Intel plans expansion
Bangalore: Intel, the world's largest chip maker proposes to invest $25 million in setting up a new technology development centre in Bangalore and expand its engineering staff by 60 per cent to about 800 people by mid 2002.

The present Bangalore centre of Intel works on applications and technologies for e-business and develops software and hardware for networking.
Back to News Review index page  

Enron for 30 per centequity cut in DPC
Mumbai: US energy major Enron and its partners have offered a 30 per cent equity cut in Dabhol Power Company (DPC) at around $ 850 million.
Indian FIs would try and negotiate the "acceptable" terms for a possible sale of the $ 3 billion company to Tata Power Company (TPC) at a meeting scheduled for 7 November in Singapore.
The Mumbai-based utility wants concessions from the Indian financial institutions in order to bring the tariff at an "affordable" level of Rs 2.70 or Rs 2.90 per unit.
TPC has asked IDBI led FIs for writing off a significant amount of DPC loans, an extended moratorium in repayments of loans and cut in interest rates.
Back to News Review index page  

Bids for HZL privatisation on Nov 8
New Delhi: Government will invite bids for offloading 26 per cent stake in Hindustan Zinc (HZL) on November 8. The government wants to dilute equity stake in the company from 76 per cent to 49 per cent to a strategic partner along with management control.

The government has fixed Rs 50 crore as earnest money deposit (EMD) from bidders. Banque Nationale De Paris-Paribas (BNP-Paribas) has been appointed to act as global advisors.
Back to News Review index page  

LG Electronics India to invest 500 crore
Chennai: L G Electronics India Ltd (LGEIL), will invest around Rs 500 crore in the next four or five years on expanding its existing plant at Noida, and putting up its second manufacturing facility either in Chennai or in Gujarat.
The LGEIL had already invested Rs.350 crore in the past four years, Dr Yasho Verma, Vice-President, HR, told a news conference here.
The washing machine line and the compressor plant in Noida, near Delhi, would be installed next year. The company had an indigenisation of 60 per cent now and in the next two years, it would touch 80 per cent.
The LG market share in colour TV now was 12 per cent, micro-wave 32 per cent, Air-conditioners 25 per cent and refrigerators 13 per cent in the country, he said.
Back to News Review index page  

Logica wins $16 mn order from RBI
Mumbai: Logica India, the Indian subsidiary of UK-based computer services group Logica Plc, has bagged a $16 million contract from the Reserve Bank of India (RBI) to implement a national real time gross settlement system which will allow all banks in India to make secure, instantaneous, inter-bank payments across the country.
The Indian contract will be Logica's 17th installation of an RTGS system around the world and its largest project in India after five years of operations in the country, Hamish Harding, managing director of Logica India told a news conference.
Back to News Review index page  

San Motors rolls out sports convertible
Mumbai: The country's first homemade two-seater sports convertible 'San Storm' made a silent entry into the already over-crowded car market this month with a Rs 5.3 lakh price tag.
The car is powered by a 1149cc petrol engine, sourced from Renault Motors of France, that delivers 60bhp. The car, being currently sold in Goa, Bangalore and Ahmedabad markets, will be introduced in Delhi next month.
The car is being produced at the Rs 12-crore Goa unit of San Motors, the automotive arm of Bangalore-based locomotive maker San Engineering.
The car would be available in 20,000 shades. A customer can pick his colour and the final car is then made available to him within 2 weeks.
Back to News Review index page  

Sanyo to invest Rs 100 cr in BPL
Bangalore: BPL is expecting an inflow of at least Rs 100 crore from Sanyo of Japan when the latter raises its stake in BPL's home appliances business.
Sanyo currently has a 14 per cent stake in BPL's appliances business. But BPL is proposing to merge BS Appliances and BS Refrigerators and make the merged entity a 50:50 joint venture between itself and Sanyo.
The home appliances business includes refrigerators, washing machines, microwaves, vacuum cleaners, dish washers, gas tables and cooking ranges.
Back to News Review index page  

BPL launches super premium TVs
Bangalore: BPL Ltd on Tuesday launched a range of super-premium televisions under a marketing arrangement with Loewe AG of Germany. The BPL-Loewe brand of TVs are priced between Rs 80,000 and Rs 1.5 lakh.
One of the models, called Spheros and priced at Rs 14.5 lakh, will be available against advance booking. Spheros, a 42" plasma TV, is touted by some as the best colour television in the world and is said to be owned by many leading Hollywood celebrities.
Back to News Review index page  

Nirma plans ad blitz for salt relaunch
Ahmedabad: Detergent major Nirma Ltd is all set to launch a major media blitz to promote the relaunch of its salt brand. It has contracted Purnima advertising for handling the brand communication.
Back to News Review index page  

Bell Ceramics to widen network
Hyderabad: Bell Ceramics Ltd (BCL), has proposed to expand its rural and semi-urban distribution network.
The company plans to open about 60 to 70 exclusive Bell showrooms in the B and C class towns during the year. The company claims a market-share of 15 per cent in the domestic tiles market, which is estimated to be over Rs 1,300 crore.
Back to News Review index page  

Amrutanjan plans diversification
Chennai: Amrutanjan Ltd plans to make forays into sunrise sectors like bio-technology, bio-informatics and herbal products. The strategy would be implemented in a phased manner and would be funded by internal accruals.

Amrutanjan, which is now operating in niche areas of pain balm and specialty chemicals, would be setting up research and development facilities for bio-technology, bio-informatics and herbal-based health supplements in association with leading universities in the country and abroad.
Back to News Review index page  

Indica sales zoom 127 per cent
Mumbai: Tata Engineering's Indica sold 5,325 units in October 2001, an increase of 127 per cent over the 2,345 units it sold in October 2000. However, the sales volume for the just-ended month is marginally less than the 5,405 units the company sold in September.

Over April-October 2001, Tata Engineering sold 32,858 units of the Indica as compared to the previous corresponding level of 27,300 units, a rise of 20.3 per cent.
Back to News Review index page  

Orient Cement gets quality award
New Delhi: Orient Cement has received the `TPM Excellence Award' from the Japan Institute of Plant Maintenance (JIPM). The award was received by A.K.Kejriwal, senior vice-president, Orient Cement, at a function organised in Tokyo.
Back to News Review index page