IOC gets control over HPL
Kolkata: The promoters of Haldia Petrochemicals Limited (HPL) have decided to hand over management control of the company to the Indian Oil Corporation (IOC) as a strategic partner.

HPL board agreed to hand over management control to IOC, an issue which had been the bone of contention on the part of The Chatterjee group for long.

The new management would submit a fresh debt restructuring proposal to the financial institutions (FIs).

The FIs, particularly IDBI, had been seeking IOC's participation in HPL, as they believed that the petrochemicals plant was a perfect fit in the oil company's portfolio, besides being a financial powerhouse.
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First Mobile Group sets up Indian arm
Mumbai: First Mobile Group of Hong Kong has set up its wholly-owned subsidiary in India to start distribution and after-sales services for mobile handsets.

The company plans to invest around $20 million for setting up warehouses and marketing channels in the country.

The company is planning to unveil services in all the metros followed by B-and-C class cities.
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Indian Rayon plans capacity expansion
Kolkata: Indian Rayon and Industries Ltd has firmed up plans to double its manufacturing capacity with an investment of Rs 60 crore at its textile manufacturing unit at Rishra in West Bengal.

The AV Birla management has already invested a sum of Rs 15 crore in the unit for enhancing its manufacturing capacity in the recent past.

The expansion will be funded from internal reserves and special loans available to the textile industry.

Indian Rayon is also planning to double its synthetic yarn manufacturing capacity from four million units per annum to eight million units in the next two years. Capacity at its wool combing and wool spinning unit will be doubled to eight million kg in the next few years.

The unit in West Bengal manufactures synthetic yarn, linen yarn spring, fabrics, and processes wool.
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Chinas Haier looking for trading partner
Kolkata: Chinas top home appliances company, Haier group, is looking for trading partners in India to market its products in the country.

"We are looking for companies which will sell our products, give after sale service and also promote the Haier brand in India," Zhang Hanqi, assistant chief engineer, Technology Centre, Haier Group, said.

He said three companies had shown interest in marketing Haier product in India.

Haier manufactures consumer durables like refrigerator, air conditioner, washing machine, microwave oven and television sets.

Haier sells 21-inch color television in China between $80-100 which translates into between Rs 4000-5000.
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Andersen, KPMG begin merger talks
Mumbai: The Indian arm of Andersen Inc is holding talks for a possible merger with the local unit of KPMG.

The talks are part of the global announcement last week by both Andersen and KPMG on combining operations throughout Europe, Africa, the Middle East, Canada, Asia and Latin America.

The Indian arm of Andersen has around 200 clients under its four business operations. The company, managed by 36 partners and 150 senior managers, has around 750 employees.
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Escotel to offload equity
New Delhi: Escotel Telecommunications will offload part of its equity to a strategic partner by the end of April.

Escorts has shortlisted three prospective strategic and financial investors for the holding company.

The proposed partner would have control over the two telecom subsidiaries of the group -- Escorts Telecom and Escotel Mobile Communication.
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Britannia in JV with Fonterra Group
Mumbai: Britannia Industries has entered into a joint venture with the Fonterra Co-operative, New Zealand's leading dairy co-operative group.

The new joint venture would be known as Britannia New Zealand Foods Private Ltd and both the companies would hold 49 per cent stake each while a strategic partner is to hold the remaining two per cent.

Bangalore-based BIL would transfer its existing dairy business to the new JV.

BIL Chairman Nusli Wadia in a statement said the new company would have full access to Fonterra's research and development strengths to help in further upgrading product quality and reducing product costs.
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Coca Cola launches power drink
Mumbai: Coca-Cola India has launched Sunfill, ready to serve power drink, in the city.

The product would also be soon introduced in Madhya Pradesh and Gujarat.

The introduction of Sunfill in Western India follows a test launch in Andhra Pradesh and Tamil Nadu a couple of months back.
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Keane Inc buys SignalTree
New Delhi: The US-based Keane Inc has acquired SignalTree Solutions for $62 million. The deal will give the Keane offshore development capability.

SignalTree Solution (India) Ltd will now be known as Keane India Ltd and the company would serve as the offshore extension of Keanes service delivery capabilities.

SignalTree has been providing application development and management services to US and European customers, servicing clients from two development centres in Noida and Hyderabad.
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Kodak India net down 38.47%
Mumbai: Kodak India has posted a 38.47 per cent drop in net profit at Rs 20.98 crore for the fiscal ended December 2001 compared to Rs 34.1 crore in the previous financial year.

The board of directors have recommended a dividend of Rs 6 per share (including Rs 1.50 per share as a special dividend) for the reporting year as against Rs 10 per share (including Rs 5.50 per share as special dividend) in the preceding year ended December 2000.

The net sales in 2001 have increased to Rs 733.5 crore as against Rs 667.44 crore in the last year while the total income stood at Rs 735.57 crore (Rs 672 crore in 2000).
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Hyatts to enter Mumbai, Kolkata
New Delhi: Hyatt Regency will open two more hotels in Kolkata and Mumbai during the second and third quarter of this year respectively.

Hyatt Regency Kolkata would be a 235-room property, which would include a presidential suite, two executive suites and eight junior suites and mainly target the international business traveller.

The Mumbai property would have 410 rooms, including 25 suites and a presidential suite.
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Mahindra to launch Scorpio in May
New Delhi: Mahindra and Mahindras sports-utility vehicle Scorpio will hit the streets in May this year. The Scorpio will be priced in the range of Rs 5-7 lakh.

The SUV will have a high-powered turbo diesel engine, developed in-house. It will also sport a petrol heart sourced from Renault of France.
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Bhel bags Rs 51 cr order from Bhutan
Chennai: Bharat Heavy Electricals has bagged a Rs 51 crore order for manufacture and supply of transformers to Tala Hydro Electric Project (HEP), the largest power project in Bhutan.

The order is for manufacturing, supply and commissioning of 400 KV class 70 MVA generator transformers, dry type transformers and 400 KV shunt reactor besides spares for the 6x170 MW power project in western Bhutan.

The project is being executed by Bhel, with financial assistance from the government of India.
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Voltas board approves merger of 2 subsidiaries
Mumbai: Voltas' board has approved the merger of Virat Investment Company and Voltas Systems wholly-owned subsidiaries, with itself effective from 1 April 2002.

The amalgamation would be subject to obtaining requisite approvals including that of Mumbai High Court, the company informed the Bombay Stock Exchange.

Virat is an investment company registered with Reserve Bank of India as a non-banking financial company while Voltas Systems is a dormant company with no business activity.
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Wockhardt buys out Rhein stake in JV
Mumbai: Wockhardt Ltd has bought out German partner Rhein Biotech's stake in their 50:50 joint venture set up in 1996 to make the hepatitis-B vaccine.

Rhein would receive royalties on future sales of Wockhardt's hepatitis-B vaccine and of insulin products made with its technology.

Wockhardt plans to expand its hepatitis-B vaccine capacity by 100 million paediatric doses later this year and start making the blood-boosting drug erythropoietin.
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ETC Networks allots preferential shares to Zee
Mumbai: ETC Networks has agreed to allot 2.2 million shares on a preferential basis to Zee Telefilms.

ETC Networks will sell the shares at Rs 31.52 rupees apiece, which will inject almost Rs 7. crore into ETC Networks.

In February, Zee bought a 48.4 per cent stake in ETC Networks from its founders at the same price per share, paying a total of Rs 250 crore.

Zee, which is yet to make the open offer, will hold 73 per cent of the expanded equity capital if it buys 20 per cent from ETC's public shareholders.
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Egana to set up unit in Mumbai
Bangalore: Egana India Pvt Ltd, the distributors of watch brands like Esprit, Carrera and Pierre Cardin, and the Blue Fire line of jewellery, is planning to set up a manufacturing unit in Mumbai by the year-end at an investment of $5 million.

The mother brand Egana will now be pushed through exclusive outlets called Egana Studios and aggressive advertising.

The Mumbai unit would be Egana's fifth plant worldwide and will be 100 per cent export-oriented.

The company has targeted 35 exclusive stores by 2003 in major Indian cities.
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M&M farm sector workers get VRS
Mumbai: Mahindra & Mahindra has announced a voluntary retirement scheme for the farm equipment sector workmen in Kandivali and Nagpur.

The scheme would be applicable to all workmen and monthly rated staff of the company who have completed 40 years of age or put in minimum 10 years of service, M&M informed the Bombay Stock Exchange.

The company said the scheme, which remains open till 31 March 2002, shall not apply to those who have availed in the past the benefit of any other voluntary retirement scheme.
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Kvaerner Powergas to make RIL plant design
Mumbai: Kvaerner Powergas India (KPGI) has been selected by Reliance Industries (RIL) to provide design engineering services to build its 2.2-lakh tonne per year polyester resin plant at Hazira.

Reliance will expand its existing RelpetR polyester packaging resin (PET) capacity of 80,000 tonne per year to 300,000 tonne per year with this plant.

According to a Reliance press release, this new world-scale plant will be located alongside the existing facility for RelpetR at Hazira.
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Infosys ties up with Northwestern Mutual
Bangalore: Infosys Technologies Ltd has tied up with Northwestern Mutual to develop and launch an online funds transfer option for Northwestern Mutual's variable life and annuity policy holders.

Customers can now log on to www.northwesternmutual.com to make immediate transfers from their accounts.
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Rolta India to pay 30 pc
Mumbai: Rolta India has recommended a dividend of 30 per cent for the financial year ended 31 December 2001.

Net profit for the year grew 16.1 per cent over the previous year's, to Rs 105.46 crore from Rs 90.86 crore the previous year.

Profit before depreciation and tax grew 24.3 per cent, to Rs 151 crore from Rs 121.49 crore. Total income grew 18 per cent, to Rs 301.46 crore from Rs 254.87 crore.
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Gillette to boost alkaline battery biz
New Delhi: Gillette India Ltd is keen to increase its market share in the alkaline battery market in India.

The company is now sourcing all alkaline batteries from other Duracell facilities worldwide.

Gillette plans to bring in the FIFA World Cup champions trophy to India to create market awareness for their alkaline batteries in the country.
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Lupin launches anti-TB tablet
New Delhi: Lupin Ltd has introduced AKuriT, a customised therapy for TB patients of all weight categories.

AKuriT is a fixed dose combination of the four essential TB drugs - rifampicin, isoniazid, ethambutol and pyrazinamide - in a single tablet.

Lupin has been at the forefront of TB-eradication medications and India is the first Asian country where the company has launched the new prescription drug.
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Guj Samachar, 8 others submit EoI for Hind Newsprint
Kolkata: The Gujarat Samachar group of publications, along with other eight interested parties, has submitted expressions of interest (EoI) for the purchase of 74 per cent equity of Hindustan Newsprint Ltd (HNL).

An EoI has also been received from a Singapore-based consortium of some of the world's leading newsprint manufacturers led by a Canadian company which has combined annual newsprint production capacity of about eight million tonnes.

Ballarpur Industries Ltd (Bilt), ITC Bhadrachalam Paper, Tamil Nadu Newsprint Ltd (TNPL), Mysore Paper Mills Ltd and West Coast Paper Mills Ltd have also submitted EoIs.
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J P Morgan to up stake in India arm
Mumbai: J P Morgan Chase will pump in Rs 102 crore into J P Morgan India, the investment banking arm of the bank in India.

The investment is being made to hike the banks holding in the investment bank from 75 per cent to 100 per cent.
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Bajaj offers Rs 50 per share for MSL
Mumbai: Bajaj Auto has offered a final price of Rs 50 per share to buy out the governments 27 per cent shareholding in the Maharashtra Scooters.

After the buy out, Bajaj plans to merge Maharashtra Scooters with itself to save sales tax on supplies of completely knocked down (CKD) kits to MSL.

Bajaj Auto would contemplate merging Maharashtra Scooters with the company as it would save them the sales tax levy of Rs 350 per for the completely-knocked-down kits that the company currently supplies to Maharashtra Scooters.
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Airbus offers VIP jets to India
New Delhi: Airbus Industrie has offered its corporate jet for VIP operations in India and is in discussions with Air India on leasing of three A-310 aircraft.

The Indian Air Force has shown interest in buying VIP jets to replace its 20-year old Boeing 737s and Airbus and Boeing have already made presentations in this regard.

Hindustan Aeronautics Ltd, which has already supplied over 300 door frames for A-320s, is a major sub-contractor for the latest A-380.
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