Dr Morepen to introducer sweetner
New Delhi: Dr Morepen is planning to foray into the low calorie sweetner segment.

The product is expected to be unveiled by March.
The company plans an annual adspend of Rs five crore for Dr Morepen apart from spending Rs 1-4 crore on individual brands which accounted for about 35 per cent of sales.
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Due diligence for IPCL begins
New Delhi: The bidders for Indian Petrochemicals Corporation Ltd (IPCL) will start the process of due diligence on 3 January.

The government is privatising IPCL by selling 26 per cent of its equity in the petrochemicals giant to a strategic partner. Three companies Reliance, Indian Oil Corporation and the Nirma group are in race.

Due diligence will start this week with handing over information memoranda to the bidders and making the data room accessible to them.
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Sun Insurance picks up 26% stake in Genins
Kolkata: The Mauritius-based Sun Insurance Co Ltd has picked up a 26 per cent stake in Genins India Ltd.

Genins India has applied to the Insurance Regulatory and Development Authority (IRDA) for a licence to operate as a third party administrator (TPA) in the health insurance sector.

IRDA has allowed foreign equity participation up to only 26 per cent in the TPAs.

Apart from being a managed healthcare company, Genins India provides other general insurance-related services. The healthcare wing of Genins India has over 50 corporate clients including leading companies such as, Escorts, Yamaha Motor, Goetze India, LG Information and Communication, Apollo Tyres, Eli Lilly Ranbaxy.
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Sapient to set up centre in Bangalore
Bangalore: Sapient India is strengthening its operations in the country by setting up its second facility in Bangalore and plans to invest close to Rs 12 crore. Sapient India is planning a development team of 100-200 engineers at the Bangalore centre, which is expected to be operational in the next three to four months.

Sapient India already has an R&D centre in Noida with a development team of close to some 300 engineers.
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Mother Dairy, Bikanervala to launch namkeens
New Delhi: Mother Dairy Fruit and Vegetable Ltd, a 100 per cent subsidiary of the National Dairy Development Board, has entered the snacks segment with the launch of namkeen under the brand name of `Aa Ja Kha Ja'.

The company has tied up with the Delhi-based Bikanervala Foods to manufacture the namkeens.

The namkeens have initially been launched in five popular flavours in pack sizes of 35 gm and 200 gm.

The product will be pushed through the Accha Hai, Sachha Hai tagline, which is also the punchline for Safal and will be made available through the Safal and Mother Dairy booths across Delhi.
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Duncan Goenka to separate tea, fertiliser biz
Kolkata: Duncan Goenka group has decided to segregate its tea and fertiliser businesses under its flagship, Duncans Industries Limited.

The tea business of DIL alongwith with the latters wholly-owned subsidiary Santipara Tea Company Limited will be merged with group company Shubh Shanti Services Limited.

Post-demerger of the tea business, Duncans Industries will be re-christened as Duncans Fertilisers.
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Cadila plans overseas expansion
Ahmedabad: Cadila Pharmaceuticals has a major expansion plan for the overseas markets. The Rs 500-crore group, which has already floated a subsidiary in the US followed by an office in Japan, plans to open an office in Europe soon to tap the market there.

The company aims to take its exports turnover from Rs 80 crore to Rs 100 crore in 2001-2002.

The company already has an office in Moscow to take care of Russia and the CIS countries.
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Ahmedabad Urban Co-op Banks licence cancelled
Ahmedabad: The Reserve Bank of India (RBI) has cancelled the licence of the Ahmedabad Urban Co-operative Bank Ltd (AUCB) because of its mismanagement and weak financial position.

AUCB chief executive officer Niketan Shah has filed a first information report with the police against bank chairman Surendra Rajput, several bank directors and four managers alleging that they siphoned off more than Rs 30 crore.

The police has registered a case of cheating, forgery, breach of trust, hatching criminal conspiracy, fraudulent activities against the chairman, directors and managers.
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