Yahoo buys HotJobs.com
San Jose: Yahoo! Has agreed to buy online recruiter HotJobs.com after rival bidder TMP Worldwide refused to improve their bid.
Yahoo! agreed to pay $436 million in a part cash part stock deal, which is expected to be completed in the first quarter of 2002.

This deal makes Yahoo! the second largest online recruiter after TMP Worldwide which owns Monster.com.
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ModiCorp keen to bid for VSNL stake
New Delhi: ModiCorp has said it is interested in bidding for the government's stake in telecoms giant Videsh Sanchar Nigam Ltd.

The company has approached the department of disinvestment with a formal intent to acquire shares of VSNL. ModiCorp is the holding company of India's B K Modi business family, which also has interests in tyres and textiles.

The government plans to cut its stake in VSNL to 26 per cent from 52.97 per cent by selling a 25 per cent stake to a strategic partner and another 1.97 per cent to VSNL's employees.

Two of India's biggest conglomerates, the Reliance group and the Tata companies, and a consortium comprising unlisted Indian company Sterling and two US-based firms, TyCom and CenturyTel, are in the race to win control of VSNL.
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Max India to set up super specialty hospital
New Delhi: Max India has teamed up with a private healthcare firm to set up a $20.7-million super specialty hospital in the capital in the next 18 months.

Max India has picked up an 85 per cent stake for Rs120 million in the firm which is in the process of building the 200-bed hospital.

Max India plans to spend Rs 465 crore on its foray into healthcare over the next four years.
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Ranbaxy gets US nod for generic drug
Mumbai: Ranbaxy Laboratories US subsidiary Ranbaxy Pharmaceuticals has received tentative Food and Drug Administration approvals for its generic midazolam syrup.

Midazolam is used in children for sedation. The product goes off patent on 15 April 2002 and Ranbaxy expects to get final approval then.
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Sterlite may delist
Mumbai: Sterlite Industries board has approved a buyback of its shares and planned to take the company private if the public's equity holding fell below 10 per cent.

A Sterlite statement said that the company would buy back equity shares amounting to not more than half its equity at a price of Rs 150 a share, split into Rs 100 in cash and Rs 50 worth of debentures.

The company said it had significant growth plans including participating in the government's privatisation programme.

It bought a 51 per cent stake in India's third-largest aluminium maker, Bharat Aluminium Company, from the government last February.
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CII to open office in Afghanistan
New Delhi: The Confederation of Indian Industries (CII) is planning to set up an office in Afghanistan. It is also planning a grand Made in India show to mark its entry.

CII is planning to send a business delegation to Afghanistan. However the lack of air link between India and Afghanistan is delaying the programme.

At present, there is no direct air link between the two countries. However, the Indian government is said to be working closely for the resumption of civilian flights to Afghanistan with the help of Ariana Airlines.
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Reliance Life to make drugs from plants
Mumbai: Reliance Life Sciences is in the process of creating a database for medicinal plants of Indian origin for producing alternative drug molecules from plant sources through recombinant DNA technology.

RLS is working on a project for the propogation of rare medicinal and aromatic plants through tissue culture which will be cultivated at a later date in agroclimatic zones.
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BPCL goes online
New Delhi: Bharat Petroleum Corporation Ltd has launched an online customer service facility in the National Capital Region encompassing Delhi and its satellite townships.

The service will allow consumers of Bharatgas LPG cylinders to book refills and suggest the time and day when he or she is certain to be at home. The service would also provide other information regarding supply position, maintenance, safety measures and recipes through the website www.ebharatgas.com.
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Bombay HC okays Aptech recast plan
Mumbai: The Bombay high court has cleared Aptech Limiteds composite restructuring scheme to demerge its training and education business. Aptech has de-merged the training division from Aptech Limited into Aptech Training Limited (ATL) by transferring the assets and liabilities of the training business.
Simultaneously, Hexaware Technologies Limited (HTL) will merge with Aptech Limited. The restructuring will come into effect from 1 April 1 2001.
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UTI Bank to rope in strategic partner
Pune: UTI Bank will look for strategic investors during the financial year 2002-03. Promoters of UTI Bank will be bringing down their stake to 40 per cent from the current 44 per cent by end of March 2002.

CDC Capital Partners Ltd has already picked up 26.01 per cent stake of Rs 157 crore in the expanded equity of the bank.
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Samtel to launch super flat screen TV
New Delhi: Samtel Color Ltd will start manufacturing super flat colour picture tubes from a green field site near Delhi by January end. The new factoryhas been set up with an investment of Rs 340 crore.

This new facility will not only make 21-inch super flat picture tubes, but also make colour picture tubes for computer monitors.

Samtel's total colour tube capacity will go up to about 5.5 million units annually.
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