BALCO to raise capacity
Mumbai: Bharat Aluminium Company is scouting for global technology providers for its expansion projects. The company plans to raise annual capacity of its aluminium smelter by 60,000 tonnes to 160,000 tonnes and of its alumina refinery to 350,000 tonnes from 200,000 tonnes.

Balco teams were currently visiting Australia, China and Switzerland to source the right technology. The selection process was likely to be over by January.
BALCO produced 26,172 tonnes of aluminium in April-September, down from 46,625 tonnes in the same period of the previous year.
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Rediff in pact with ICICIdirect.com
Mumbai: Rediff.com has formed a strategic alliance with local online broking service ICICIdirect.com to offer a platform to trade in shares and invest in mutual funds.

Nasdaq-listed Rediff, whose target customers are Indians at home and in the United States, said its customers would be able to access live stock alerts, research reports and quotes.

The Mumbai-based firm said it had also partnered with other leading international broking services to provide a range of equity services to its worldwide users.
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Bharat Hotels to operate ITDC hotel
New Delhi: The Bharat Hotels has signed a management contract with ITDC to operate and manage Ashok Hotel in Bangalore following approval by the cabinet committee on disinvestment.

The hotel will be now known as 'Grand Ashok Bangalore' following the deal.

Bharat Hotels was awarded the management contract this month under which it would pay an upfront amount of Rs 39.41 crore with a minimum annual guarantee of Rs 4.11 crore with a 25 per cent increase every five years or 16.5 per cent of the turnover (which ever is higher).
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Visa to invest $25m in Asia-Pacific region
New Delhi: Credit cards company, Visa International Asia Pacific, on Friday announced $25 million investment programme to accelerate migration to EMV Standard smart cards.

The programme spread over a seven year period beginning 2002 will support a range of regional investment initiatives including training programmes for banks and vendors, a release said.

Initial investment will be concentrated on countries which have started work on smart cards and those expressing concern over credit card fraud.
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Govt rejects BTL proposal
New Delhi: The government has rejected the proposal of Bharti Telecom Ltd (BTL) to transfer 2,460,645 equity shares of Bharti Teletech Ltd (BTTL) in favour of Bharti Global's Mauritius-based subsidiary.

The department of economic affairs rejected it saying it was a case of round-tripping of FDI.

In its application to Foreign Investment Promotion Board (FIPB), Bharti Telecom had said as per the arrangement between itself and the telecom manufacturing and marketing company BTTL, Bharti Global would be alloted 2,460,645 fully-paid equity shares of BTTL.
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AAA rating for Grasim Industries NCDs
Mumbai: Credit Analysis and Research Ltd (Care) reaffirmed the Care AAA rating for the Rs 1,745-crore non-convertible debentures (NCDs) of Grasim Industries. Care also reaffirmed PR1+ rating for Grasims short-term debentures up to Rs 350 crore for a maturity of up to one year. The ratings take into account the impact of Grasims investment of Rs 767 crore for acquisition of a 10 per cent equity stake in Larsen & Toubro (L&T).
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Zydus cuts price of anti-HIV drugs
Ahmedabad: Zydus Cadila Healthcare has slashed the prices of its anti-HIV drugs by around 20 to 40 per cent. The company has also decided to launch three more drugs in this segment.

The price cut has come at a time when a fierce price war is raging in the anti-HIV drugs segment. Market leaders like Cipla and Aurobindo Pharma have already cut prices of their antiretroviral drugs in recent months.

At present, Zydus makes three drugs: Ladiwin (Lamivudine), which has been synthesised through in-house R&D efforts; Zydowin (Zidovudine), which is available in 100 mg and 300 mg tablets; and Lamuzid, which is a combination of Zidovudine and Lamivudine.
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Reliance Info in mega alliance with HP
New Delhi: Reliance Infocom Ltd and Hewlett-Packard (HP) are reported to have struck a multi-million dollar deal under which HP would provide IT-based solutions for the former's basic and broadband telecom services.

As part of the deal, HP would be the sole solution provider for Reliance Infocom's Internet Protocol (IP) based network currently being deployed across 18 circles in the country.

Reliance has committed an investment of Rs 20,000 crore over the next five years for its ambitious foray into communications. The company plans to roll out basic telephony, followed by national and international long distance services.
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L&T hires McKinsey for US venture
Mumbai: Larsen & Toubro (L&T) has appointed McKinsey & Company to work out a strategy for its entry into the US engineering market.

McKinsey will also advise L&T on the businesses and the products that it could place in the US. Though L&T's exports to the US is negligible, it is targeting revenues in excess of Rs 300 crore in the next two to three years.

L&T is also finalising its entry strategy into several European, Asian and African countries.
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Titan to launch accessories
Bangalore: Watch maker Titan Industries plans to launch other personal accessories such as fountain pens, sun glasses and leather bags. These accessories will be trendy and tailored for the youth. The company is expected to firm up its plans for the launch of these accessories by the middle of next year.

For the first seven months of the current year, Titan sold 2.8 million watches, which was 10 per cent less than that during the same period last year. During 2000-01, the company sold 6 million watches.
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ModiCorp plans IPO
Kolkata: B K Modi group flagship company ModiCorp may go in for an initial public offering (IPO) during the end of 2002-03. If the IPO materialises, it will be the second telecom company to hit the capital markets next year.

Uncertainty in the capital markets was the primary reason behind the delay for the public offer.

The company is planning to part-finance its expansion plans in India by utilising the overseas IPO proceeds. The company is planning to raise about $150 million.

Earlier, ModiCorp had considered listing the shares on the US or European bourses. Through the listing, the promoters and Singapore Technologies Telemedia were planning to offer a part of their equity to the public and other investors.

While Modi Holdings holds 69 per cent in the company, Singapore Technologies holds 20 per cent, employees and directors have the balance.
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