Reliance sells 10% stake in L&T to Grasim
New Delhi: Reliance Industries on Sunday sold its entire equity holdings in Larsen & Toubro to Grasim Industries of the Aditya Birla Group for Rs 766.50 crore.

The shares changed hands at a sale price of Rs 306.60 per share, at a premium of 46 per cent over L & Ts last traded price.

Together L&T and Grasim are big players in the cement industry with capacities of 15 million and 13 million tones respectively.
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Videocon plans multiplexes
Kolkata: The Videocon group has plans to set up multiplexes and entertainment complexes in major cities of India. The company has entered into a joint venture with a US-based entertainment major for this purpose.

Videocon group chairman and managing director Venugopal N Dhoot told reporters here that the group owned a considerable amount of real estate in cities like Mumbai, Kolkata, Ahmedabad and Delhi.
The investment in the venture would be made through these properties. In case this was not enough, more funds would be infused, Dhoot said.

He said the proposed multiplexes would have nine screens. The projects would take anywhere between one and a half to two years to become operational.
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Tatas want 30% holding in Batata-BPL
Mumbai: The Tata group wants to have 30 per cent stake in the proposed Birla Tata AT&T and BPL merged entity.

While the merger process of Birla AT&T and Tata Cellular has been accomplished, the merger of BPL with this conglomerate is still pending.

Birla-AT&T and Tata Cellular had proposed to team up with BPL to form Indias premier mobile services company. The relative equity stake is proposed at 49.32 per cent for the BPL consortium and 50.68 per cent for the Birla Tata AT&T combine.
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Hindustan Dorr-Oliver, Seghers in technology transfer deal
Mumbai: Hindustan Dorr-Oliver (HDO) has signed a memorandum of understanding with Belgium-based Seghers NV for technical collaboration.

As a part of the agreement, HDO will get Seghers patented process of unitank technology of sewage water treatment for industrial applications.
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HCL Infosystems plans new facility in Pondicherry
New Delhi: HCL Infosystems is setting up a new manufacturing facility for personal computers (PCs) in Pondicherry.

The new unit will enhance the companys capacity to 2.5 lakh units from the current 1.5 lakh units.
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Concor to link N-S corridors
Chennai: The Container Corporation of India Ltd (Concor) plans to introduce its latest high-speed wagons connecting the north-south corridors. The new service, which is likely to be introduced latest by April 2002, will link New Delhi with major southern points such as Chennai and Bangalore. Concor is currently plying these high-speed wagons between New Delhi and Mumbai.
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Bajaj to increase motorbike production
Mumbai: Bajaj Auto plans to increase its monthly motorcycle production to over one lakh units by the next fiscal in a bid to challenge its main rival, Hero Honda.

The companys motorcycle volumes more than doubled last month to 68,179 units, up from 33,478 units in the corresponding period last year.

While the increase in volumes has been driven largely by its entry level bike Boxer, the company expects its other products including Bajaj Aspire, Caliber Chroma and the just launched premium bike Pulsar to push up sales in the coming months.
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ITC to set up apparel design centre
New Delhi: ITC is setting up the Wills Design and Technology centre in Gurgaon over an area of 30,000 sq ft. This will serve as a nucleus for apparel design for both men and women.

The garments developed at this centre will be first introduced in the Indian market before being taken abroad.

The lifestyle retailing business division of ITC plans to pump in Rs 150 crore within 2-3 years and achieve a turnover of Rs 250-300 crore by the end of the third year. ITC started its retail business in June last year.
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ICICI proposal for $100-m foreign loan cleared
New Delhi: The proposal of ICICI to raise $100 million from the international loan markets has received clearance from the Union finance ministry.

Last year the ICICI had sought approval to float a six-month foreign currency denominated commercial paper which could be rolled over for up to five years.
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Morepen to sell herbal products in US
New Delhi: Morepen Laboratories Ltd plans to sell herbal products such as natural laxative isabgol in the US through its joint venture with Florida-based Drugmax.

Morepen had recently launched a string of health products including isbagol through its 100 per cent marketing arm, Dr Morepen Ltd.

Morepen will invest a sum of $2 million in the company during the next financial year.
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Rahejas to set up 25 Globus stores
Mumbai: The Raheja group is planning to set up 25 Globus stores in all metros and A-class towns over the next five years.

The Globus stores are aimed at providing lifestyle products, mainly apparels, to mass consumers.
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Bharti acquires 44% British Tele stake in JV
Kolkata: Bharti Tele-Ventures has acquired 44 per cent stake in Bharti Cellular from British Telecom for Rs 803.3 crore. With this, Bharti Cellular has now become a wholly owned subsidiary of Bharti Tele-Ventures.

Earlier, British Telecom had transferred its 39.78 per cent equity interest in Bharti BT Internet to Bharti Telespatial for Rs 34 crore and its 49 per cent equity interest in Bharti BT to Bharti Telespatial for Rs 31.6 crore.
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