interest waiver of about Rs 500 crore granted to IISCO by SAIL. The business restructuring part includes hiving off SAIL's non-core businesses and disposal of idle assets and downsizing manpower.
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Wipro sets up infotech firm in US
New Delhi: Wipro has set up an infotech company in the US. The company's vice-chairman, Vivek Paul, says the California-based venture, Alopa Networks, has been created in partnership with Prakash Bhalerao, an NRI investor. Alopa Networks will be in the business of providing Internet-based applications.

Wipro holds 10 per cent of the equity of Alopa Netwoks. Mr Paul said Wipro is also planning acquisition of software companies in India and abroad and an American depository receipt float to fund its e-commerce business plans.
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Court restraint on Aftek on "Infosys"
Calcutta: Infosys Technologies has secured an order from the Calcutta High Court restraining Aftek Infosys, formerly known as Aftek Business Machines, from using the trademark Infosys.

Nandan Nilekani, managing director of the company, said in a press statement that investors and the business community associate the word "Infosys" with Infosys Technologies and the company is taking necessary steps to protect its trademark.
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Tata Tea may float GDRs
Mumbai: Tata Tea may float global depository receipts worth $100 to 150 million to part-finance its acquisition of  Tetley of the UK. The Tetley deal is estimated to cost the company $430 million. The company intends to create a special purpose vehicle in the UK to raise the funds. Post-acquisition, the SPV will function as a division of  Tata Tea.
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Escotel’s new all-India card
New Delhi: Escotel Mobile Communications has launched India Card, an all-India roaming facility for mobile phones used by visitors to India. The GSM 90 facility will enable use of one mobile number all over the country. The pre-paid service will help international roaming customers to avoid international call charges on incoming calls.
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3 new products from Volvo
Bangalore: Volvo India has introduced three new FM7 series of vehicles. These are tractor-trailers, tippers and concrete mixers. Ravi Uppal, managing director of Volvo India, said the FM7 series of trucks brings in the latest Volvo technology which has been optimised for Indian conditions.

The trucks are equipped with tropical cooling kits, engine oil coolers, additional fuel filters, water separators on the fuel supply system, hub reduction rear axles and AC cabins. The vehicles are Euro II compliant.
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Petronet equity for GDF, Rasgas, BSES
Mumbai: Gaz de France, Ras Laffan LNG of Qatar and BSES have been offered equity in Petronet LNG. While GDF and Rasgas will get 17.5 per cent each, BSES will get 20 per cent. The Gujarat government has also been offered 10 per cent of the equity. The balance 50 per cent of the equity in the company will be equally distributed between the National Thermal Power Corporation, Gas Authority of India Ltd, Indian Oil Corporation, Bharat Petroleum Corporation and Oil and Natural Gas Corporation.
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Microsoft to offer gift vouchers
Redmond, Washington: Microsoft has teamed up with Simon Property Group, a shopping mall, to give $50 to $100 gift vouchers to shoppers who sign up for its MSN service. This is part of Microsoft’s promotional programmes for its Internet services. People who sign up for six months’ service will get $50 vouchers, and those who go fora one-year ubscription will get a $100 voucher. The cost of the six-month service is $99, and that of the one-year service is $180.
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GM, Honda in supply tie-up
Tokyo: Honda Motor Company is teaming up with General Motors Corporation to supply engines and transmissions to the US car maker. Honda revealed that the two companies are also exploring other areas of cooperation, including technology development, recycling, and parts procurement. Honda president Hiroyuki Yoshino said, however, that there will be no equity participation by General Motors in his company

General Motors has recently entered into equity tie-ups with three second-level Japanese automakers, including Subaru carmaker Fuji Heavy. It also has a joint venture with Toyota Motor Corporation in California.
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Renault, Nissan plan joint European operations
Frankfurt: Renault and Nissan Motors, the French and Japanese automakers, who have joined hands, are planning a shakeup of their European sales and marketing operations. Nissan, in which Renault has 36.8 per cent holding, is likely to merge many of its European finance and back-office dealership functions with Renault.

The move will be the latest stage of a $9.7 billion restructuring of Nissan started in October by Carlos Ghosn, the former Renault executive who is reviving the debt-ridden Nissan.
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Interpublic buys NFO Worldwide
New York: The Interpublic Group of companies, the world’s second largest advertising firm, is buying ailing market research firm NFO Worldwide in a stock deal valued at $580 million. Interpublic will pay $36 of its stock for each NFO share. The acquisition will give Interpublic ownership of the world’s three custom marketing organisations and the single largest provider of Internet-based marketing research.
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Canadian rail companies to merge
Montreal: Canadian National Railway Company and Burlington Northern Santa Fe Corporation plan to merge in a Canadian $28 billion deal that will create North America’s largest railway network. The network will have nearly 80,465 km of tracks, stretching from Halifax to Vancouver on the Pacific coast, and southward to New Orleans and Los Angeles.
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Be, Compaq in pact
San Francisco: Be Inc, a developer of operating systems for Internet appliances and digital media, has signed a licensing pact with Compaq Computer Corporation under which Compaq will use Be’s software for Internet appliances made in future. The software, named Stinger, can be customised, offers a complete web browser and supports current standards for streaming audio and video on the Internet.
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Bill Gates acquires stake in telecom company
Washington: Microsoft chief Bill Gates has acquired a 17.2 per cent holding in Lynch Interactive, a telecommunications company run by New York money manager Mario Gabelli. The company operates 11 rural telephone companies. Mr Gates had done the acquisition through Cascade Investments, one of his investment companies.
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