DPC slaps asset transfer notice on MSEB
Mumbai: Enron has served asset transfer notice to the Maharashtra State Electricity Board (MSEB).

The notice follows more than two years of late payments and defaults in payments by MSEB. The company also said that the final termination notice is likely to be served in the near future to continue the legal process against MSEB.
Back to News Review index page  

US firm takes Dr Reddys Labs to court
New Delhi: A US drug development firm has filed a lawsuit against Dr Reddy's Labs alleging that the Indian pharmaceutical company is infringing on some of their patents on Fluoxetine.

Fluoxetine is the main ingredient in the anti-depressant drug Prozac. Dr Reddy's sold nearly $35 million worth of Prozac in the American markets in the July to September quarter.
Back to News Review index page  
Eximbank, Russian bank sign pact
Moscow: The Export-Import Bank of India and the Russian Bank for Econom Affairs have signed an agreement to open a Line of Credit of $10 million to promote India's exports of bulk drugs, chemicals, pharmaceuticals and other finished goods to Russia.

Under the Line of Credit (LoC) Russian importers will make advance payment of the 10 per cent of the contract value and credit will be provided by Exim bank for 90 per cent of the contract value to Vnesheconombank.
Indian exporters will be reimbursed by Exim bank on shipment of goods to Russia.
Back to News Review index page  
SC order on Shaw Wallace appointments
New Delhi: The Supreme Court on Monday upheld a 1998 Company Law Board (CLB) order paving the way for appointment of four independent directors on the board of leading liquor company Shaw Wallace India Ltd (SWIL).

All India Shaw Wallace Employees Federation and the Union government had moved the CLB accusing the company management of indulging in large-scale financial irregularities and misappropriation of company funds to the tune of crores of rupees.

After hearing all sides, the CLB on July 27, 1998 had directed appointment of four directors in the Board of SWIL for two years.

While two of the directors to be nominated by CLB were to be experts in Taxation and Business management, the other two to be nominated by Central government would have expertise in audit, accounting, taxation and finance.
Back to News Review index page  
Wipro bags Pinnacle West contract
Mumbai: Wipro has bagged a contract from US-based Pinnacle West Capital, which owns the largest electric utility in Arizona.

Wipro Infotech had ealier signed a memorandum of understanding with Haldia Petrochemicals to provide IT services.

The West Pinnacle contract is for software development, maintenance and integration services.
Back to News Review index page  
Citizen to set up exclusive showrooms
Hyderabad: Japanese watch major Citizen plans to set up company showrooms in each of the towns in the country.
The company has already opened a showroom in Bangalore, which is a straight success with over Rs two million sales turnover in about two months. The company proposes to open one more showroom at Pune next month.
Back to News Review index page  

Samsung, P&G sign marketing tie-up
New Delhi: Samsung Electronics and Proctor & Gamble (P&G) have signed a brand endorsement agreement for the latters Ariel detergent powder. Accordingly, all Ariel packs will carry a Samsung recommendation and the company logo from January 2002, while all Samsung washing machines will carry a 200 gm packing of Ariel detergent powder and two discount coupons for purchase of any pack of Ariel detergent.
Back to News Review index page  

Reliance cuts polymer prices
Mumbai: Reliance Industries Ltd has slashed polymer and fibre intermediate product prices. Polyethylene and polypropylene prices are down by Rs 2.80 and Re 0.50 per kg to Rs 40 and Rs 39 per kg, respectively. Polyvinyl chloride prices remain the same at Rs 34.05 per kg.

Fibre intermediate products purified terephthalic acid and mono ethylene glycol are down Re 0.40 and Re 0.75 per kg to Rs 28.60 and Rs 27.75 per kg respectively.

The company has slashed prices of polyester staple fibre by Rs 2 per kg to Rs 44.75 per kg. Partially-oriented yarn and polyethylene terephthalate prices remain Rs 55.20 per kg and Rs 58.00 per kg. Linear alkyl benzene prices remain unchanged at Rs 53.90 per kg. -- Our Bureau
Back to News Review index page  

Indica becomes top selling car
Mumbai: Indica has emerged as the highest selling model in its class for the second month running. In October, Indica sales soared 127 per cent to 5,325 units over October last year.

This, Telco officials said, makes it the largest selling car in the B-segment (the Rs 3-5 lakh category), ahead of Marutis Zen, Hyundais Santro and Fiats Palio, and the second largest selling car in India after the Maruti 800.
Back to News Review index page  

Baskin Robbins to open 60 outlets
New Delhi: Baskin Robbins is planning to add more than 60 outlets over the next five months to the existing 135 in the country.

The company plans to open such stores in Mumbai, Delhi, Kolkata, Bangalore, Chennai, Chandigarh and Goa. The company is also planning to bring in new ice-cream brands of Allied Domecq to the country.

Allied Domecq owns brands such as Jamoca Almond Fudge, Pralines n' Cream, Mint Chocolate Chip and Very Berry Strawberry.
Back to News Review index page