I-T raids on Nirma
Ahmedabad: The income-tax department on Thursday raided offices, factories, godowns and residential premises belonging to Nirma, one of the country's biggest detergent and soap manufacturer.

More than 200 officials were engaged in Gujarat to carry out raids in 32 locations in Ahmedabad, two in Vadodara and one Surat. Five premises of the group were raided in Mumbai and three in Delhi.

The I-T officials stormed the seven-storeyed corporate office in Ahmedabad and ordered the closure of the main gate.
Back to News Review index page  

Arbitrator appointed in JT-Bharti case
New Delhi: The government on Thursday appointed justice M. Jagannadha Rao, a retired Supreme Court judge as an arbitrator to settle the Rs 490 crore dispute between Bharti Group and JT Mobile over cellular licence for Punjab.

The government had last week asked Bharti Mobile to pay Rs 490 crore in cash to clear the outstanding dues in respect of JT Mobile's Punjab cellular licence, which was acquired by the Bharti group.

Sunil Mittal promoted Bharti group has obtained LoIs for basic services in eight circles and one national long distance licence. The group has also obtained LoIs for eight cellular circles for which they have paid Rs 690 crore as entry fee.
Back to News Review index page  

Reliance pulls out of CMC race
Mumbai: The disinvestment Computer Maintenance Corporation (CMC) received a setback with Reliance Industries opting out of race for acquiring 57.3 per cent government stake.

Earlier, Aditya Birla group had also pulled out of the disinvestment process. Wipro and Tata Consultancy Services are the only two major bidders for CMC now.
Back to News Review index page  

Satyam Infoway hopes break-even by March 2002
New Delhi: Nasdaq-listed e-commerce and Internet company Satyam Infoway Ltd is aiming to achieve cash break-even by the end of the current fiscal.

"We are aiming to achieve cash break-even by the end of the current fiscal and there are enough indications at present to expect that", R. Ramaraj, managing director and chief executive of the company, said here on Thursday.

Satyam Infoway has brought down its cash burn to $7.9 million by June 30, 2001 from $15.6 million last quarter.

The company does not plan to tap the domestic capital market as it has a cash reserve of $23 million from the Nasdaq listing proceeds. The company plans to utilize part of the funds on the fixed wireline division to provide connectivity via radio and multipoint connectivity to cybercafes and corporates.
Back to News Review index page  

Spencer to spin off travel business
Chennai: The RPG-controlled retail major Spencer & Company has decided to spin off its travel business into a separate subsidiary called Spencers Travel Services Ltd.

Cathay Pacific Airlines and North American Airlines, the two principals of the company, have been urging Spencer to float a separate subsidiary for the travel business
Back to News Review index page  

Sheela Group plans Rs 20-crore IPO
Mumbai: The Rs 250-crore Sheela Group, leaders in home comfort products and polyurethane foam, plans to raise Rs 20 crore through public issue.

The funds will be utilised to finance three new plants in northern, central and eastern India and the Groups diversification into waste and energy management.

The Group, known for flagship brands Sleepwell and Starlite mattresses, has over 35 distributors and 1500 deakers spread across the country. It has a market-share of approximately 50 per cent in the domestic market.

The Sheela Group has technical tie up and licence arrangement with Dunlopillo Ltd of UK and Serta Inc of USA.
Back to News Review index page  

Bharti Broadband to offer services to FMCGs
New Delhi: Bharti Broadband Networks Limited (BBNL) has tied up with Gilat Israel to offer broadband Internet terminals (BIT) to fast-moving consumer goods (FMCG) companies.

The BIT is a personal computer-based satellite solution comprising a small outdoor dish antenna and a desktop indoor unit.

Bharti is working on similar terminals for automobiles and pharma companies in the next four months. Each of the terminals cost Rs 1.5 lakh.

BBNL is using Gilat product for BIT, which is packaged with its in-house applications. It has packaged applications like Intranet virtual private network and e-mail via satellite for the FMCG companies.
Back to News Review index page  

Planetasia to launch enterprise information portal
New Delhi: Computer Associates International Inc, an e-business management solutions provider, has tied up with Planetasia to offer an enterprise information portal called Jasmine.
Jasmine will aggregate information and integrate it in a personalised format suiting the corporate needs, Planetasia CEO Anand Sundarshan said at a press conference. The portal will be priced at $22,000 to $25,000 and will target large enterprises and government.
Jasmine is being branded as the personalised e-business workplace for employees, partners and consumers that allows interactive Web access for information needs. Planetasia will receive a one-time fee along with a part of revenue for the maintenance of the portal.
Back to News Review index page  

Ford to launch New Mondeo
Bangalore: Ford is all set to launch its hi-end luxury car New Mondeo in three colours, Oyster Green, Metallic Black and Stardust Silver to compete with the Honda Accord, another player in the D segment.

The Ford Mondeo will be introduced both in two-litre petrol and turbo-charged diesel versions.

The New Mondeo, which was launched last year abroad, is available in five models- LX, Zetec, Zetec S, Ghia and Ghia X.

Over 2,00,000 New Mondeo have been produced at the companys Belgium facility.
Back to News Review index page