RPL signs pact with oil PSUs
New Delhi: Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum signed a 2-year agreement with Reliance to market its 13 million tonnes prodcuts from 1 April.

The deal, envisaging lifting about 7 million tonnes product by IOC and the balance by Bharat Petroleum and Hindustan Petroleum, does not have the contentious clause of take or pay which makes it mandatory for the oil PSUs to pay for the committed product with or without marketing.

The three oil PSUs also inked another five-year broad-based deal for future requirement of petroleum products wherein IOC, BPCL and HPCL would give preference for sourcing of products from Reliance.
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Sony bags World Cup cricket telecast rights
New Delhi: Sony Entertainment Television has bagged the satellite and cable broadcast rights for five years of international cricket in a multi-million dollar deal.

The rights includes 315 one-day matches, including two ICC World Cups (South Africa 2003 and West Indies 2006) and ICC cricket championships. The rights were acquired from WSG Nimbus, who had earlier bought the worldwide telecast rights from International Cricket Council for around $650 million in 2000.

Doordarshan has acquired limited terrestrial telecast rights for the two World Cups in the matches where India play, apart from the two semi-finals and the finals.
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CRB Capital plans to repay depositors
New Delhi: CRB Capital has prepared a scheme to repay money to its depositors and bond holders. The scheme, which has been submitted to the Delhi high court, will have to be approved by the secured and unsecured depositors.

CRB Capital had 134,000 deposit holders and 20,000 bond holders as on 9 April 1997, when RBI, on finding certain irregularities in the firms accounts, had issued a prohibitory order against the company on accepting fresh deposits.

CRB has been able to recover a substantial amount from its creditors. In the next one year, the company would be in a position to repay Rs 128 crore to its depositors. In the 10-year-long scheme, the company had proposed to repay the principal amount of Rs 193 crore.
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Govt clears $2.16-mn Ess Technology investment
New Delhi: The government has cleared a proposal by US-based DVD chipmaker Ess Technology to invest Rs 10.53 crore in local firm Moschip Semiconductor Technology.

Moschip, based in Hyderabad, is a maker of application specific integrated circuits for computer peripherals.

California-based Ess would hold a 72 per cent stake in the Indian company.

The approval was among 17 foreign direct investment proposals worth 870 million rupees cleared by commerce and industry minister Murasoli Maran.

Maran also approved a Rs 58.5-crore investment in Bombay-based television content company UTV Software Communications by Mauritius-based CDP Media Holdings.

Other proposals cleared were in the information and broadcasting, information technology, cargo services and consumer goods manufacturing sectors, the statement said.
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HM to roll out new Lancer
New Delhi: Hindustan Motors is working on a top-of- the-line variant of Lancer to be priced in the Rs 12 lakh bracket.

The top-end variant will sport an all-new 1.8-litre petrol engine sourced from Mitsubishi Motor Corporation.

Mitsubishi has already agreed to supply HM with the 1.8-litre automatic transmission and manual transmission petrol engine on payment of 12.70 million Yen. The company has sought the centres nod to pay royalty to Mitsubishi for the new variant.
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Satyam Infoway ready for Net telephony
Chennai: Satyam Infoway is preparing to roll out Internet-based phone calls from April.

The company is awaiting government nod for its application to launch Voice-over-Internet Protocol services which will slash the cost of overseas calls.

The company expects that the new service will have a dramatic multiplier effect on the Internet access market, given the inherent cost advantages for overseas telephone callers and small businesses switching to video conferencing over the Internet.

The company plans to use its network of over 616 "i-Way" Internet cafes spread across the country as the lynchpin in its new service offering.

Satyam had over 600,000 retail Internet subscribers at the end of the third quarter in December, with a majority of them being dial-up subscribers.
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NDTV to float TV channel next year
New Delhi: NDTV will float its own television channel from April 2003. NDTVs content contract with Starwhich is set to expire in March 2003will not be renewed.

NDTV may provide news content to Doordarshan if it cannot make the channel operational by April next year. TV Today is also expected to float an English channel next year.
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Bayer posts Rs 9.17 cr net profit in 2001
Mumbai: Bayer (India) has posted a 26 per cent rise in net profit at Rs 9.17 crore for year ended December 2001 compared to Rs 7.26 crore in previous fiscal.

The board of directors have recommended a dividend of 20 per cent, same as last year, the company said in a release.

Sales and other operating income was higher by 12 per cent at Rs 700.26 crore in reporting year as against Rs 623.89 crore in 2000.

In 2001, the rubber business saw a turnaround with sales, supported with exports, registering a growth over the previous year, it added.
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Micro world ties up with Aditya Infotech
Bangalore: MicroWorld Software Services has entered into strategic alliance with Aditya Infotech.

Aditya Infotech, a part of the Rs 450-crore Aditya Group, will market MicroWorld's flagship anti-virus products-eScan VC and eScan VCS all over India.
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Data Access receives ILD licence
New Delhi: Data Access has received licence from department of telecommunications for offering international long distance services.

The company received the licence by paying Rs 25 crore entry fee and a bank guarentee of another Rs 25 crore.

The company is planning to roll out the commercial service in April 2002.

Data Access has invested as additional sum of Rs 100 crore for rolling out international long distance voice business and has already signed agreements with more than 12 international carriers and has in place a Memorandum of Understanding with Bharat Sanchar Nigam for termination of traffic in India and for termination of India originated traffic to global destinations.
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Dr Reddys launches drug for cancer
Hyderabad: Dr Reddys Laboratories Limited (DRL) has launched Bicalutamide, which is indicated for the treatment of advanced prostate cancer. DRL is the first company in India to launch this drug.

Bicalutamide is the generic version of AstraZenecas Casodex. Bicalutamide, with its once-a-day dosage. In comparison, Flutamide, the currently available anti-androgen drug, has thrice-a-day dosage and a shorter action time.
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Good Health Agros unit starts production
Hyderabad: Good Health Agrotech Limited, manufacturers of refined sunflower and refined groundnut oils, has set up a new edible oil refining unit near Kakinada port in Andhra Pradesh with an investment of Rs 9 crore. The plant commenced commercial production on 28 March.

The new unit would have an installed capacity of 2,000 tonnes per day. The project has been set up keeping in mind the twin advantages of availability of cheap labour and rice husk in plenty, which is the main source of fuel for boiler in the project.

The company would produce palmolein, soyabean and sunflower oils.
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Nissan Motor to buy 13.5% stake in Renault
Tokyo: Nissan Motor Co will buy a 13.5% stake in its French partner Renault SA for 217.5 billion yen ($1.6 billion).

Nissan has returned to profitability under a partnership with Renault that began in 1999 and has shuttered plants, cut jobs and sold off property and stakes in affiliates.

Renault, which originally took a 36.8 per cent stake in the Japanese automaker, increased its stake to 44.4 per cent earlier this month.
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Sony cuts CD, cassette prices
Mumbai:  Sony Music Entertainment India will reduce the prices of compact discs (CDs) and music cassettes on its film catalogue from the first week of April.

Sony Music presently sells its CDs in the film catalogue at Rs 195. These will be brought down to Rs 115.

While Sony Music will sell its CDs of films like "Lagaan", Ashoka" and "Kabhi Kushi Kabhie Ghum" at Rs 115, it may increase the rates if a big banner is involved.

The prices of cassettes will be reduced to Rs 45 for the existing catalogue from the current level of approximately Rs 65.
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New Telugu TV channel next month
Hyderabad: A new digital Telugu satellite TV channel Maa TV is planning to go on air by the second week of April.

To be beamed from the INSAT 2E satellite with 3/3 zonal beam transponder, Maa TV plans to focus on the younger generation with its entertainment fare. The channel is also tying up with Discovery Channel for an hours programming in Telugu.

Maa TV is going to be a pay channel. The channel is promoted by Kiranmayi Ramakrishna Nikhil Sanghia, Suresh Babu and Satyamurthy, who were all associated with Zee TV group and Siti Cable.

The initial investment towards developing this channel is about Rs 25 crore.
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Daewoo India mulls contract manufacturing
Chennai: Daewoo Motor India Ltd (DMIL) is mulling entering into contract manufacturing arrangements with other domestic automobile companies.

Contract manufacturing would involve the use of the existing DMIL assembly line for the manufacture of current or proposed models of other carmakers for a fee.

The company has made presentations to two other automobile manufacturers in the country and is currently scouting for possible contract manufacturing tie-ups with overseas carmakers that are not present in the Indian market.
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Hindustan Inks to expand capital base
Mumbai: The board of directors of Hindustan Inks & Resins Ltd has decided to issue further capital either by issue of fully-convertible debentures/partly-convertible debentures/equity shares.

The issue would be for an aggregate amount ranging from Rs 150 crore to Rs 200 crore.
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Jumbo to buy out Indian holding in Shaw Wallace
New Delhi: M.R. Chhabria group has firmed up plans to buy out the entire 60.93 per cent equity in Shaw Wallace & Company (SWC) held by Indian shareholders. The acquisition will be made through Jumbo World Holdings Ltd (JWHL), Dubai, or its subsidiary and associate companies, in phases.

Jumbo Worldwide is a company incorporated in British Virgin Island with a paid-up equity of $170 million and is entirely held by Chhabria.

Jumbo has applied to the Foreign Investment Promotion Board seeking permission to acquire 100 per cent stake in SWC.
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Deepak Fert to expand capacity
Mumbai: Deepak Fertilizers and Petrochemicals Corporation Ltd plans to expand the capacity of its prilled ammonium nitrate unit in Taloja, Maharashtra, by 30,000 tonnes per year from 70,000 tonnes.

The company's planned outlay for the project is Rs 55 crore. The project is expected to be commissioned by September-October.
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Sterlite to raise Rs 150-cr debt
Mumbai: Sterlite Industries will raise Rs 150 crore from the debt market to meet part of the Rs 445 crore needed to buy the governments 26 per cent stake in Hindustan Zinc. The remaining will be met through equity.

Sterlite intends to pay the entire amount of Rs 445 crore by the first week of April. Sterlite will make an open offer for 20 per cent of the stock held by public after it signs the shareholders agreement with the government.

Meanwhile, Crisil has reaffirmed its rating on Sterlite Industries and removed the AA and pfAA ratings from rating watch with developing implications.
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Telco gets approval for financial recast
Kolkata: Tata Engineering and Locomotive Company has received the approval of its shareholders and debenture holders to go ahead with financial restructuring.

The shareholders and debenture holders gave their consent to the companys initiative to set off miscellaneous expenditure to the extent not written off or adjusted. They also approved the proposal for impairment in value of part of the companys fixed assets lying in capital work in progress and diminution in value of certain financial investments aggregating Rs 1,180 crore against the balance in securities premium account.
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Airbus to buy back IA planes
New Delhi: Airbus Industrie has offered to buy back Indian Airlines ageing fleet of 18 Airbus A 300s and Boeing 737-200s.
The deal is part of the pricing strategy followed by Airbus to win IA contract. It has also offered finance for 80 per cent of the deal value through European credit.
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