Reliance seeks JV with IOC
New Delhi: Reliance has urged the government to approve a joint venture with Indian Oil Corporation to market petroleum products from its Jamnagar refinery from April 1, 2002.

Reliance Petroleum has also asked for approval of a marketing agreement for sale of products worth about seven million tonnes directly by IOC.

RPL's request to government comes in tandem with its plans for opening up of 3000 retail outlets in the country next fiscal when the petroleum sector opens up.
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Bharti to garner Rs 1,500 crore debt
New Delhi: The Bharti Group would tie up Rs 1,500 crore debt by March 2002, and has already received in-principal nod from financial institutions and banks to fund its expansion plans.
The company had recently estimated the total cost of expansion in various telecom segments at about Rs 6000 crore over the next few years, and the proposed Rs 3000 crore debt during the period was aimed at supporting part of the expansion plans. The balance Rs 3000 crore has already been tied-up by Bharti through equity.
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Titan plans diversification
Bangalore: Titan Industries Ltd plans to diversify into the business of writing instruments, sun glasses and leather accessories.
Titan, with its marketing capability, tremendous design skills, wide distribution network and enviable retain chain could do well in these products, a company official said.
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TTK to revive Fryums
Bangalore: The TTK Group is planning to re-introduce its ready-to-fry food product, Fryums which was giving good returns earlier.

The company plans to increase the number of products in its food business. It has currently only two products in the segment - Fryums and Oummies.

TTK plans to double the current turnover of Rs 8 crore in the food business over the next two years. The food products will be distributed by group arm TTK Healthcare.

The production facility for Fryums and Oummies is located in Hoskote, near Bangalore.
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Berger to set up warehouse in Russia
New Delhi: Berger Paints plans to set up a warehouse in Russia and then look for acquiring a manufacturing plant if cost considerations are attractive.

Berger had earlier explored the idea of setting up a full fledged manufacturing factory in Botswana and Egypt.

Back home, Berger has decided to upgrade rural Indian market to paints from traditional forms of house colouring. It has recently launched the Jadoo range which includes products from enamels to cement paints.
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Tatas to set up SEZ in Orissa
Bhubaneswar: Tata Steel is scouting for a partner to advise it on how to go about in setting up a port-based special economic zone at Gopalpur in Orissa.

Tata Steel has already shortlisted a few companies having expertise in setting up SEZ around the world. A new joint venture partner is expected to be finalised soon.

Tata Steel had earlier announced that it would join the Adani-promoted SEZ project to utilise part of its 3,500 acres of land at Gopalpur, orginally acquired for setting up a mega steel plant.

Tata Steel is expected to keep a sizeable portion of its acquired land for a steel project that may be taken up if the steel market does pick up in coming years.
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Videocon to form JV with a US entertainment major
New Delhi: Videocon is on the verge of signing a joint venture with a US-based entertainment major for setting up multiplexes and entertainment complexes in major cities.

Videocon plans to invest up to Rs 600 crore in its entertainment industry foray, with another Rs 600 crore envisaged as equity investment from the joint venture partner, and would like to take 50 per cent equity in the proposed JV.

It has already signed a memorandum of understanding with a US-based entertainment giant to set up these multiplexes in several cities.

The proposed multiplexes will have nine screens and the projects will take anywhere between one and a half to two years to become operational.
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Moser Baer to invest $100m in expansion
New Delhi: Moser Baer India, a data storage company, plans to invest $100 million in the coming months for the completion of its optical media project by March 2002.
The three-phase project, started in may this year, has already increased the capacity to 480 million units from 151 million units which, after completion will take the capacity to 760 million units per annum making it the third largest producer globally.
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Sebi wants probe into Reliance
New Delhi: The Securities and Exchange Board of India has constitution of an inter-ministerial agency to probe the charges of irregularities in disclosure, insider trading and price manipulation against the Reliance group of companies.

In its reply to queries posed by the joint parliamentary committee probing the stock scam, Sebi has pointed out that many of these allegations against Reliance fall within the purview of multiple agencies.

Sebi has suggested constitution of a group consisting of the finance ministry, Reserve Bank of India, Central Board of Direct Taxes, department of company affairs and Sebi to look into the allegations.

Bahujan Samaj Party MP Rashid Alvi , who is also a JPC member, had alleged that Reliance Petroleum Ltd had circulated an altered balance sheet as on March 31, 1995 to more than 49 lakh shareholders. In a letter to the Prime Minister, he had alleged that the RPL did not file its balance sheet with the RoC till December 20, 2000.

Sebi said it has commenced investigations into the allegations.
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Dilip Chhabria to design VIP briefcases
Mumbai: VIP Industries is seeking the help of high-profile car designer Dilip Chhabria to launch a new range of swanky briefcases.

Products under VIP's premium luggage category are priced above Rs 2,500. The DC-designed briefcases are likely to be priced at around Rs 3,000.

During the past two years, the company's sales have remained stagnant at around Rs 300 crore.

The company has a market share of over 60 per cent. It is also the world's second largest luggage manufacturer.
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