Henkel KGaA to merge 3 arms with Henkel Spic
Chennai: German chemicals major Henkel KgaA is planning to merge its three Indian subsidiaries with Henkel Spic, the joint venture company floated with the Spic group.

Tamilnadu Petro Products Ltd and the International Finance Corporation, Washington, hold 17 and 7 per cent stake, respectively, in the company.

Henkel KgaA has three subsidiaries in India -- Henkel Chembond, Henkel Teroson, and Loctite India Ltd.
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InfoUSA to begin operations in March
New Delhi: The Omaha-based database information provider company InfoUSA is starting operations in India for which the company is in talks with several firms to outsource call centre services.

The company has shortlist three call centres whom it would award contract for 25 million calls per year involving survey work and customer care.

The company sees an annual investment potential of $10 million in India. The company already outsources data entry jobs from India. The two call centre contracts are expected to be in the range of $2 million each.
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Eicher launches 34-seater bus
Mumbai: Eicher Motors has launched its 34-seater bus, Voila, priced at around 8.25 lakh.

The light commercial truck in the 7-11 tonne category will be offered in both the Bharat stage I and II compliant engine options.

The new Voila, which was showcased at the Auto Expo 2002, is engineered to deliver better fuel efficiency along with enhanced passenger safety and comfort.

Eicher currently has a 133-outlet strong dealership of authorised sales and service centres and 300 authorised spares outlets.
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Wesley Clover to finance Indian firms
Mumbai: The 250-million pound venture capital (VC) fund Wesley Clover with interest in the telecommunications sector plans to provide seed funding to Indian companies.

The fund may also set up Indian operations and is looking for an local partner for the purpose.

The fund would provide loan and equity-based funding to companies.

Wesley Clover's funding size would vary from half a million pounds to 10 million pounds.

After the initial funding, Wesley Clover will help companies chalk out a complete market strategy, help companies chart a management structure and advise them on the next level of funding.

The fund will also help Indian companies find a place in the European market.
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I-flex Solutions defers IPO by 3 months
Mumbai: The initial public offer of i-flex Solutions Ltd will be delayed by three months.

The company, which had initially planned the IPO by the end of the current fiscal, has now written to the shareholders to seek their approval to extend the float by 90 days.

The company, in which Citigroup holds 48.5 per cent, is in the process of finalising the prospectus for the IPO.

The float will be a combination of a sale offer by the existing retail shareholders and a fresh issue of equity.

The issue is being lead-managed by JM Morgan Stanley, Kotak Mahindra Capital Company, Salomon Smith Barney India and DSP Merrill Lynch.
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Coke posts maiden profits in India
New Delhi: Coca-Cola India has turned the corner and posted profits in 2001.

The Indian operations achieved a break-even in its annual turnover during 2001 and made a small surplus too. While the annual turnover of the company was Rs 3,100 crore during 2000, it stood at about Rs 3,700 crore for the calendar year 2001.

At the end of March 31, 2001, the company had accumulated Rs 2,178 crore losses. This takes into account the impairment loss of Rs 1,400 crore entered into the books of accounts of its parent in 2000-01.

The company is hoping to wipe out the accumulated losses by 2005-06.
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UTI pares stake in ICICI to 6.11%
Mumbai: The Unit Trust of India (UTI) has reduced its share holding in ICICI by more than 12 lakh shares from 6.27 per cent to 6.11 per cent during September 2001 to January 2002.

During the same period, Emerging Market Growth Fund Inc increased its holding by 13.82 lakh shares from 1.69 per cent to 1.87 per cent. From December 2001 to January 2002, the fund hiked its stake marginally to 1.87 per cent from 1.76 per cent.

Mutual funds collectively have reduced their holding in ICICI to 0.80 per cent in January 2002, down from 1.26 per cent in September 2001.
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Volvo to unleash S-6 series
New Delhi: Sweden's Volvo has approached the government seeking its permission to venture into software development. It plans to develop global positioning system (GPS) and mapping (GIS) software for use in its trucks worldwide.

Volvo is also launching its S-6 series of passenger cars for retail sales in India. Volvo Truck Corporation, which has a wholly owned subsidiary in India, has plans to manufacture its FM9 series of trucks in the country. These trucks will have a 9-litre engine and advanced safety features and will be manufactured at Volvo India's only manufacturing unit at Hoskote near Bangalore.

Volvo Car Corporation is venturing into retail sales for individual customers by launching the S-60 series in India. The sale will be conducted through an authorized agent, UK Modi-promoted Modi Motors Ltd.

The Volvo S-60 will be launched in one diesel variant and several petrol variants delivering between 170-25 HP. The cars will be priced between Rs 16-45 lakh.
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Novartis, Haffkine Institute plan JV for asthma drug
Mumbai: Pharma major Novartis and the Haffkine Institute for Training, Research and Testing (HITRT), Pune, are planning to form a joint venture for setting up a human pharmacology laboratory facility for clinical evaluations on a new asthma drug being developed by the pharmaceuticals company.

This is the first time the Haffkine Institute is getting into such kind of a joint venture.

The proposed venture would entail phase I studies being conducted for the first time in India, whereby studies involving first human exposure to the new drug would be facilitated.
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Reva to buyback car from unhappy owners
Bangalore: The makers of India's first electric car, Reva, has offered to buy back their cars in case their customers are not satisfied with the performance.

They will get back their money minus around Rs 43,000 which comprises taxes and insurance. On road, the car comes with a price tag of around Rs 2.5 lakh.

Reva has sold 100 cars so far.

Reva is in talks with ICICI for leasing out these cars at a nominal rate while the car company will take care of all repairs. At a pre-determined monthly lease amount, a customer or a company can own the car and after three years will have the option to retain the car or return it to the company.

The insurance premium will be extremely less and in case the car breaks down or is involved in an accident, Reva will send a replacement.

In Karnataka, Reva has already received exemption from road and sales tax and for the first year it attracts 100 per cent depreciation.

Reva is also planning to sell these cars to tourist operators who can use them as taxis. At 40 paise per km, it is the cheapest car to drive around.

The Reva is a rugged two-door hatchback which can seat two adults and two children and is a gear-less vehicle.
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Peerless mulls deal with HDFC Standard Life
Kolkata: Peerless General Finance & Investment is planning to come up with deposit schemes having life insurance cover from HDFC Standard Life.

Peerless has launched Multi Protector, a 3-year fixed deposit scheme with accidental death and critical illness cover from IFFCO Tokio General Insurance.

Peerless has decided to invest 90% of its funds in government securities to ensure safety of depositors money.
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IOC open offer for IBP this month
New Delhi: Indian Oil Corporation will make an open offer for acquiring an additional 20 per cent stake in IBP in the next 7-10 days and complete the transaction by June.

IOC would make an open offer for acquiring additional 4,429,254 shares (20 per cent) in IBP at Rs 1551.25 a share, the price at which it acquired government holding.

IOC would have to shell out Rs 687.12 crore for the open offer.

Most of the fund requirement of Rs 1840.8 crore would be met from internal reserves and accruals while the shortfall would be met through short-term market borrowings.
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Thirdware set to offer Hyperion tool for banks
Mumbai: The Mumbai-based Thirdware Solutions has entered into a marketing tie-up with Hyperion Solutions Inc of the US to offer the 'Hyperion Enterprise Tool'. The software will help banks to prepare consolidated results and carry out segment reporting.

The Hyperion Tool will monitor transaction systems of banks in the regional/ zonal offices and the headquarters. At each level, it will 'dice and splice' data from the bank's ERP (enterprise resource planning) package, customised applications or the financial accounting system so that segmental reporting can be done as per the capital markets regulator's norms and management reports can also be generated.
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Specialty Ranbaxy set to double collection centres
New Delhi: Specialty Ranbaxy, the diagnostics joint venture between Specialty Laboratories and Ranbaxy Laboratories, is planning to double its collection centres throughout the country.

These centres collect samples and send it to the closest Specialty Ranbaxy laboratories for testing.

Currently it has about 500 such centres in 200 towns.

Specialty Ranbaxy is one of the first companies to be accredited by the National Accreditation Board for Testing and Calibration Laboratories and also conforms to good clinical practices and good laboratory practices.
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Hyundai Motor to raise price by 2.5% to 4%
Chennai: Hyundai Motor India Ltd is slated to increase prices of its passenger cars by 2.5 per cent to 4 per cent. The price hike would be effected across all the three models, Santro, Accent, and Sonata, that the company manufactures.

The price hike is going to be in the range of 2.5 per cent for the Santro and will vary between 2.5 per cent and 4 per cent for the Accent and the Sonata.

The company is also seeing a surge in demand for its mid-sized premium offering 'Accent' and the luxury sedan 'Sonata'.

Hyundai is slated to bring out a five door hatchback version of the Accent with a diesel engine and also fit its most popular model the Santro with a 1.1 litre new engine.
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HSBC unveils financial planning service
Mumbai: HSBC has launched its financial planning service for its Premier and PowerVantage customers.

The FPS is a comprehensive, integrated service that will assist customers in executing long-term savings and investment plans that are designed to achieve individual financial goals.

The FPS will quantify the resources of customers in terms of his/her personal finance -- both the present and the future. It will also quantify his/her personal obligations -- at what time would there be an outflow, of how much, and then identify the resources and obligations. It will help plan and manage existing and future savings to achieve life goals.

The threshold limit for the bank's Premier banking is at Rs 1 lakh, while for PowerVantage, it is Rs 25 lakh. This money could be in the form of investments in shares or fixed deposits.
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Sun shifts core Java unit to Bangalore
Bangalore: Sun Microsystems has moved its Java tools and libraries division from its Palo Alto technology centre to Bangalore. The move is aimed at optimal use of the engineering skill-sets available here, to beat the slowdown and to stay closer to the market. In India alone, over 1.6 lakh engineers are engaged in developing Java-based applications.

To steer the activity here, around six top notch engineers of Indian origin working in the same division in USA have opted to work at the Bangalore centre.
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GM shows interest in Daewoo India
New Delhi: The worlds largest carmaker General Motors has evinced interest in taking over the ailing South Korean firms production facility in India, which was excluded from its initial offer to Daewoo last September.

The deal, if it comes through, would mean a fresh lease of life for Daewoos beleaguered subsidiary in India. Daewoo Motor India had been witnessing a sharp decline in its car sales following the parent company declaring bankruptcy.

The Indian venture, reeling under huge losses itself, has been making efforts to turn the corner by closing down its loss- making engine, transmission and axle plants and also trimming workforce.
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General Motors to invest $6 bn in India
Ahmedabad: The Indian unit of General Motors has sought government approval to invest $6 billion for the launch of new models.

General Motors, which has invested close to $3 billion in its plant at Halol in Gujarat since 1995, produces two models in the competitive mid-size car market.

In 2001, General Motors India sold 8,012 cars, including 2,204 Astras at the upper end of the midsize market, 5,084 Corsas and 724 Swings in the lower end of the same sector.

The company has set a growth target of 30 percent for 2002. Mid-size cars make up just about 15 percent of India's nearly 600,000-a-year car market.

The company plans to launch one product every year for the next three years.
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Star TV plans IPO
Mumbai: Rupert Murdochs News Television India, plans to launch a public issue and list itself on Indian stock exchanges within a year.

Investors of the company met this week to consider the modalities of going public.
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Asahi plans to merge Indian subsidiaries
New Delhi: The Japanese glass major Asahi Glass Company, which acquired the holdings of Tata and ACC in their joint venture Float Glass India, is now working towards merging Float Glass with its flagship Indian venture Asahi India Safety Glass.

The move will create Indias largest glass maker with combined sales of over Rs 500 crore and gross block assets of over Rs 600 crore.

Float Glass has an accumulated loss of Rs 280 crore, while Asahi India, with a net worth of Rs 45 crore, is expected to gross Rs 13 crore profit after tax this fiscal.

Asahi Glass Company had recently bought out the entire stake held by Tata and ACC in Float Glass, hiking its holding in the venture to 75 per cent. This was followed by an open offer, through which the firm hiked its holding to slightly under 80 per cent. The entire holding was then transferred to Asahi India, a joint venture between Asahi Glass (24 per cent), Labroo family (24 per cent) and Maruti Udyog Ltd (12 per cent) with the balance 40 per cent being held by the public.
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HLL increases Lifebouy price
Mumbai: Hindustan Lever has raised the price of its Lifebouy soap.

The company has introduced a 125 gm Lifebouy pack at Rs 9, replacing a 150 gm pack which sold for Rs 8.50.

Hindustan Lever also makes soaps like Lux and Pears, Surf, Close-Up toothpaste , personal care products and branded foods.

Lifebuoy, which is among its top five brands, accounts for about 3.5 percent of Hindustan Lever's total sales.
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HealthCast pacts with India's Max Ateev
New York: US online health care provider HealthCast has signed a $1million services agreement with New Delhi-based company Max Ateev.

The offshore relationship creates a virtual 24-hour development model to bring HealthCast's Web products quickly and cost-effectively to its hospital client base.

HealthCast offers web-based and desktop solutions to securely update healthcare legacy systems. Products are designed to protect data security and privacy, and make it easier for caregivers to provide quality patient care.

Max Ateev is a provider of technology-driven business solutions in areas of enterprise software solutions, knowledge management, and outsourced product development services.
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Boss Profiles plans Rs 30-cr expansion
Bangalore: The Chennai-based Boss Profiles Ltd has finalised a capacity expansion project costing Rs 30 crore. The expansion will be completed in six months.

The company promoted by three technocrats with 21 per cent equity from Italian Ceramic tiles machinery makers Sacmi and 32 per cent from NRIs has its manufacturing plant in Karaikal in Pondicherry.
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Titan to make watches for global fashion designers
Mumbai: Titan Industries plans to manufacture watches for world renowned fashion designers.

Titan has been pioneer in making a globally popular Indian brand with a reach in over 40 countries supported by associate companies in London, Dubai and Singapore and an extensive distribution network.

The company has also decided to expand its brand portfolio by manufacturing and marketing sun glasses and leather accessories, targeted at the middle-end of the market, by 2003-end. In addition, the company also plans to expand the number of existing showrooms from 130 to touch 150 by 2002-end.
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Sahara Airlines to launch new ticketing scheme
Hyderabad: Sahara Airlines Ltd has proposed to introduce innovative ticketing schemes to attract unusual customers like leave travellers, students and senior citizens.

The company plans to introduce auction system for the anticipated vacancies on the flights. The bidder has to buy the ticket 15 days in advance.

The airline plans to operate air service between Hyderabad and Delhi, Hyderabad and Mumbai in the second phase of expansion.
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Hasbro to spread wings in South
Chennai: Hasbro, the Chennai-based partnership concern which owns the Genesis and Basics brands, is planning to enter the Kerala market next year.

The 12-year old menswear concern has plans to add six more exclusive stores in Tamil Nadu in addition to the ten it already has in the state. The new showrooms would be located at Chennai, Coimbatore, Madurai, Trichy, Erode and Salem and would all preferably be company owned. The company also has two outlets in Hyderabad and has presence in Bangalore, Tirupur and Ernakulam, apart from around 30 multi-brand outlets across the country.

Basics and Genesis brands also have presence in 25 outlets each in the Gulf region - Dubai, Muscat, Saudi Arabia, Cyprus, Bahrain, Kuwait and Qatar among others - and two exclusive stores in Colombo.

A host of new product lines are also in the pipeline for Hasbro. They include denims, mainly lightweight ones - both in formals and casuals; shorts, outdoor wear etc. Its product portfolio includes shirts priced between Rs 499 and Rs 799; trousers priced between Rs 599 and Rs 999, ties and belts costing between Rs 199 and Rs 450.
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HCL Technologies forms JV with Answerthink
New York: HCL Technologies has formed a joint venture with US-based Answerthink Inc. to provide customers with cost-competitive offshore development services.

With access to facilities in India and Europe, the new company, called HCL-Answerthink, will offer custom application development services, on-going product support, application maintenance services and application reporting services.

Answerthinks chief risk management officer Ken Coppins will be the new companys chief executive officer (CEO).
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Aurobindo Pharma launches new injectible cephalosporin
Hyderabad: Aurobindo Pharma Ltd has launched its latest drug Cefpirome, a fourth generation broad spectrum injectible cephalosporin, for the first time in India.

Cefpirome offers enormous advantages in the spectrum of anti-bacterial treatment, especially in the life threatening infections.

APL is all set to launch its own brand of cefpirome under the brand name IV-CEF which would be available in three parenteral dosage forms of 500 mg, 1 gm and 2 gms and would be packed as vials.
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Chhabrias to up overseas stake in Falcon
New Delhi: M.R.Chhabria group has decided to increase the overseas holding in Falcon Tyres Ltd to 100 per cent of the issued and paid-up equity capital of the company. The group currently holds around 78 per cent stake in it.

Jumbo World Holdings Ltd, Dubai, controlled by Chhabria, has applied to the Foreign Investment Promotion Board (FIPB) for acquiring 18,38,825 shares of Falcon Tyres, constituting 30.65 per cent of the company's paid-up equity capital at the ruling market price.

The companies controlled by the Chhabria group in India include Shaw Wallace, Dunlop India, Falcon Tyres, Mather and Platt, Hindustan Dorr-Lever and Gordon Woodroffe. Together, they command an annual sales turnover of around Rs 5,000 crore.
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Tatas open offer for VSNL at Rs 202
Mumbai: The Tata group has announced an open offer for 20 per cent of the equity share capital of Videsh Sanchar Nigam Ltd (VSNL) at Rs 202 per share.

The offer follows the Tatas acquiring 25 per cent government stake in VSNL through the bidding process at Rs 202 per share early this week. The open offer will open on 10 April and close on May 9.
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Boston Software to expand operations
Hyderabad: The Boston Group, which specialises in e-learning technologies, has drawn up plans to ramp up India operations.

The company plans to establish a centre in New Delhi besides expanding its Hyderabad operations.''

The company has tied up with HR services major, Hewitt Associates India, for its e-learning initiatives and with M.K. Raju Consultants to support its clientele in management-related services.

With over 14 years of efforts towards building products and services handling e-learning applications, the US-based firm has over 550 clients spread across the world.

The company flagship application, Intralearn, is supplied in fourteen foreign languages. The Arabic version is ready for release.
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Spic to exit Jordan joint venture
Chennai: Spic is selling its entire 52.2 per cent stake in Indo Jordan Chemicals, the first overseas joint venture for the manufacture of phosphoric acid.

The selloff would fetch Spic about Rs 400-500 crore. Spic had invested Rs 137 crore in the JV. The sale would help Spic restructure its high-cost debt by retiring some of its loans.

Jordan Phosphate Mines company, one of the largest producers of high-quality rock phosphate in the world, holds 34.8 per cent stake and the rest held by a joint stock company, TAIC, owned by 15 Arab states.
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Kribhco picks up 25% equity in GSEG
Ahmedabad: Fertiliser major Krishak Bharati Cooperative has picked up 25 per cent equity in Gujarat State Energy Generation Company.

Besides Kribhco, the gas major Gas Authority of India Limited too is picking up 25 per cent equity in the project.
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Merck global gets 18.33% in E Merck (I)
Mumbai: Merck Internationale Beteiligungen GmbH, Germany, has acquired 30,91,224 shares constituting 18.33 per cent of the paid up capital of E Merck (India).

These shares have been acquired from Merck, Switzerland, the company informed the Bombay Stock Exchange.
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RIL forms alliance with garment cos
Mumbai: Reliance Industries has revamped its marketing and distribution activities of the polyester business to form alliances with global as well as domestic garment companies.

Under the new arrangement, the company has shifted its core marketing and business development operations from New Delhi to a new regional office in Ludhiana, Punjab.

The move is aimed at striking better cooperation with customers since Ludhiana is the largest knitting centre in North India. The company has set up four new distribution centres in places like Kanpur, Ichalkaranji, Bhilwara and Una over the last six months.
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Apar Ind back in the black
Ahmedabad: The Baroda-based Apar Industries is back in the black.

A flagship company of Apar Group and a manufacturer and exporter of aluminium conductors, synthetic rubbers and transformer and speciality oils, Apar Industries has recorded a net profit of Rs 5.25 crore during the third quarter ended December 2001, against a net loss of Rs 1.4 crore in the corresponding period last year.

The company's sales for the nine months ended December 2001 increased 24 per cent to Rs 433.98 crore, against Rs 349.82 crore for the corresponding period last year.

The operating profit too jumped to Rs 36.57 crore during the period under review.
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Govt to consider PPL, Jessop bids on 17 Feb
New Delhi: The government will consider bids for disinvestment of Paradip Phosphates and Jessop on 17 February.

The bids for PPL, where the government is offloading 74 per cent stake, is scheduled to open on 9 February, while in the case of Jessop the bids would open on 15 February and both the bids would be considered on 17 February.

The disinvestment process in respect of Maruti Udyog, Indian Petrochemicals, National Aluminium Company and Hindustan Zinc would be taken up after 15 March and completed by the first week of April.
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Balaji plans to make telefilms
Mumbai: Balaji Telefilms is diversifying into the hitherto unexplored area of films for television.

These TV films will be produced on a fixed commission basis in joint venture with broadcasting channels.

Balaji is currently talking to several Hindi entertainment channels for producing low budget movies at a cost of Rs 2 crore to Rs 3 crore.

The new business plan envisages JVs with television channels where the latter takes care of the production costs.
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Wipro to provide integrated solution
Bangalore: Wipro has put together a group to provide solutions that will bring together islands of information that reside in an enterprise.
Besides this, the group will also offer some of the most sought after services by large enterprises. These include end-to-end software architecture design, asset rationalization and architecture benchmarking among others.

The groups focus is in providing an integrated solution to address the business problems that customers have rather than offering a point solution to address a specific need.
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Sterlite to merge foils business with India Foils
Mumbai: Sterlite Industries is planning to merge its foils business with its subsidiary, India Foils.

Sterlites aluminium foils division is relatively small and contributes only about Rs 100 crore to the companys turnover of about Rs 3,000 crore. The proposed merger is in line with the re-organisation of the groups aluminium interests.

Sterlites foils division is located at Pune.
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Dutch parent picks up 92% in Philips
Mumbai: Philips India is all set to be delisted from the bourses as the open offer made by Koninklijee Philips Electronics, the Dutch parent, has been completed with the acquisition of 92 per cent stake in the Indian subsidiary.

Acompany can be delisted if the promoter holding crosses 90 per cent. Philips has to intimate the shareholders within three months and give them an opportunity to tender their shares within the subsequent six months.
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Hindustan Motors to launch two Pajero models
New Delhi: Hindustan Motors Ltd has decided to launch two variants of the Mitsubishi Pajero. One will be imported as a completely built unit (CBU) and the other as a completely knocked down (CKD) kit and assembled at its Chennai plant.

The CBU variant of the multi-utility vehicle will be priced at Rs 30 lakh and above, while the CKD variant will be launched with a price tag between Rs 25 lakh and Rs 30 lakh. The model will hit the Indian roads in the next couple of months.
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