I-Sec to set up shop in Singapore
Mumbai: ICICI securities and finance company could set up shop in Singapore.

The investment bank organised a two-day investor conference in the city which saw 17 Indian companies from the information, communication and entertainment sector interacting with potential investors.

The Indian companies included BPL Communications, Escotel Mobile Communications, Tata Teleservices, Bharat Sanchar Nigam Ltd, Shyam Telecom, TV 18 India, Balaji Telefilms, Broadcast Worldwide, SABe TV, TV Today, ICICI Infotech Services, Mascot Systems, Moser Baer India, Mphasis BFL, Polaris Software Lab, Satyam Infoway and Infotech Enterprises.
Back to News Review index page  
Unichem to expand Foreva brand
Mumbai: Unichem Laboratories has decided to bring its psychiatry and neuroscience products under the fold of brand Foreva. Currently Foreva has only gynaecological products.

The brand extension is being done to make Foreva more woman focused. It will also cover a number of other afflictions, besides gynaecological problems.

Unisearch will now have diabetes and cardiovascular while the psychiatry and neuroscience will be moved to Foreva.

The new portfolio will now also include pills for anti depression, tranquilizers and anti-epileptics.
Back to News Review index page  
ING eyes investment opportunities
New Delhi: The Netherlands-based $68-billion ING Group is exploring investment opportunities in India. The group is looking at an asset size of $3 billion in the country in the next ten years. At present, the group has an investment of around $1 billion.

The group plans to outsource a large part of the groups IT requirements from India. The group expects to save up to $ 500 million by outsourcing IT requirements from India.

ING also plans to venture in the pension schemes in partnership with the Vysya Bank.

ING wants to increase its stake in Vysya Bank to 49 per cent from 20 per cent.
Back to News Review index page  
Chinese luxury coaches set to drive into India
New Delhi: The China-based King Long has entered into an alliance with the Chandigarh-based JCBL Ltd to produce luxury buses.

Initially, the project will be implemented by a division of JCBL, with transfer of technology from King Long. After three years, a JV firm will be formed with King picking up a 50 per cent stake.

The buses will be more expensive, almost double, than the existing ones in the market.

The debut vehicle, a 11.2-metre luxury coach would be priced at Rs 35 lakh. The Chinese buses boast of features like air suspension, power steering, power windows, air conditioner, an audio-visual system, refrigerators and even a minibar.

The first lot would be imported into India as CKD units over the next 6 months. The first 50 buses, would have 40 per cent local content, to be hiked to 60 per cent within 5 months.
Back to News Review index page  

Volvo's revenue jumps 25%
New Delhi: The Indian unit of Sweden's AB Volvosaid its revenue in calendar 2001 grew nearly 25 per cent over the previous year to Rs 2.5 billion.

Volvo India Private Ltd makes multi-axle heavy trucks, inter-city luxury coaches, construction equipment, marine and industrial power systems.

Volvo said its truck sales crossed 1,000 units in January since their launch in August 1998 and it had received orders for over 20 buses in the first two months after their introduction in October 2001.
Back to News Review index page  
Lineo sets up shop in India
Bangalore: US-based Lineo, an embedded software developer which uses the free-to-use Linux operating system, launched its Indian operations here on 11 March.

Based on the open-source Linux, Lineo's embedded software is used in handheld computers, digital television sets and other new applications.

Lineo aims to closely work with Indian computer hardware manufacturers and offer a suite of embedded software solutions.

Lineo has a six-month-old partnership with Wipro under which it bundles Wipro's software into its own products and services.
Back to News Review index page  

Reliance gets DuPont licence
Mumbai: Reliance Industries has signed an agreement to licence a new resin technology from DuPont Polyester Technologies and will expand its polyester packaging unit in western India.

RIL will expand capacity of its Relpet resin to 300,000 tonnes per year from 80,000 by building a new unit based on DuPont's technology.
Back to News Review index page  
IPCL effects wage hike
Ahmedabad: The IPCL management has effected a wage hike for its 8,000 employees.

The management signed long-term wage revision pacts with labour unions in its petrochemical complexes at Vadodara and Nagothane last week. The new agreement will be with retrospective effect from 1997.

The agreement is expected to bolster the cost per head in IPCL by Rs 3000-4000. The annual wage bill is expected to go up by Rs 30 crore.
Back to News Review index page  
L&T aims stake in EIL, BHEL
Mumbai: Larsen & Toubro plans to acquire stakes in Bharat Heavy Electricals and Engineers India when they come up for disinvestment in the next fiscal.

If successful, this could give a tremendous boost to L & Ts brand presence, both in the domestic markets and abroad.

The company is also hunting for a process company in the United States.

L&T expects its engineering and construction businesses to get a boost following the divestment of government stake in Bharat Petroleum Corporation and Hindustan Petroleum Corporation.
Back to News Review index page  
Authorized capital of HUDCO doubled
Kolkata: The authorized capital of HUDCO has been doubled from Rs 1,250 crore to Rs 2,500 crore.

The Union cabinet has decided to infuse more capital in HUDCO to help it take up large-scale housing projects. During the current financial year, the government would provide Rs 158 crore, and another Rs 255 crore during 2002-03.
Back to News Review index page  
Siel promoters hike stake
New Delhi: The promoters of Siel have infused Rs 8 crore worth of fresh equity in the company, hiking their stake by 10.56 per cent over nine months ended December last year.

The equity was infused to meet a precondition set by the financial institutions last year so that the company's Rs 300 crore debt could be restructured.

The total promoter stake in Siel rose to 40.31 per cent by December 31 last year against 29.75 per cent in March.

Siel posted Rs 3.6 crore net loss for the first-quarter ended September 2001 with Rs 118.79 crore sales turnover.
Back to News Review index page  
Aptech reports Rs 1.6-cr net
Mumbai: Aptech Ltd has reported a net profit of Rs 1.6 crore - after tax and before extraordinary items - for the year ended December 2001.

Its global revenues, including that of subsidiaries, stood at Rs 296.6 crore for the period.

During the year under review, the company's software business was merged with that of Hexaware Technologies, a group company.

Financial results for the year include the transactions for three months up to 31 March 2001 for the training and education division and transactions for nine months from 1 April 2001 for the software and consultancy business of Hexaware Technologies.
Back to News Review index page  

IPCL redeems foreign currency bonds worth $176 million
New Delhi: IPCL has redeemed foreign currency convertible bonds of $176 million (Rs 860 crore), which matured on 11 March 2002.

IPCL had placed FCCB for $150 million with a green shoe option of $25 million on 24 February 1997.

The bonds for $175 million were issued at a face value of $100 with a coupon rate of 2.5 per cent per annum payable every six months.

The bondholders had the option of converting the bonds into shares at a conversion price of $13 for three underlying shares.

In the event of non-conversion, the bonds were to be redeemed at a premium of 11.71 per cent at the end of five years expiring on 11 March 2002.
Back to News Review index page  

AAA rating for Reliance Industries
New Delhi: Fitch Ratings India has affirmed the `AAA' debt rating of Reliance Industries Ltd (RIL) following the announcement of the merger of Reliance Petroleum Ltd with RIL.

The rating agency has put the `Ind AA +' debt rating of RPL on rating watch with positive implications. The `Ind AAA' rating indicates highest credit quality.

The rating affirmation takes into account the positive impact of the merger through increased size and greater integration of operations. The combined RIL will be the largest private-sector company in India with annual cash accruals of over Rs 6,000 crore.

The rating affirmation recognises the global scale and efficiencies of the combined RIL's operations in its businesses including refining, polymers and polyesters.
Back to News Review index page  

Rockwell Auto to invest $2 m in India
New Delhi: Rockwell Automation India Ltd plans to set up its first centre of excellence outside the US in India with an investment of $2 million.

The centre will serve as a hub for the company's Asia-Pacific operations.

The company is planning to open a few more centres of excellence in Europe and North America.
Back to News Review index page  

Saregama to market Warner classics
Kolkata: Saregama India Ltd has tied up with Warner Home Video to tap the home video market.

Talks are also on with major production houses including MGM for some more tie-ups in the English movie segment.

Under the agreement signed with Warner, SIL will market and distribute its classic films, latest hits and cartoons on video cassette discs and in the fast-emerging digital video disc format.

The first 10 titles will be launched by next week through RPG's chain of MusicWorld stores. Besides India, the videos, priced between Rs 150 and Rs 299, would also be sold in Bangladesh.
Back to News Review index page  

Talwalkars to set up centres in Chennai
Chennai: The Mumbai-based Talwalkars Fitness Studios is set to commence operations in Chennai later this month.

The first of the fitness centres will commence operations from 18 March. A captive manufacturing facility at Mumbai has manufactured most of the equipment and the rest has been purchased from other manufacturers or imported. Talwalkars operates 19 fitness centres at Mumbai, Pune, Pimpri and Bangalore.

The facility here will include a gymnasium, steam and sauna, nutrition counselling and massage.

A team of 400 trained staff including physiotherapists, doctors, dieticians and trainers will constantly monitor the programme.
Back to News Review index page  

GVK Bio ties up with Ricerca
Hyderabad: GVK bioSciences Pvt Ltd has entered into a three-year global partnership with the US-based drug discovery company Ricerca LLC.

The partnership is for setting up medicinal chemistry and discovery biology facility at the ICICI Knowledge Park here.

GVK Bio will undertake medicinal chemistry and discovery services for Ricerca's clients and also take up jointly owned proprietary discovery programmes.

The US company will have exclusive worldwide rights to market the GVK Bios medicinal chemistry facilities.
Back to News Review index page  

Fleetguard forms JV with German firm
Pune: Fleetguard Filters Pvt. Ltd and Hollingsworth & Vose GmbH & Co. KG of Germany have formed a 50:50 joint venture to manufacture special grade filter paper. The venture will act as the global hub for the special grade filter paper. The plant, located at Nandur near Pune, has a capacity of two tonnes per day and will produce 10 different grades of filter paper.
Back to News Review index page  

Celebrity portal launched
Mumbai: New Leisure Media India Pvt Ltd, a subsidiary of the US-based Leisure Media Worldwide, has launched CelebnCeleb.com, a portal dedicated to providing information on Indian celebrities from all walks of life - films, arts, sports, fashion and business.
Back to News Review index page  

Fifth Estate bags Mahindra Park account
Chennai: Fifth Estate Communications has bagged the advertising account of Mahindra Industrial Park Ltd (MIPL).

The 1,420-acre industrial park, being developed near Maraimalainagar, intends to provide an ideal eco-friendly environment for multinational companies to set up their operations in India.

The industrial park is targeting automobile, auto ancillary, information technology and telecom companies among others.

The advertising agency will create a communication plan to rope in companies in specific sectors, by highlighting the advantages of the park.
Back to News Review index page  

O&M bags Abby award
Mumbai: O&M has won the Agency of the year award at the Abby annual award function. It also won 17 silvers and one special silver award, scoring a total of 23 points.

The agency won the first gold of the evening for its M-Seal advertisement in the daily household products category as well.

The other winning ads from O&M included the ones from MTDC, Onida KY Thunder, Asian Paints and the best continuing campaign for Fevicol.

Leo Burnett won the next gold for its public service eye donation campaign. In the corporate communication press single ad, the same agency also won a gold for Schindler.

The fourth and the last gold was won by RMG David for its United Colours of Benetton ad.

Held by the poolside at Juhu Centaur in Mumbai, the presentation of the 35th All-India Awards for Excellence in advertising, popularly known as the Abby awards, had film personality Shah Rukh Khan as its chief guest.
Back to News Review index page  

Bombay Dyeing plans buyback
New Delhi: Bombay Dyeing is all set to go in for another round of share buyback which will raise the stake of promoters, the Nusli Wadia family and associates, to around 51 per cent from the existing level of about 41 per cent.

The buyback is expected to cost Rs 20-22 crore.

The Wadias had raised their holding in the company to about 41 per cent by acquiring five per cent stake through the creeping acquisition route during 2001.

Banks and financial institutions hold 16.36 per cent stake in the company while the public holding in the company is 26.29 per cent. Non-resident Indians (NRIs) hold 2.73 per cent.
Back to News Review index page  

Johnie Walker to enter India
New Delhi: Guiness UDV is planning to launch its premium whisky Johnie Walker in the Indian market within the next six months.

The company has also lined up a range of its other international brands like Johnie Walker Red Label, J&B whisky, Gordon gin, Guinness Stout beer and Baileys Irish Cream for India.

After the recent cut in duty on imported alcoholic beverages, Johnie Walker Black Label will now cost Rs 3,300 against Rs 4,100 for a 750 ml bottle.

Johnie Walker Red Label will be available at Rs 1,450 per bottle against its earlier price of Rs 1,800 while J&B whiskys price will come down to Rs 1,250 from Rs 1,450.
Back to News Review index page  

Gail to seek ISP licence
New Delhi: Gas Authority of India Ltd is likely to apply for an Internet service provider (ISP) licence later this month.

The service will be launched under the brand - Gailtel - the umbrella brand for all initiatives related to the telecom sector.

Gailtels 2.5 Gbps Delhi-Mumbai link is expected to be ready by the end of this month.

Delhi-Mumbai is the highest traffic route of the country, accounting for 18 per cent of overall telecom traffic in the country.

Gailtel is likely to be floated as a separate legal entity for the telecom business in the near future.

The firm plans to invest Rs 3,200 crore in its telecom business by 2010.
Back to News Review index page  

Railtel proposes JV with MTNL, BSNL
Bhubaneswar: Railtel, the Indian Railway subsidiary, which is laying optic fiber cables along the railway lines all over the country, is proposing a strategic joint venture with Bharat Sanchar Nigam Ltd (BSNL) and Mahanagar Telephone Nigam Ltd (MTNL).

The State Bank of India (SBI) has offered to take on lease the communication network infrastructure of Railtel for its e-banking operations.

Railtel is also talking to the Indian Postal Department, Cellular Operators Association of India (COAI) and the private basic telecom operators to lease out the facilities.
Back to News Review index page  

Rado to expand retail outlets
Mumbai: Rado, the leading Swiss watch manufacturer, plans to expand the number of its retail outlets from the existing 65 to 80 this year.

The company is also planning to introduce a new brand in June this year.

As part of the marketing strategy, the company has set up its first Rado customised counter at Pallazio, a leading premium lifestyle store at the retail mall Crossroads.
Back to News Review index page  

Grasim Bhiwani unit to up capacity
New Delhi: Grasim Suiting is planning to augment its manufacturing capacity by 50 per cent at its textile unit at Bhiwani.

Grasim is planning to increase the manufacturing capacity by 4-5 million metres per year in the next 4-6 months at an investment of about Rs 20 crore in automation.

With an ad budget of Rs 5 crore for the next 2-3 months the company will be focusing on Delhi, Punjab, Tamil Nadu, West Bengal, UP and Bihar.

Grasim is planning to add 10 new exclusive stores in the next one year in six different locations.
Back to News Review index page  
Hindujas to divest part of IndusInd holding
Mumbai: The Hindujas have decided to divest a part of their holding in IndusInd Bank, with the Reserve Bank of India rejecting other modes of stake dilution proposed by the private bank.

A roadmap will be submitted by the bank to bring down the promoters holding to 40 per cent or below over the next one year.
Back to News Review index page  
HZL bids deadline on 20 March
Mumbai: The government has fixed 20 March as the deadline for bidding for the 76 per cent holding in Hindustan Zinc.

All companies, who qualified earlier are eligible to participate in the exercise.

Indo Gulf Corporation, Sterlite Industries, Bhushan Steel and Phelps Dodge along with Metdist are among the likely bidders.
Back to News Review index page  
Satyam plans China arm
Mumbai: Satyam Computer Services is planning to convert its liaison office in China into a wholly owned subsidiary.

Satyam Computer is banking on the credit card business, datawarehousing and database implementation in the region.
Back to News Review index page  
Bharti nets 30,000 subscribers in Punjab
New Delhi: Bharti claims to have registered 30,000 customers for its cellular services in Punjab in the first month itself.

AirTel has services in 40 towns and cities in Punjab and plans to extend the services to a total of 81 towns by 31 March 2002.
Back to News Review index page  
Oyzterbay to start jewellery export to Gulf
Chennai: The Bangalore-based jewellery company Oyzterbay will soon export its range of jewellery to the Gulf countries.

The company will soon be showcasing its jewellery in duty free shops across international airports and also in in-flight duty free shops.

Oyzterbay would be tying up a second round of funding worth $4 million in the next six months.

The company plans to be present in 50 locations across the country, up from the present 26 locations within the next one year.
Back to News Review index page  

Vatika lines up Rs 170 crore projects
New Delhi: Vatika group plans to build real estate projects worth over Rs 170 crore within the next few years. These projects include commercial projects as well as resorts and restaurants.

While its Rs 50-crore Vatika Triangle commercial project in Gurgaon is likely to be ready for rent-out by September this year, the group plans to build a Rs 100 crore commercial project - Vatika Business Centre - with about 3.5 lakh sqft space. Vatika Business Centre is expected to be ready by 2004.

The group plans to concentrate its projects in Gurgaon since it has a land bank of over 250 acres near Gurgaon, and another 1500 acres at Sohna.
Back to News Review index page  

L&T may merge tractor arm with itself
Mumbai: Larsen & Toubro (L&T) is looking at merging its wholly owned subsidiary Tractor Engineers with itself and utilise the arm's facilities for manufacturing defence equipment.

Tractor Engineers' product portfolio includes crawler undercarriage systems for excavators, blast-hole drills, bulldozers, amphibious dredgers and mobile crushers. It also designs and manufactures track modules and crawler lowers.

The company's manufacturing units are located at Powai in Mumbai and Vashi in Navi Mumbai.

The company plans to kick off defence production at the Vashi unit and then extend it to Powai.
Back to News Review index page  

Escorts plans Rs 1,000 crore agri-trading thrust
New Delhi: Escorts is in talks with two overseas companies to foray into the business of foodgrain storage with an investment outlay of Rs 1,000 crore.

The company is reportedly in talks with multinational grain trading firm, Cargill, for a possible joint venture.

Escorts will set up a new downstream subsidiary for the venture, which will have an equity base of Rs 250 crore.

Escorts will submit its expression of interest for foodgrain storage bids invited by the Food Corporation of India.

The FCI recently invited private industrial houses to submit expressions of interest in the grain storage and trading business.
Back to News Review index page  

Adlabs to enter film production
Mumbai: Adlabs Films is entering into film production and theatre management.

The company's core business is film processing in which it enjoys a market share of 70 per cent.

The company is planning to route its film production through a wholly-owned subsidiary -- Entertainment One. This subsidiary will focus on medium budget movies ranging from Rs 4 crore to Rs 6 crore.
Back to News Review index page  

GM to set up development centres in India
Mumbai: General Motors is contemplating setting up technical development centres in India.

The company is planning to make use of the countrys software and design engineers for its global requirements, extending beyond the automotive business.

The company has tied up with the Indian Institute of Science, Bangalore, for setting up one such centre.

General Motors is also planning to engage other premier educational institutes, including the Indian Institutes of Technology, for jointly developing exclusive educational programmes for its employees.

The company may even look at setting up a research and development institute in the country.
Back to News Review index page  

Thomas Cook to vend Tata AIG products
Mumbai: Thomas Cook India Ltd has entered into an agreement with Tata AIG General Insurance Company to sell travel-related insurance plans.

Thomas Cook informed the Bombay Stock Exchange (BSE) that India Alive Tours Ltd has been appointed preferred corporate agent of Tata-AIG for procurement of all general insurance business.
Back to News Review index page