Glaxo, SmithKline merge
Mumbai: Glaxo India Ltd and SmithKline Beecham Pharmaceuticals (India) Ltd have legally merged to form GlaxoSmithKline Pharamceuticals Ltd (GSK) in India.
The merger will give the company a market-share of about seven per cent.
The company has a field force of over 2,000 employees and more than 5,000 stockists.
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ONGC Videsh to bid for offshore oil blocks
New Delhi: ONGC-Videsh (OVL)has sought an additional Rs 1,000 crore as equity to bid for high risk oil blocks abroad.
OVL has identified about 18 oil properties abroad for possible participation. It has taken up the issue of equity expansion both with the Government and ONGC.
The request of OVL could be favourably considered in the wake of the company clinching the deal for 20 per cent equity participation in Sakhalin oilfields in Russia.
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Italian apparels to increase market presence
New Delhi: Italian apparel company Osia Italia is planning to increase its presence in Indian ready-made garments market, opening 38 shops across the country during the next two years which will help triple its turnover.
The company, which already has 13 retail stores in India, plans to open boutiques in Delhi, Mumbai, Amritsar and Indore, in the next three months.
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Godrej to offload stake in Pillsbury
New Delhi: The Godrej group has received government permission to offload about 49 per cent stake in joint venture company Godrej Pillsbury Ltd in favour of the Dutch partner Selviac Nederland BV for Rs 22 crore.
The Foreign Investment Promotion Board (FIPB) has given permission to Godrej to exit the JV. The Dutch company has consequently increased its stake to 100 per cent from 56.45 per cent in what was till now called Godrej Pillsbury Ltd.
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HDFC considering life cover for soldiers
Mumbai: HDFC Standard Life is considering to offer a life insurance product to cover the defence forces. At present the Army Group Insurance, managed by the government, provides the cover to soldiers.
The cover HDFC Standard Life is planning to float would supplement the Army Group Insurance.
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GAP merges Dubai operations with India
New Delhi: US apparel giant GAP International has merged its sourcing operations in Dubai with India. Indian exports to GAP is close to $250 million annually.
GAPs sourcing bases in Egypt and Turkey have been merged with Hongkong.
GAP will scale down staff in Dubai, Turkey and Egypt drastically. The sourcing base in Dubai will be relocated to India just as the sourcing bases in Egypt and Turkey will be relocated to Hongkong.
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Ispat to roll out stainless steel
Mumbai: Ispat Industries is planning to roll out stainless steel along with hot rolled coils from its plant at Dolvi in Maharashtra.
Prices of hot rolled coils have crashed to an all time low of Rs 11,300 per tonne while demand for the commodity too has crashed from key drivers like capital goods, automobiles and consumer durables. This has prompted most steel producers to alter their production basket to maintain viability.
Ispat had commenced trial runs for making ferritic grade stainless steel.
Stainless steel is currently considered to be more lucrative compared to hot rolled coils, mainly because a large portion of the end products are used in household utensils which have a growing marketshare.
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Knight Frank India to be a hub for Asia
Mumbai: London-based property management firm Knight Frank worldwide's Indian joint venture is to become the regional hub for its businesses in South Asia and the Middle East.

Knight Frank worldwide would make investment in the business and the partners in Indian company are also likely to hold stake in new ventures.

The company is in an advanced stage of forming a joint venture in Dubai and is scouting for business in Mauritius in the hospitality sector.
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BHEL bags Rs 18-cr order from Gujarat
New Delhi: Bharat Heavy Electricals (BHEL) has bagged a Rs 18 crore order for supply of vertical induction motors for the world's largest pumping system being set up in Gujarat.
The order, placed by Kirloskar Brothers, involves design, manufacture and supply of 48 motors of capacity ranging from 1025 kw-4500 kw to be deployed for driving large concrete valute pumps at the Saurashtra canal project of Sardar Sarovar Narmada Nigam, a Bhel release said here on Monday.
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ABB bags order worth Rs 337m
New Delhi: ABB has bagged an order worth Rs 337 million from Haryana Vidyut Prasaran Nigam for construction and augmentation of power substations.

The turnkey order includes design, manufacture, procurement, supply-associated civil works, erection and commissioning of 220 kv and 132 kv substation bays at Rohtak and Bhiwani and new 132 kv substations at Rohtak and seven other places in Hharyana, an ABB release said here on Monday.
The project, financed under a loan from the Power Finance Corporation, is expected to be completed within 18 months, the release said.
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Extra risk premium on merchant fleet
Mumbai: An additional war risk premium of 0.05 per cent of the value of ship is being imposed on Indian merchant fleet with effect from October 19.

The premium on the war risk cover, provided by the Indian insurance company, is decided by the Indian Government.
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BPL plans to tap European markets
Bangalore: BPL Ltd, the country's largest consumer durable conglomerate, is likely to use its London-based subsidiary, BPL Eurotrade Ltd, as a vehicle to raise finance for its capital expenditure plans in future. This was one of the options before BPL to meet capital expenditure demands, particularly after SEBI barred it from accessing domestic primary market for the next three years on charges of alleged share price-rigging.

BPL Eurotrade functions as the central procurement hub of BPL's manufacturing companies and as a catalyst for colour television (CTV) exports.
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Godrej Consumer board to meet on Oct 15
Mumbai: Godrej Consumer Products Ltd has informed the Bombay Stock Exchange that a meeting of its board of directors is scheduled to be held on October 15 to consider buyback of equity shares.

According to an official of the company, the decision to go for a buyback will depend on the capital market situation.

At the same meeting, the board will also consider an interim dividend for 2001-2002.
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Hero Honda board to decide on special dividend
New Delhi: The board of Hero Honda Motors Ltd will consider a proposal to offer a one-time special dividend at its October 17 meeting here, the company informed the stock exchanges on Monday.

Hero Honda is a joint venture between the Hero group of the Munjals and Honda Motor Co. of Japan.

A sharp rise in profitability and vehicle sales in the last couple of years have made Hero Honda flush with cash.
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RCF pays Rs 20.41-cr dividend
New Delhi: The Union Minister for Chemicals and Fertilisers, Mr S.S. Dhindsa, received a cheque of Rs 20.41 crore as dividend from Rashtriya Chemicals and Fertilisers (RCF) for the year 2000-01, here on Monday.

The Government holding in the company is 92.5 per cent. RCF's turnover stood at Rs 2,138 crore for 2000-01 and the net profit was Rs 64.97 crore
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