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Sanyo to
use BPL facility for global market
Bangalore:
BPL's proposed new joint venture with Japanese major Sanyo will
enable Sanyo to use BPL's manufacturing facilities as a base for
its global production and marketing.
BPL and Sanyo will be able to also leverage their bargaining
powers with their suppliers and lenders and thus bring down costs.
The new strategic alliance will also strengthen BPL in the areas
of technology support and manufacturing, and enable Sanyo to use
BPLs production facilities for their international operations.
Sanyo, which has been technologically associated with BPL since
1982 and which currently holds a 14 per cent stake in BPL's home
appliances business, is expected to raise this stake to 50 per
cent at a cost of about Rs 150 crore.
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NFL
upgraded to schedule 'A' company
New Delhi:
National Fertiliser has been upgraded to schedule 'A' company from
schedule 'B' by the government.
NFL, a mini-ratna category-I company, has been consistently
earning profit and has recorded cumulative profits of about Rs
1,300 crore during the last decade alone.
During the first 11 months of the current fiscal, NFL has achieved
101.6 per cent of the targeted production indicating sound health
of its plants located in Nangal, Bathinda, Panipat and Vijaipur.
At present, the company has an annual installed capacity of 32.08
lakh tonnes of urea and 3.18 lakh tonnes of calcium ammonium
nitrate. The company holds over 13 per cent of the total market
share of nitrogenous fertiliser produced in the country.
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Dishnet
to take up submarine cable project alone
New Delhi:
Dishnet DSL Ltd has decided to go it all alone for the undersea
cable project between Chennai and the US.
Instead of the US-based Tyco Telecommunications, which was earlier
to equally fund the $1.25-billion dollar undersea cable project,
DSL is now working on a truncated project between Chennai and
Singapore with an investment of $240 million.
DSL is roping in Prudential Infrastructure of Hong Kong and
financial institutions like Industrial Development Bank of India (IDBI)
and Infrastructure Development Finance Company (IDFC) to fund the
project. DSL will bring in $ 120 million and Prudential will
invest $30 million. Talks with IDBI and IDFC are on for the
balance.
Tyco is investing in the undersea cable between Sinagpore and the
US via Japan on its own.
The DSL cable is expected
to be operational by the end of this year.
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LIC
to chip in for 'Janraksha' scheme
New Delhi:
Life Insurance Corporation along with four PSU general insurance
companies may come up with the proposed health insurance scheme 'Janraksha'
for the rural population, which would offer free medical treatment
worth Rs 30,000 for an annual premium of just Rs 365.
Finance minister Yashwant Sinha, in his Budget, announced the 'Janraksha'
scheme, which entitles a rural poor of free medical treatment
worth Rs 30,000 in designated hospitals with a premium payment of
only a Rupee per day or Rs 365 annually.
The scheme would also offer free out-patient treatment upto Rs
2,000 per annum from government and private clinics, which would
provide a stimulus to the rural poor for greater health care.
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Bharti
Telesonic gets ILD licence
New Delhi:
Bharti Telesonic became Indias first private sector company to
bag the licence for international long distance services.
The company, which was the first private player to start domestic
long distance services under IndiaOne brand name in December last,
will start ILD services in April.
The company has said it will effect at least a 50 per cent price
cut in the existing tariffs for international calls.
IndiaOne has already installed, commissioned and tested two
international gateways in Chennai and Mumbai.
It has also entered into bilateral agreements with a number of
international carriers to put in place the network backbone for
its ILD services.
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Remit2India
ups remittance limit for Online Express
New Delhi:
Remit2India, The Times of India Group and Citigroup's money
transfer service announced an increased remittance limit of $ 2500
per transaction for Online Express, its newest offering.
Remit2India's Online
Express service is based on the ACH system that is popular in the
United States. Users can directly debit their bank account for the
remittance amount.
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Sony
India to launch flat screen TV
New Delhi: Sony
India has decided to introduce its WEGA brand of flat TVs and
plans to launch new models with advanced features this year.
The company is in the
process of phasing out curved CTVs and focusing on WEGA, which is
already the market leader in India with a market share of 41 per
cent in the flat CTV segment.
Some big sports events
like football and cricket world cup are expected to further spike
the sales graph of consumer electronics companies in India,
especially the flat CTVs.
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Infosys
to explore avionics
Bangalore: The
engineering services and consulting practice division of Infosys
Technologies is set to explore the avionics segment to offer
engineering and embedded systems services to customers in the
areas of navigation, global positioning systems, flight computer
programmes and other critical applications.
Plans are also being
chalked out to tap the embedded software solutions market in
segments like mobile multimedia applications, building voice
recognition features into moble devices, etc.
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AOL
wants to strengthen business in India
New Delhi:
AOL Time Warner is looking at strengthening its business
partnership in the country.
"We want to build a global company, with Indian
co-operation," AOL Time Warner chief executive officer Gerald
Levin said.
Levin said his companys strategy has been to look at building
relationships and develop partnerships in the country. He
acknowledged that the country offers great business opportunities
for the AOL-Time Warner group.
The conglomerate is currently looking at various opportunities in
the field of media and entertainment, in the broadcasting, films,
Internet and publications space, he added.
He was addressing a seminar, "Internet: The infrastructure
for freedom", organised by CII.
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Intel
to invest $25m in India
New Delhi:
Intels India Development Centre is all set to more than double
its staff strength over next two years at an estimated additional
investment of $25 million.
The company has so far invested $25 million in the centre and it
is already Intels largest non-manufacturing site in Asia.
Last year, Intel announced an investment of $25 million in
creating the infrastructure, including a new building that can
house 1,100 people.
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Harsha
Bhogle to promote Timex
New Delhi: Timex
Watches Limited (Timex) has signed cricket commentator Harsha
Bhogle to feature in its new print campaign to be launched on 20
March.
Says a company release,
"The starring of Harsha Bhogle in the new Timex campaign is
designed to carry forward the Timex theme of sportiness to a brand
new pinnacle. Harsha is an impeccable professional with the
knowledge and stylistics that jive most excellently with Timexs
sporty proposition".
"IIM Ahmedabad
educated Harsha Bhogle is arguably the best cricket commentator
and analyst in Asia. Prominent on ESPN and Star Sports, Harsha
brings a consistently fresh perspective to Indias national
sport as well as the domain of international trends in the
game," the release said.
Timex has been
consistently promoting its brands through cricketing and fashion
events in India.
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Ranbaxy
on asthma, diabetes segments
New Delhi:
Ranbaxy Laboratories plans to launch new generation medicines,
identify new target areas and introduce new methods of treatment
for asthma and diabetes.
Within a year, Ranbaxy will introduce four to five anti-asthma
drugs, both stand alone and combination medicines.
The company is targeting a 10 per cent share of Rs 350-crore
anti-asthma market in India. In the first year, the company hopes
to notch up a turnover of Rs 20 crore from this segment.
Ranbaxy will soon introduce a new generation drug from Beta-agonist/Bambuterol
platform.
In the diabetes segment, Ranbaxy is set to launch a drug from
Nateglinide platform, a twice-a-daily tablet.
It is also introducing two new dosages850mg and one gmfor
the existing Riomet-OD (once a daily from the Novel Drug Delivery
System platform), in addition to the existing dosage of 500mg.
In diabetes Nateglinide would be positioned as dosage before every
major meal, for destroying the sugar component, rather than an
insulin creator which ultimately damages Pancreas by putting
excess stress on it.
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IOC
pulls out of race for pipeline project
New Delhi:
Indian Oil Corporation has pulled out of the race for the Rs 2,200
crore Central India pipeline project, leaving Reliance, L&T
and Khemkas promoted Sun Group in the race for the Build, Own,
Operate and Transfer contract.
The Central India pipeline, which would evacuate petroleum
products from refineries in Gujarat to consumption centres in
Central and North India, is mainly beneficial for Reliance
Petroleum and Essar Oil.
The pipeline will mainly carry products from RPL's 27-million
tonne Jamnagar refinery and EOL's proposed 10.5 million tonnes
refinery.
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MEN
pacts with Taj Sports
Mumbai: Modi
Entertainment Network (MEN) has signed a distribution agreement
with the Taj Sports channel for the Indian market. Taj Sports is
promoted by Abdul Rehman Bukhatir and is yet to be launched in
India.
The new channel will be
distributed by HMA Udyog, a Modi group company.
MEN already distributes
Hallmark, DD Sports and FTV in the Indian market.
Taj Sports will have its
uplinking facility in Dubai.
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Murthy
to promote Windows XP
Bangalore:
N R Narayana Murthy in a dapper suit is the new model for
Microsoft's Windows XP.
Instead of organising exclusive photo shoots for the campaign, a
magazine photograph of Narayana Murthy would be juxtaposed with
his quotation on Windows XP.
This apart, Microsoft and Infosys have a strong and long-standing
relationship across multiple dimensions.
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PSL
Holdings bags GAIL order
Mumbai: PSL
Holdings Ltd has bagged an order worth Rs 605 crore from Gas
Authority of India Ltd (GAIL) for corrosion protection and pipe
coating.
In the last two months,
the company has bagged orders from Bharat Petroleum Corporation
Ltd (BPCL) and Oil and Natural Gas Corporation (ONGC) worth Rs 30
crore and Rs 10 crore respectively.
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CDSL
revises tariff
Kolkata:
The Central Depository Services (India) will waive the custody fee
and abolish the 0.005 per cent tariff on credit transactions
besides offering other sops to investors.
The move was part of its strategy to bring down the cost of
depository services to an affordable level and increase its market
share.
Effective from 1 May, the tariff on credit transactions will be
abolished and there will be no fee for custody. There will not be
any fee for demat and only a fee of Rs 10 each certificate will be
rematerialised.
Debits would attract a fee of 0.01 per cent subject to a minimum
of Rs 5 and a maximum of Rs 12 per transaction whereas pledge set
up, removal and invocation will be done at a fee of Rs 12 per
transaction.
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General
Motors, IISc join hands for R&D
New Delhi: General
Motors Corporation and the Indian Institute of Science (IISc),
Bangalore, have created a collaborative laboratory to research
automotive structural materials and manufacturing process,
according to a company release.
GM will invest $6,00,000
in the collaborative research at the IISc for three years. As part
of the collaboration, GM and IISc would exchange researchers
through visits or sabbatical leave, the release added.
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Upgraded
'WagonR' launched
New Delhi:
Maruti Udyog has announced the launch of upgraded versions of its
'WagonR'.
The two upgraded versions of the car - 'WagonR VXi' and 'WagonR
LXi' - will cost Rs 610 more over the respective prices of their
base models while the customers will have to pay Rs 4,570 more for
the top end varient, 'WagonR VXi'.
Apart from sporting a 1.1 litre engine, the top end version will
have a rear soiler with stop lamp.
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Pfizer
net up 37%
Mumbai:
Pfizer has posted a 37.28 per cent increase in net profit at Rs
12.04 crore in the first quarter ended 28 February as compared to
Rs 8.77 crore in the same period of previous year.
The company's total income (net of excise) has increased from Rs
87.64 crore in Q1 2001 to Rs 91.9 crore in the quarter ended 28
February 2002, Pfizer informed the Bombay Stock Exchange.
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LIC in talks with
foreign MFs for offloading AMC stake
New Delhi: Life
Insurance Corporation of India is in talks with foreign companies,
including Capital International of the United States and AIG, to
sell a substantial stake in its mutual fund asset management
company (AMC). LIC Mutual Fund (LICMF) has a corpus of around Rs
2,000 crore spread over 16 equity and debt schemes.
Capital International is
keen to find a new local partner after its 60:40 venture with
Birla Mutual Fund broke off.
LIC will prefer to hold a
majority stake, being a government-owned institution, but may
settle for a 50:50 joint venture.
Earlier, LICMF had
initiated talks with a few foreign banks, including Deutsche Bank,
ABN Amro, Commerzbank, in this regard.
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Online
financial training in the offing
MUMBAI:
FT Knowledge Financial Learning, part of the Pearson plc family of
companies which includes the Financial Times and The
Economist, has tied up with the Walchand Centre for Financial
Excellence to distribute online financial training programmes in
India.
FT Knowledge has
distribution arrangement of its online programmes with
MoneyPickle.com, a personal finance portal belonging to the
Walchand Capital Group. Participants will have an option of paying
for these programmes in Indian currency.
The online programmes
will cover a wide range of topics including brokerage, operations,
risk management, corporate finance and derivatives.
After going through the
comprehensive training and testing module, participants will get a
certificate from FT Knowledge Financial Learning.
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Godrej
Foods board okays share buyback
Mumbai: The
board of Godrej Foods Ltd has approved the proposal of purchase
and consequent cancellation of the equity shares of the company
under a court approved scheme.
In a notice to the Bombay
Stock Exchange, the company has informed that it will purchase its
equity shares on a date fixed by the board following the record
date representing not more than 40 per cent of its paid up equity
capital.
The purchase would be at
a consideration equal to the face value of shares, which will be
discharged through cash at the rate of Re one per equity share and
the shares so purchased shall be cancelled.
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Six
MNCs in race for BPCL
Mumbai: British
Petroleum, Shell, Chevron, Kuwait Petroleum Corporation, Petronas
and the US-based Philips are in race for acquiring the governments
stake in Bharat Petroleum Corporation Ltd.
These six multinationals
would compete with private sector major Reliance Industries Ltd (RIL).
Since RIL does not have its own retail network, BPCL would be a
good bet as most of BPCLs outlets are located in Mumbai and
Gujarat.
The governments stake
in BPCL is estimated to be valued at around Rs 12,000 crore. Along
with the open offer for another 20 per cent, the acquirer would
have to shell out a total of Rs 18,000 crore.
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Grasim
launches Ice Touch
New Delhi: Grasim
Suitings has launched a new fabric, Ice Touch, which keeps the
inside temperature up to 5 per cent cooler than the temperature
outside.
The treatment enables the
fabric to absorb and evaporate body heat faster. The fabric launch
is being supported by a new campaign, a sequel to the Grasim
Uncrushables' electronic campaign.
The ad has been created
by O&M. The company intends to spend Rs 5 crore within the
next two to three months on the brand's advertising.
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Rasna
to launch in sachets
Chennai: Rasna
Private Ltd is planning to launch a single-use, ready-to-drink
powder sachet under the brandname Rozana Amrut this summer.
Priced at Rs 2, the sachet is in answer to Cokes Sunfill, also
a single-use ready-to-drink powder priced at Rs 2.
In the current offerings
of Rasna, sugar has to be added to the mix and is a little
cumbersome. In the Rs 200-crore preparatory market, Rasna has a 82
per cent share and the other leading players Kissan and Roohafza
have eight and seven per cent respectively.
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Egana
to launch new products
New Delhi: Egana
India Ltd is setting up a 100 per cent export oriented unit in
Mumbai to manufacture watches for the European markets. The
company is expected to pump in around $3 million in the project.
Egana will also launch an
upscale timewear brand Cerutti 1881 in May 2002 and a
premium jewellery brand Ferrano during Diwali 2002.
Egana India has also
chalked out plans to develop an exclusive chain of 35 franchised
stores under the brand name Egana Studios by the year 2003.
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HTA
bags HPCL account
New Delhi: Hindustan
Thompson Associates (HTA) has won Hindustan Petroleum Corporation
Limiteds (HPCL) advertising accounts of retail, LPG and
lubricants units.
HTA has also won the
Godrej Appliances refrigerators business and the Frito-Lay
India account recently. The HPCL account and the Godrej Appliances
refrigerators account will be serviced and managed from HTAs
Mumbai office while the Frito-Lays account will be serviced out
of HTAs Delhi office. The estimated billings of these new
accounts amount to Rs 45 crores to Rs 50 crores annually.
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Oxemberg
eyes northern markets
New Delhi: The
Oxemberg menswear brand of ready-to-wear trousers, marketed by the
Siyaram Poddar group, is planning a foray into the northern
markets.
The company has also
announced a foray in the accessories segment with the launch of
ties, handkerchiefs and socks.
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SGI
rolls out new solutions
Bangalore: SGI
(Silicon Graphics), has announced a host of new solutionsvisual
area networking (VAN) and a workstation based upon a new
architecture silicon grpahics fuelas part of its global
solutions tour 2002.
SGI also announced
extensions to the SGI Onyx 3000 seriesSGI Inyx 300 Infinite
Reality3, The SGI Onyx 3000 Infinite Performance and OpenGL
VizServer 2.0 software and setting up of its reality centres in
India.
The company sells and
services its products in the five key market segments of
manufacturing, life sciences, energy, defence and intelligence and
media with bio-informatics as one of the major focal areas in life
science market.
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Govt
proposes 51% strategic sale in EIL
New Delhi: The
cabinet committee on disinvestment will shortly take up for
consideration the proposal to privatise Engineers India Ltd (EIL)
by selling 51 per cent of its equity to a strategic partner.
The government currently
holds the entire equity in EIL. The erstwhile disinvestment
commission had recommended sale of 30 per cent of the government's
equity in EIL to a strategic partner along with an appropriate
role in the management of the company.
Domestic engineering
major L&T has already stated its plans to bid for EIL when it
is put for strategic sale.
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Britannia
to hive off dairy business
New Delhi: Britannia
Industries Ltd (BIL) has received the go- ahead from the
government to hive off its existing dairy business and concentrate
on bakery and confectionery products.
The existing dairy
business of BIL will be transferred as an ongoing business to
Britannia Newzealand Food Private Ltd (BNFPL), the newly-formed
joint venture between BIL and Fonterra Co-operative Group Ltd of
New Zealand.
The Foreign Investment
Promotion Board (FIPB) recently approved the necessary amendment
in the existing foreign collaboration agreement of Britannia
Industries to effect such a transfer.
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TVS
to push used-car sales
Coimbatore:
TVS and Sons has extended buying and selling of used cars to key
centres in Tamil Nadu and Kerala.
Already, the company has
sold about 150 cars in the city through TVS Value Cars. It is now
planning to launch a warranty programme and an emergency service
to attend to repair calls for second-hand vehicles sold through
its TVS Value Cars programme.
The company has a large
client base thanks to its dealership for Ashok Leyland, Honda and
the Fiat group vehicles.
These clients, if they
wished to dispose of their cars while going for a new model, came
to the company because of the trust they had developed in it.
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RPG
Cellular to invest Rs 50 crore in expansion
Chennai: RPG
Cellular Services Ltd plans to invest Rs 50 crore to expand its
infrastructure in Chennai to increase its penetration in the city.
This expansion will
enable the company to handle up to 2.5 lakh subscribers.
Currently, though its
subscriber base is only 1.15 lakh, it has the infrastructure to
handle 1.5 lakh subscribers. The base station network will be
expanded from 100 to 140.
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Accreditation
for L&T Gujarat cement works
Mumbai: Larsen
& Toubro Ltd has obtained the `European Standard CEM I 42.5R'
accreditation for its Gujarat cement works, according to a
statement from the company. The accreditation, given by Bureau
Veritas Quality International Espana SA of Spain, was generally a
prerequisite to supplies of cement to Europe, said the statement.
L&T claimed it was
the first Indian company to get the standard.
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IBM
launches eServer
Mumbai:
IBM has announced the launch of a new server system IBM
eServer x440 featuring IBM's Enterprise X-Architecture (EXA)
technology and the new Intel Xeon processor MP.
The x440 on Intel Xeon
processor MP is aimed at server consolidation, enterprise
e-business applications such as ERP, SCM and core banking for
industries such as manufacturing, telecom, banking as well as
small and medium-sized businesses.
Significant features of
EXA include scalability allowing customers to go from 4 to 8
to 12 to 16 processors in a single system; runs on different
operating systems and applications simultaneously; allows for
memory swap as well as servicing or upgradation while server is
running (without shutting it down).
Tasks such as searching
vast databases, servicing thousands of Web transactions per second
and providing database engine for business intelligence are some
of the business application areas that would benefit by this new
system.
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Telco
may up utility vehicle price-tags
Mumbai:
Tata Engineering is likely to increase the prices of its range of
utility vehicles from April by 1-3 per cent.
Tata Engineering has
already raised the prices of its range of commercial vehicles
between Rs 7,000-10,000 in February.
Tata Engineering
currently offers the Tata Sumo and a sports utility vehicle, Tata
Safari, in the domestic market, in addition to the Tata Sierra,
which is primarily sold in the export markets.
While the Sumo (hard-top)
is priced in the range of Rs 4.46-5.24 (ex-showroom prices, Mumbai),
the soft-top variant of the Sumo is priced at Rs 3.97 lakh.
The Safari LX (4X2) is
currently priced at Rs 7.65 lakh, while its (4X4) variant costs Rs
9.08 lakh.
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Coke
cuts prices
New Delhi:
Coca-Cola has dropped the prices of the 1.5-litre and 2-litre PET
packs for all brands. The revised prices for the forthcoming
summer season are Rs 38 for the 1.5-litre bottle and Rs 43 for the
2-litre pack.
The 1.5-litre pack was earlier priced at Rs 43 and the 2-litre
pack at Rs 50.
A Coke release said that company has also launched its 200ml and
home package strategy with three new television commercials, which
are slated to go on air from 15 March.
A company release said that the Thums Up and Coca-Cola commercials
on the 200ml package will give the much needed push it needs to
make the national roll-out penetrative.
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Reckitt-Benckiser
relaunches Vanish
New Delhi:
Reckitt-Benckiser has relaunched its fabric care product, Vanish,
in the southern states of Tamil Nadu, Karnataka and Andhra Pradesh.
Vanish was first launched
early last year, but the product did not gain popularity as a
stain remover.
In an apparent effort to
meet consumer expectations, the company has now repositioned
Vanish as a detergent booster.
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Matsushita
to invest $15m in arm
New Delhi:
Matsushita has got FIPB nod to increase foreign equity stake in
its Indian air conditioner manufacturing arm.
The hike in stake, at a consideration of approximately $15
million, will take its equity share from 70 per cent to 90 per
cent. Matsushita Air Conditioners India, has been in the red since
its incorporation and ended with an accumulated loss of Rs 33
crore in the financial year 2001.
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UB
group set to acquire 3 breweries
Hyderabad:
Millennium Alcobev, a UB group company, plans to acquire three
breweries with a total capacity of six million cases.
The company, which is in an advanced stage of negotiations, hopes
to acquire the breweries by end of April this year. The company is
also looking at an option of having a contract manufacturer in
Nepal to cater to the North-Eastern markets.
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Parke-Davis
Q1 net more than doubles
Mumbai:
Parke-Davis India has more than doubled its net profit to Rs 5.39
crore in the first quarter of 2001-02 from Rs 2.2 crore in the
corresponding quarter of the previous year.
The company incurred an extraordinary expense of Rs 2.31 crore
during the quarter towards voluntary retirement and compensation
costs. Net sales increased just 5 per cent to Rs 52.11 crore from
Rs 49.67 crore.
Operating margin improved to 20 per cent of net sales from 14.5
per cent, as total expenditure fell 2 per cent to Rs 41.48 crore.
The company made interest payments of Rs 15 lakh down from Rs 19
lakh in the corresponding quarter of the previous year.
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Nestle
to launch 20 new products
New Delhi:
Nestle India has decided to introduce 20 new products this year
across categories and imbibing smaller packs and lower price
points formula to increase accessibility for consumers.
Introduction of Maggi in the Rs 5 pack for 50 grammes has been a
success which has also been replicated in coffee products.
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Amtrex
Hitachi to launch 31 models
Ahmedabad:
Amtrex Hitachi is launching 31 new models of air conditioners to
better its 2001 growth of 25 per cent.
Amtrex Hitachi is repositioning its brand in the country, in line
with the world-wide repositioning initiative undertaken by its
Japanese partner Hitachi recently.
Amtrex Hitachi is planning to launch around 31 new models this
summer, which includes both Room Air Conditioners (RACs) and
splits. The entry level price would be around Rs 20,000 and the
premium segment is being pegged around Rs 60,000-65,000.
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G P Goenka
group exits Pioneer Friction JV
Kolkata:
The G P Goenka group has exited from Pioneer Friction Ltd, a joint
venture between group company, Stone India and Futuris Industrial
Products Pty Ltd of Australia.
The group has sold its 49
per cent stake to Futuris. Pioneer Friction was 51:49 joint
venture between Futuris and Stone India.
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SitiCable,
Hathway not to poach each other
Mumbai:
SitiCable and Hathway Cable and Datacom have reached a non-poaching
agreement barring each other from encouraging defections or wooing
away the other partys distributors and franchisees.
Hathway services only 5 to 10 per cent of its subscribers
directly, the remainder being under independent distributors and
franchisees.
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Sony-Discovery
float JV
Mumbai:
Sony Entertainment TV and Discovery Networks International have
floated a joint venture creating a platform of six channels in
India.
Initially, the joint venture would be limited to a distribution
partnership where the pay channels of the two groups would be
jointly marketed as a single package.
In the long-term, the joint venture intends to work towards a
single corporate entity in India.
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Gabriel
plans to merge group firm with itself
New Delhi:
Gabriel India Ltd plans to merge group company Stallion Shox with
itself.
At present, Gabriel India
holds a 95 per cent stake in Stallion Shox, a closely-held
company.
The Stallion Shox plant
is located close to Delhi. Gabriel India has several plants all
over India.
Gabriel India supplies
shock absorbers to many leading automobile manufacturers all over
the country.
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Nicholas,
Wockhardt to market Ranbaxy drug
New Delhi:
Ranbaxy is entering into a three-way marketing tie-up with
Wockhardt and Nicholas Piramal for co-marketing of the formers
new anti-asthma drug, Montelukast.
Ranbaxy has already finalised the marketing alliance plans with
Wockhardt and Nicholas Piramal and an announcement on this is
expected next week.
In the proposed tie-up, Ranbaxy will manufacture the drug, which
will be marketed by the three companies under separate brand
names.
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Vysya
joins Centurion race
Mumbai:
The Bangalore-based Vysya Bank has thrown its hat into the ring
for a stake in Centurion Bank.
Vysya Banks decision
to join the race for Centurion Bank is also the first attempt by
an old private sector bank to pick up stakes in a new-generation
bank.
Sources said a Vysya Bank
team came to the Centurion Bank headquarters to look at the books.
Centurion Bank expects
formal bids by the end of this month and the deal is likely to be
struck next month.
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