India Software to acquire 51% in NovaSoft
New Delhi: India Software Group, a division of Chambal Fertilisers and Chemicals, on Saturday said it would acquire 51 per cent stake in New Jersey-based NovaSoft Information Technology.

Chambal Fertilisers will make an initial investment of $6 million in NovaSoft, said Chambal Fertilisers vice chairman H S Bawa. "After 18 months, we will again carry out a valuation exercise of NovaSoft and depending on its performance we will invest more money to take our stake in the company to 51 per cent."

India Software Group president Gautam Mahajan said the acquisition would help it to scale up IT services business and explore new markets globally in the field of enterprise resource planning, e-business and software solutions.
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ICE summit gets to a start
Kolkata: A two-day summit on information technology, communications and entertainment gets underway here on Sunday. Organised by the confederation of Indian industry, the summit would be inaugurated by the union minister of parliamentary affairs, IT and communications, Pramod Mahajan.

The summit would deliberate on cutting edge ideas and technologies in the Internet age, besides exploring untapped markets for Indian companies apart from the most important and relevant issue of continuing global uncertainty especially with regard to the IT sector.
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Air Sahara to induct 3 Boeings
New Delhi: Air Sahara will induct three more aircraft in its fleet by the end of this year, with the first two arriving here by this month end. The airline also announced an ambitious frequent flyer facility called "Cosmos", which, the airline claimed, would be "India's fastest way to fly".

The Cosmos facility would enable passengers to earn high mileage points if they flew on the airline between now and January 31.

A passenger could get a free ticket to London if he flew on Delhi-Mumbai sector 13 times, compared with 44 flights of Jet Airways and 57 for Indian Airlines.
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MFL privatisation to begin in a month
New Delhi: The disinvestment ministry plans to start the process of privatisation of Madras Fertilisers Ltd (MFL) within a month.

The ministry will soon recommence negotiations with National Iranian Oil Company for its consent to MFL privatisation. NIOC holds 25.54 per cent shares of MFL. MFL has an authorised capital of Rs 365 crore with a paid-up capital of Rs 175 crore. The company also has an authorised preference share capital of Rs 190 crore, which is yet to be subscribed.

The government holds 58.74 per cent equity, while the public owns 15.82 per cent shares of MFL.
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DRL loses Omeprazole patent case
Hyderabad: Dr Reddy's Laboratories has lost its patent challenge case to US patent listed for Omeprazole compound.

DRL on Friday received a notification from the US food & drug administration saying it was not eligible for the 180-day marketing exclusively for 40-mg Omeprazole capsules, a company release said on Saturday.
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Videocon to shift R&D base to Kolkata
Hyderabad: Videocon International on Friday said it would shift its research and development centre from Hyderabad to Kolkata.

"All the engineers working at the Hyderabad centre will soon be shifted to the Kolkata plant to bring in more synergy in operations," Videocon chairman and managing director Venugopal N Dhoot told reporters here.

He said the company would bring engineers from its R&D centre in Sanghai to train the staff in Kolkata.
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Sun-Mahindra launched
Mumbai: Mahindra & Mahindra has formally floated a new joint venture company with Russia-based Sun Group to tap the Russian market for utility vehicles (UVs).

The agreement was signed during the recent visit of prime minister A.B. Vajpayee to Russia. The joint venture is called Sun-Mahindra Ltd.

Both partners have equal shares in the equity of the new company.

Currently, the Russian market for 4x4 vehicles is estimated at 1,50,000 units per annum, including the sale of imported second-hand UVs.

The Sun Group is a diversified business conglomerate.

Sun-Mahindra, slated to import M&M's UV kits into Russia, will now find a local assembler.
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BPL Mobile galleries in Kerala
Kochi: BPL Mobile is planning to set up six exclusive galleries in Kerala by March 31, 2002. The company opened a gallery in Kochi on Thursday and another one would become operational soon in the northern part of the city. These galleries would provide services such as activation of post-paid connection and collection of bill payment.
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