Promoters to hike stake in Essar Shipping
Mumbai: The promoters of Essar Shipping plan to hike their stake in the company to 74.39 per cent from 48.34 per cent.

According to a notice issued for the extra-ordinary general meeting, 10.50 crore equity shares would be issued at par in lieu of unsecured interest free loan of Rs 105 crore, while 9.50 crore equity shares will be issued as fresh equity shares at par to raise Rs 95 crore.

The promoters had earlier infused an interest free debt to subscribe to the equity of the wholly-owned subsidiary, Vadinar Oil Terminal Ltd, which is estimated to cost Rs 1,874 crore.
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Videocon forays into multiplexes
New Delhi: Videocon is making forays into real time entertainment. The company has set aside Rs 80 crore for developing a multiplex-cum-shopping arcade in New Delhis central business district, Connaught Place.

The company is converting the existing building at Kasturba Gandhi Marg into an entertainment plaza at an investment of Rs 80 crore.

The plaza will be ready in two years.

The multiplex will have a shopping arcade, food courts and adequate parking space.
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KVIB to set up cyber cafes
Thiruvananthapuram: Khadi and Village Industries Board (KVIB) has invited applications for the margin money grant which it proposes to sanction for setting up cyber cafes in gram panchayats.

KVIB will provide a grant of up to 30 per cent for such projects, each estimated to cost Rs 2.50 lakh. The last date for submitting applications for the purpose is 6 April.
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Arvind Remedies to set up unit in TN
New Delhi: Arvind Remedies Limited is setting up a world-class facility near Chennai to take up manufacturing of tablets, injectibles and soft gelatin capsules.

The facility will involve an investment of Rs 50 crore. The facility will be operational by 2003 and will be funded through term loans and internal accruals.

The company is looking at endochronology, dermatology, cardiovascular diseases and nutrition as the new focus areas and intends to launch newer products over the next year.
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Eicher Motors launches HCV
New Delhi: Eicher Motors Ltd has launched India's first indigenously designed and developed heavy commercial vehicle.

The company has sold about 15-20 units of the truck to customers in the southern and western India to get their feedback.

The company would mass-produce the vehicle after gauging customer experiences.

The launch of Eicher's 20.16 trucks comes after a delay of more than a year.

The six-cylinder, 150-horse power truck will have a gross vehicle weight (GVW) of 16.2 tonnes and a payload of 10.5 tonnes.

The company is planning to launch a 25-tonne multi axle truck by the end-2002 to follow the foray into the HCV segment.
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Aksh to put 2.5 lakh villages on the Net
New Delhi:  Aksh Optifibres Limited will be investing Rs 12,500 crore for setting up multimedia Internet kiosks in 2,50,000 villages across the country over the next 10 years.

Aksh plans to go in for a three-way financing of the project. Aksh will invest Rs 6,250 crore through a combination of fresh capital investment initially and ploughing back of funds generated from the business.

Local villagers will also chip in with some investment while the balance will come from a strategic partner or in the form of debt.

Under the Gramdoot service, every village will have a multimedia Internet kiosk manned by a local villager called a Gramdoot. In each of the kiosk, a villager can access services like telemedicine, e-governance, cable TV, voice services, distance education and web camera.
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Infinite Computer to set up second development centre
Mumbai: Infinite Computer Solutions plans to set up its second development centre at an investment of $5 million.

The company plans to start operations in Europe either through the acquisition of a company based in Europe or the acquisition of an Indian company with operations in Europe.

The company plans to raise $10-12 million through the first round of funding, which is expected be finalised in the next 3-4 months.

The company already has a development centre in Bangalore. The second centre will house about 500 engineers.
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GSFC to sell 45-MW plant
Ahmedabad: Gujarat State Fertilisers & Chemicals Ltd (GSFC) has decided to sell its 45-MW combined cycle power plant in Vadodara.

GSFC, which has been trying to sell the power plant for the past one year on account of fuel gas shortage, made public its intention to sell the power plant with only nine days to go for the end of the current fiscal. The distress sale could net the company around Rs 100 crore.

The power plant had been lying idle for some time now.
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Contract Advt launches new division
Mumbai: Contract Advertising (India) Ltd has launched Design Sutra, its specialist design division, in Delhi.

Contract Advertising has recently bagged a host of new accounts, which include Allianz Bajaj, Microsoft XP and Seagrams..

Contract has recently extended the services of its direct marketing and interactive division i Contract- by offering services like event management and database management.
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