IDBI's net profit up 87 per cent
Patna: Industrial Development Bank of India (IDBI) has earned net profit of Rs 32.95 crore till 30 September 30 as compared to Rs 1.80 crore during the corresponding period last year.

IDBI chairman J S Verma told reporters after inaugurating the first branch of the bank here that the net interest income of the bank had jumped by 87 per cent to Rs 82.8 crore and net interest margins grew from two per cent to 2.59 per cent.
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ACC to buy Etex stake in Eternit Everest
Mumbai: ACC plans to increase its stake in the building products company Eternit Everest.

ACC proposes to increase its stake to 76 per cent by buying out the 50 per cent stake held by Etex. Eternit Everest is a joint venture between ACC and Belgium based Etex.
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Qualis to launch petrol version
New Delhi: Toyota is preparing to launch the Qualis with a new 2-litre petrol engine in January 2002. To be priced at par with its existing 2.4-litre diesel versions, the petrol Qualis would be unveiled at the forthcoming Auto Expo.
Toyota will be displaying around 10-12 vehicles at the show, which includes different variants of Qualis, including petrol. The petrol Qualis will be commercially available in the market from mid-January and will boast of several luxury features, which will justify its pricing.
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Apollo plans foray in Sri Lanka, Ghana, Bangladesh
New Delhi: Apollo Health and Lifestyle Ltd has started negotiations with local players for setting up clinics in Sri Lanka, Ghana, Saudi Arabia and Bangladesh.

Apollo had in early October announced its plans to set up a chain of 15-20 clinics in neighbouring Saarc and the Gulf countries.

The company is planning to set up over 250 clinics across the country over a period of three years, out of which 30 clinics would come in North by March next year.
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Pallonji group buys 9% more in Forbes
Mumbai: The Shapoorji Pallonji group has raised its stake in Forbes Gokak by another 9.01 per cent by purchasing 11.22 lakh shares at Rs 90 a share.

The Pallonji group had mopped up around 7.29 lakh shares of Forbes Gokak on November 21, taking its total stake to 23.4 per cent. The Forbes Gokak scrip closed at Rs 103.65 at the BSE on Tuesday.

The issue of management control of the Forbes Gokak will now depend on the financial institutions.
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Amtrex eyes Gulf market
Ahmedabad: Amtrex Hitachi Appliances Limited is looking at the Gulf and Saarc countries for exporting its Hitachi brand of air-conditioners.

The company is targeting exports of 2,000 units of its Hitachi brand of air-conditioners by the end of the current financial year. The company expects to generate additional export earning of $1 million through this route.

The company also plans to use India as an export hub for the Hitachi brands of ACs for these markets.
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Ebony plans Rs 130-cr expansion
New Delhi: Ebony Retail Holdings will invest Rs 130 crore for opening 13 exclusive shopping malls in the next two years.

The company will fund its expansion mainly through internal accruals.

Since Ebony had already consolidated its presence in the northern part of the country, the company is focussing on the southern markets.

Ebony has recently opened department shop in Chennai, and plans to introduce another shopping mall in Hyderabad in April 2002.
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Living Media to offload 15% in Thomson Press
New Delhi: Living Media plans to offload 15 per cent stake in its printing arm, Thomson Press, to Mauritius-based New York Life International India Fund for a consideration of Rs 30 crore.

The deal is awaiting the approval of the Foreign Investment Promotion Board .

Company sources said the two partners have already reached an agreement and that the funds thus raised could be used by Living Media for expansion of its media activities.

Living Media owns publications like India Today and India Today Plus magazines, besides the 24-hour news channel TV Today Network.
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ICICI sells assets worth Rs 4,000 cr
Mumbai: ICICI Ltd has sold corporate and project assets worth around Rs 4,000 crore. The group proposes to dispose of additional assets and raise another Rs 4,000 crore in the current fiscal.

Besides, the FI has raised around Rs 8,000 crore to meet its statutory liquidity ratio requirements in the last two months. Another Rs 1,000 crore would be added shortly.The group has to raise around Rs 18,000 crore to meet its SLR requirements.
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Tata Honeywell ties up with Seshasayee Paper
New Delhi: Tata Honeywell Ltd (THL) and Seshasayee Paper and Boards Ltd (SPB) have entered into a memorandum of understanding (MoU) for the implementation of automation and advanced process controls at SPB's pulp and paper mill at Erode in Tamil Nadu.

As per the arrangement, THL will initially supply equipment at its own cost and will be compensated by SPB in terms of the benefits that accrue to the paper mill from the automation process. The equipment will stand vested with SPB after 30 months.
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BIFR okays sale of 3 Binny properties
New Delhi: The Board for Industrial and Financial Reconstruction (BIFR) has approved the sale of old machinery and other properties of Binny Ltd and Binny Lorze Ltd.

Binny Ltd had sought permission of the bench to sell: The Binny Lorze plant for Rs 13.40 crore to Investkonsult, Sweden, and remit the sale proceeds to Indian Bank;

The old machinery to Shre Maruthi Textiles for Rs 9.77 crore and remit the sale proceeds to IDBI; and the property at Commissariat Road at Bangalore for a consideration of Rs 3.65 crore to M.M. Bhatia.
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RPG to expand hypermarkets
New Delhi: RPG Enterprises plans to expand its hypermarket chain to at least six more cities within the next two years. The company will invest around Rs 120 crore to open eight hypermarket stores across the country. At present, the company has just one hypermarket store at Hyderabad.

The company plans to set up stores in Delhi, Pune, Vizag, Chennai, Bangalore, Kolkata and Chandigarh.
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