Arthur Andersen buys out Ind Global
Mumbai: Arthur Andersen has announced that it has acquired Ind Global Financial Trust Ltd. (IGFT). The new acquired entity will be called Ind Global Corporate Finance (IGCF), with the transaction becoming effective from the January 15. Mr. R Sankaran will be the chief executive officer and managing director of IGCF.

Mr. Munesh Khanna, Arthur Andersen's country head of corporate finance (India) has said that IGCF will offer services for all capital-market related transactions, including public offerings, open offers and share buy-backs. Arthur Andersen has claimed that the acquisition "underlines its commitment to growing its corporate finance capabilities in India and further reinforces its position as one of the leading players in the investment banking arena".

IGFT set up in 1990 by Mr. R. Sankaran and 14 other professionals on board has operating offices in Mumbai and Chennai. The company was promoted with an initial capital of Rs 3 lakh, and has a net worth of Rs 5.5 crore.
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Bajaj Electricals & Usha International to import fans from China
New Delhi: Bajaj Electricals Ltd. has decided to stop the local manufacture of table, pedestal and wall (TPW) fans and has instead turned into an bulk importer of these products from China. TPW fans are made of plastic, which is cheaper in China as it is subsidised. Chinese fans made from plastic are nearly 20 per cent cheaper than domestically manufactured ones.

BEL, which presently manufactures six lakh fans, is importing nearly 1.2 lakh TPW fans from China annually. Importing 1.2 lakh fans works out to be more cost-effective compared to the 30,000 TPW fans earlier manufactured locally using metal.

Yet another TPW fan major- Usha International, has also curtailed domestic production and started importing 25 per cent of its TPW fan requirement from China. Usha International, which claims to be the largest manufacturer of fans with an annual production of 20 lakh, says its imports from China are part of its global sourcing strategy.

While manufacturers of TPW fan segment say, they would stand to lose out to their competitors if they didn't switch to imports. All the six other leading players - Usha, Orient, Crompton, Khaitan, Polar and Bajaj - however, continue to locally manufacture metal-based ceiling fans.
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Vicats likely to tie up 26 per cent stake in Bangurs' Shree Cement
Kolkata: Vicat, the French construction materials producer and Shree Cement, part of the Bangur group are planning a joint venture deal through buy out 26 per cent equity stake. If the deal comes through, Vicat will be the third global construction industry player to get a foothold in India, after Lafarge, also from France and Ital Cementi of Italy, which has a joint venture with Zuari Industries.

Shree Cement, which produces around 2 million tonnes of cement, has its unit in Beawar, Rajasthan. The company's posted a net profit of Rs 1.52 crore in the quarter ended September 2000.

Vicat SA produces construction materials such as cement, lime, ready-mixed concrete and paper used to pack cement. It has presence in the markets of Europe, Turkey, the western countries of Africa, the US, the Gulf and the Arabic states. It has reported sales of $926.14-million for the year ended December 1999. The company also recently acquired United Ready Mix in the US to bolster its presence in the Americas.
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Ambuja likely to acquire stake in Saurashtra Cement
Mumbai: Gujarat Ambuja Cements is reported to be planning to bid for acquiring half of promoters' stake in Saurashtra Cement. The promoters of Saurashtra Cement hold around 60 per cent stake in the company and are believed to be scouting for offloading around 30 per cent.

The likely strategic partner will also become the beneficial owner of Gujarat Sidhee Cement, the ailing subsidiary of Shree Cements. The two units have a combined capacity of around 4 million tonnes (post expansion) and requires promoters to raise Rs 200 crores from the their stake sale.

The company has a strong presence in the western region and also has large limestone reserves, owned by Gujarat Sidhee Cement, the main reasons why Gujarat Ambuja is interested in picking up a stake in the company, despite both units being in the red.
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