Maruti Udyog launches VRS 
New Delhi:  Maruti Udyog today launched its maiden Voluntary Retirement Scheme (VRS) to trim its 5,700 strong workforce. About one-fifth of the workforce - 1,140 employees - are eligible for the VRS. Each worker opting for VRS would receive an average of Rs 7 to 8 lakh.
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UB to reduce promoters stake
Bangalore: The UB Group plans to dilute its stake through fresh infusion of funds from a prospective global partner.

UBs beer arm - BrewCo, will utilize these funds to meet its current financial needs and to provide a corpus for future growth. The move will dilute the combined stake of UB Group chairman Vijay Mallya and McDowells to less than 40 per cent.

At present, FIs hold 20 per cent stake, McDowells 10-12 per cent, Mr Mallya 40-42 per cent and the rest is with the Indian public.

The foreign partner will also bring in international brands. The alliance partner is expected to make the Kingfisher brand of beer a mainstream global player.
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Bajaj Tempo to launch tractors
Pune: Bajaj Tempo Limited (BTL) is launching two new tractor models on September 28. The Balwan range of 35 and 45 HP tractors and the Ox range of 25 HP tractors are expected to up the sales of tractors,contributing Rs 700 crore to Bajaj Tempos turnover. The company hopes to sell 24,000 units per annum by the next  three years.

The company is also planning to launch a 60-HP tractor next year to make its  presence in all segments of the tractor industry.

The company has plans to  roll out two-wheeled tillers of 10-12 HP for small operations next year. The tractors have been engineered to accept and work with modern implements. The tractors engines have been derived from Mercedes engine, hydraulics from Bosch and ZF designed synchromesh gear box.

The tractors are in the price range of Rs 2.5-4 lakh. An investment of Rs 100 crore has been made over the last four-five years in developing the tractor business. Dealer network is also being expanded and a major advertising campaign is being planned to push the new series of tractors.
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Saregama to tie-up with Universal, Zomba
Kolkata: With a view to making a significant presence in the international music cassette and CD market, the Saregama India Ltd is making a bid for a tie up with Universal and Zomba.

Company chairman Sanjiv Goenka said Saregama will go for co-production with Universal and Zomba shortly. This will help the company increase its share in the international market. At present, international sales constitute only 3 per cent of its total sales.

The company recorded a  turnover of Rs 155.34 crore in 2000-1.

The co-produced cassettes and CDs will have contents from Saragama and Universal, or Zomba, and revenue will be shared, basing on the time of the contents of both the partners.
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Mahindra-BT for quity dilution
Mumbai: Mahindra British Telecom (MBT) is negotiating with leading global investors for an investment upwards of $30 million.

The company is looking at an equity dilution of 10 per cent and the quantum of investment will finally depend on the valuation that MBT commands.

MBT is reported to have appointed Kotak as investment banker for the deal. Kotak was earlier appointed lead manager for the companys proposed IPO which has been put on the backburner.
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Reliance to offer basic phone services in Kerala
Kochi: Reliance, which has laid optical fibre cable in Kerala, is all set to provide basic phone services through the Kerala Communication Network Pvt Ltd (KCNPL), promoted by Reliance Strategic Investments Pvt Ltd.

The services are expected to start in six months. The company expects to attract a good number of non resident Indians (NRIs) by offering competitive rates for STD and local calls.

Reliance will also provide mobile phone service through wireless in local loop (WLL) covering a range of 40 km.
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Way cleared for Agrani satellite
New Delhi: The Agrani Satellite Services Ltd (ASSL), a Subhash Chandra promoted company, hopes to close the deal with the telecom major Alcatel for the delivery of satellite by the year end.

A few components of the satellite were covered by the post-Pokhran nuclear-sanctions imposed on India. The Agrani satellite project aims to establish C and Ku band satellite capacities for leasing out to TV broadcasters, telecom and Internet companies.

Alcatel Space Industries, Arienspace and Agrani Satcom Mauritius, a special purpose investment vehicle of Subhash Chandra and Associates, are among the companies slated to pick up stake in the company.

The satellite will be delivered 19 months after financial closure and is expected to go operational by mid-2003.

The satellite, with a life-span of 14 years, has 24 C band and 14 ku band transponders. The promoters expect the project to be cash positive at the start of the second year of operations.
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Sara Lee to buy out TTK in JV
New Delhi: Sara Lee, the $20-billion US-based household products and food and beverages major, is buying out the 49 per cent equity stake of TTK group, its Indian partner in their joint venture Sara Lee TTK to make it a wholly-owned subsidiary of the US major.

The joint venture has a paid up capital of close to Rs 9 crore, with each share having a face value of Rs 500.

Sara Lee TTK manufactures and markets a wide range of personal care products, including leading brands such as Brylcream and Eva, domestic hygiene products, including liquid toilet and floor cleaners and the famous Kiwi shoe polish.

Sara Lee also has a joint venture with the Godrej group which manufactures the leading mosquito repellent brand, Good Knight.
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Amrutanjan bonus issue at 1:1
Chennai: Amrutanjan has announced a 1:1  bonus issue by capitalising Rs 1.6 crore reserve for the benefit of small shareholders.  Earlier, the company had announced a bonus issue in the ratio of 3:4.

The company has a paid-up capital of Rs 1.60 crore out of which Rs 1.54 crore was created through issue of bonus shares.
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CBI files case against Mesco, Sidbi officials
New Delhi: The Central Bureau of Investigation has registered a case against the directors of Mideast (India) and Mesco Group of companies Rita Singh and her husband J K Singh and some officials of Sidbi for allegedly entering into a criminal conspiracy and causing a loss of crores of rupees to the bank.
The CBI, in its FIR, has  alleged that Rita Singh and her husband and two other officials of the company allegedly entered into a criminal conspiracy with the then officials of Small Industries Development Bank of India, including its managing director R S Aggarwal, general manager (north) G K Saxena, manager (north) M H Jhurani, deputy manager Ajit Saraswat during 1993-95.
As part of the criminal conspiracy, the officials of Sidbi abused their official positions and sanctioned the limits and discounted bills without adhering to the established procedures thus causing pecuniary advantage to Mideast (India) and Mesco's Pharmaceuticals to the tune of Rs 34 crore.
Rita Singh and her husband are facing another case by CBI for allegedly cheating United India Insurance claims of Rs 12 crore by submitting flase "no objection certificate" from the Industrial Finance Corporation of India.
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Essar Shipping cuts operating cost
New Delhi: Essar Shipping has cut operating cost by 8 per cent and improved debt-equity ratio to 0.65:1 with reorganisation of its business into three divisions -- energy transportation, integrated coastal transportation and terminalling.