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Timex to consolidate its Indian operations
New Delhi: Timex Watches is consolidating its
Indian operations after buying out the entire stake of Titan Industries in the joint
venture by infusing fresh funds through a preferential allotment. Timex is putting
additional funds for the allotment of 59,50,000 new equity shares of Rs 10 each at a
premium of Rs 2.60 per share on a preferential allotment basis investing $1.62 million in
its Indian operations.
Timex India is 71 per cent owned by the parent with the
remaining equity in the hands of the public. Its total investment in India since its entry
in the market in 1990 is about $35 million including the purchase of its earlier JV
partner Titan’s shares, equity infusions and debt guarantees.
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ConAgra set to sell
branded sugar
New Delhi: ConAgra Foods Inc, the $27-billion US food major, is seeking to enter
the Indian food market in new product segments. The American food major, after making its
presence felt in atta and edible oils, is now extending its reach into the Indian staple
foods market by planning to enter the branded sugar market in alliance with its Indian arm
- AgroTech Foods India.
Agrotech is presently "studying the possibility" of entering the sugar sector
through "downstream distribution of packaged sugar". Details of the product
launch will be finalised within six weeks. The company has already become a serious player
in the Indian packaged atta, edible oils and cleaned wheat markets, besides introducing
imported fun food brands like Act II Popcorn. With an the all-India distribution and
marketing network of Agrotech is likely to give a new impetus to this niche sector.
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Carat to pick up 25 per
cent stake in Percept Advertising
New Delhi: Carat BV of Netherlands, part of the
$10-billion-plus Carat Group of the UK, is picking up a 25 per cent stake in Percept
Advertising’s group company Percept D’ Mark for an undisclosed amount, in its
bid to foray into event management business in India. Carat, which sees event marketing as
part of its service offerings, has sought permission to up its stake to more than 50 per
cent after a three-year period.
The Carat group, as a part of its worldwide policy, has controlling equity in each
individual company so as to ensure the quality of the product and service rendered to
clients. Percept D’ Mark, which has a dedicated division for managing celebrities,
presently manages leading cricketers Saurav Ganguly, Zaheer Khan and Yuvraj Singh.
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Hoechst net profit at
Rs 23.9 crore
Mumbai: Hoechst Marion Roussel has posted net profit of Rs 23.9 crore in the
nine-month period between April to December 2000, up 67 per cent from Rs 14.3 crore in the
corresponding period of 1999. The company posted net sales of Rs 413 crore during these
nine months, down marginally from Rs 415.2 crore in the corresponding period of 1999. The
board of directors has recommended a dividend of Rs 4 per equity share. The company has
changed its financial year from April-March to January-December and hence FY00 comprises
just nine months.
Net profit has been calculated after exceptional income of Rs 2.7 crore (Rs 6.1 crore) and
exceptional expenses of Rs 17.6 crore (Rs 18.7 crore). Exceptional income includes income
from sale of land and surrender of tenancy rights while exceptional expenses include
amortisation of expenses for voluntary retirement, marketing and technical rights.
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Sahara appoints
consultants for Amby Valley project
Mumbai: The Sahara group has appointed Bechtel
Corporation, a US engineering major and Burchill Partners, a Australia-based project
management consultants for its proposed Rs 8,000-crore Sahara Amby Valley project in
Maharashtra. The company, which is developing the land as a self-sufficient hill city, has
invested around Rs 300 crore in acquisition of land, constructing three dams, a golf
course and sample villas. It has plans to acquire additional 2,300 acres land shortly.
Bechtel India, local arm of the US major will oversee co-ordination of various project
activities and ensure completion of the project within the stipulated budget. Burchill,
which had set up similar project in Queensland, would be involved in micro planning and
development of the project, including the township. Sahara group hopes to generate revenue
by selling mansions, villas and golf course membership by 2001-end and the entire project
would be completed in 7-8 years.
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Kirloskar India to
launch new range of gensets
New Delhi: Kirloskar Oil Engines has announced
launch of a new range of ready-to-use gensets, as part of the 'power ideas programme',
which offers latest technology in the medium genset segment in India. The gensets are part
of Kirloskar's new marketing strategy aimed at customising its products and services to
the consumers' specifications.
The new marketing initiative called "Kirloskar Green Power Ideas" is aimed at
giving customers not just gensets but also the finest, world-class customised options with
a range of consultancy services," Mr. Atul C Kirloskar, chairman, KOEL has said. The
new range of gensets would be manufactured in company’s 11 plants across the country
besides being exported to the Middle East and Africa.
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BHEL set to launch
battery-powered vehicle
New Delhi: Bharat Heavy Electricals Ltd., a
public sector electrical and power equipment major is set to introduce an improved version
of its battery-powered road vehicle, Electrovan. Mr. B Bhambhani, executive director of
BHEL has told a seminar on battery powered road vehicles in Agra that Electrovan would
have a host of new features, including the on-board charging facility.
The vehicle is being positioned as a noise and vibration free mode of transport having
lower running and maintenance costs.
BHE has developed the vehicle along with the ministry of non-conventional energy, which
provided a subsidy of 50 per cent of the development cost. The government will be also
providing 100 per cent depreciation benefits for tax purposes to all users of the vehicle
during the first year. BHEL has already supplied 200 such vehicles to customers across the
country.
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GE India aims at turnover
of $4 billion by 2005
Bangalore: GE India has set an ambitious target
for its operations in India and has targeted a turnover of $4 billion in the country by
2005, quadrupling its turnover last year which stood slightly over $1 billion. Mr. Scott R
Bayman, president and CEO of GE India has said that company's focus would be on
strengthening its existing businesses, accelerating global sourcing opportunities and
fully encash on opportunities in sectors like airline and power, which are expected to be
opened up in a big way.
A majority of GE's businesses worldwide have a presence in India - aircraft engines,
appliances, broadcasting, capital services, lighting, medical systems, industrial systems,
plastics, power systems and transport systems - either through a joint venture, a
wholly-owned subsidiary, a strategic alliance or a business development and customer
support presence. GE India has so far invested around $500 million to $600 million in the
country.
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Grasim launches
Aquasoft fabric
Mumbai: Grasim Industries has launched their new fabric
`Aquasoft' fabric in which the company has tried to innovate a substitute for cotton. The
fabric, which has better water absorption characteristics than cotton ensures that one who
wears it does not feel damp and sticky. The new fabric has been priced in the range of Rs
350-Rs 400 per metre.
The fabric constitutes 65 per cent regenerated
polyester cellulose and 35 per cent polyester. The company claims that the fabric has
better air permeability than cotton. Aquasoft has a wide range of fabrics, of over 100
designs and shades. The design and other product elements have been developed at `Studio
Grasim', New Delhi. The company expects this new fabric to add at least Rs 20 crore to its
sales turnover.
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Dell slashes PC,
workstation prices
New Delhi: Dell Computers has cut down
prices of select model of OptiPlex corporate desktop PC, by up to eight per cent. The
company has also announced a price cut up to 15 per cent on its Dell Precision
workstations.Dell OptiPlex GX150 SD with a I GHz Pentium III processor, which will now
cost Rs 1,21,714, eight per cent less than its earlier price of Rs 1,31,827 while Dell
OptiPlex GX150 SD with a 667 MHz Pentium III processor will be priced at Rs 1,12,290
instead of its earlier price of Rs 1,20,905, reflecting a saving of seven per cent.
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Wimco to raise $20 m via
preference shares
Mumbai: Wimco, the Swedish match box maker is planning to raise up to $20 million
through the issue of redeemable cumulative preference shares, for the retiring its long
and short term debts. The proposed has been cleared by the Foreign Investment Promotion
Board (FIPB) recently. The company has debts to the tune of Rs 60-65 crore due mainly to
the banks. The entire allotment of 93 lakh, 0.05 per cent redeemable cumulative preference
shares of Rs 100 each, will be to the parent company Swedish Match AB Company. The issue
of the preference shares will be in different tranches, as per the debt retirement
requirements. This is for the first time that the company will go in for such a cumulative
preferential issue.
Swedish Match AB, the parent company has a 74 per cent
stake in Wimco, while the financial institutions, including banks hold about five per
cent. Other corporates have a shareholding of three-four per cent, and the public holds
rest.
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Tata Chemicals fire to
affect March revenues
Mumbai: Tata Chemicals Ltd. which had to
shutdown of its facilities due to fire at its facilities at Mithapur in Gujrat, has stated
that the company could lose Rs 20-30 crore ($4.3-$6.4 m) of revenues in March. Mr. Prasad
Menon, managing director of the company said that shortfall would be made up in the coming
months. The plant is expected to resume operations within the next 15 days.
The fire, which has damaged the company's power plant, will also squeeze company’s
margins temporarily as it is forced to pay twice the price for power from the state grid.
The company is now buying 10 MW of power from the Gujarat Electricity Board at Rs 5.0 per
unit, which is double the cost at its captive plant. The company needs around 50 MW of
power for its operations.
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