Deadline for Engineers India selloff on 17 May
New Delhi: The disinvestment ministry has invited bids for selling 51% government stake in Engineers India (EIL) along with management control.

The department will also be appointing advisors for the divestment by 19 April.

The government currently holds 90.4% stake in EIL. Interested companies are expected to submit their initial EoIs by 17 May.
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Finolex promoters up stake
Mumbai: The promoters of Finolex Industries have increased their stake by about 3% to 18.06% via buybacks of about two crore shares at an investment of Rs 55.4 crore within one year.

The buyback, which was completed on 2 April, also resulted in Finolex Cables and other associate companies increasing their stake in Finolex Industries by more than 4% to 31.10%.

The stake of financial institutions and banks declined to 1.58% from 4.2%.
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Eli Lilly seeks nod for mktg biotech drug
New Delhi: Eli Lilly & Company (India) has sought approval of the genetic engineering approval committee and the drug controller general of India for marketing its anti-sepsis drug Xigris.

The drug was unveiled in the US in last November.
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NTPC may issue fresh equity
New Delhi: National Thermal Power Corporation may issue fresh equity to the public to raise funds required for adding 20,000 MW power generation capacity in the next 10 years.

NTPC needs about Rs 80,000 crore investment over the next 10 years to add the proposed 20,000 MW generation capacity.

NTPC recorded a five per cent jump in the net profit at Rs 3,917 crore during 2001-02 as against Rs 3,734 crore in the previous year. The turnover during the year was up at Rs 20,415 crore compared to Rs 20,344 crore.
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Wipro-IBM forge strategic alliance
Bangalore: Wipro and IBM have signed a strategic alliance to address customer needs in India and Asia Pacific region.

As part of this alliance, Wipro will market and integrate IBM's wide range of server and storage products in India, including pSeries (UNIX servers), xSeries (intel based servers), iSeries and zSeries.

In addition, IBM's full portfolio of storage products covering enterprise storage systems (ESS), liner tape open (LTO), network attached storage (NAS) and iSCSI products will also be offered.
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Highland plans JV for Famous Grouse
Bangalore: The UK-based Highland Distillers Ltd plans to set up a joint venture in India for distributing and marketing its popular Scotch whisky brand, the Famous Grouse.

Globally, Highland Distillers markets its products through Maxxium, one of the world's largest sales and distribution companies for premium wines and spirits in key markets outside the US.

Highland launched Famous Grouse in September 2001.

In India, Famous Grouse costs around Rs 1,800 for a 750 ml bottle while in the UK it costs around Rs 840 for a 700 ml bottle.
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Caltex to invest Rs 175 crore on expansion
New Delhi: Caltex is pumping in Rs 175 crore in its subsidiary, Caltex Gas India.

While a part of this investment will be used to acquire the 49 per cent stake held by the M A Chidambaram Group-promoted Spic, the balance will be used to fund expansion.

The investment will be made by Caltex Oil Corporation directly, or through Caltex Lubricants India Ltd, a wholly owned Indian subsidiary.
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BSNL to invest Rs 14,000 cr this fiscal
New Delhi: Bharat Sanchar Nigam (BSNL) has committed investments of Rs 14,000 crore in the current fiscal. The company will raise most of the funds through internal resources, but may also go for external borrowings if the government does not lend financial support for rural telephony.

BSNL is targeting a revenue growth of at least 15 per cent this year compared with last year's revenues of Rs 24,000 crore.

Of the new services being planned this year, BSNL would take a licence for international long distance services apart from rolling out its cellular and WLL limited mobility services.
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BHEL net profit up 41%
New Delhi: Bharat Heavy Electricals (BHEL) has reported a 40.6 per cent jump in net profit at Rs 440 crore during 2001-02, primarily on account of a 2.5 per cent lowering of material costs.

Turnover is estimated at Rs 7,257 crore for the year, a 14.3 per cent jump over 2000-01.

BHEL had recorded a net profit of Rs 313 crore in 2000-01 on a turnover of Rs 6,348 crore. Despite slow growth in the industrial and power sectors, order inflows are expected to register a 77 per cent increase at Rs 9,836 crore during 2001-02, as against orders inflows of Rs 5,557 crore in 2000-01.
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ABN Amro looking for acquisitions
|Bangalore: ABN Amro is looking at possible acquisitions among India's private banks in order to grow rapidly in an emerging market.

The Reserve Bank of India (RBI) in February confirmed that it had raised its foreign direct investment limit in private banks to 49 per cent from 20 per cent while retaining the ceiling on foreign investors' voting rights to 10 per cent.

ABN AMRO Bank acquired the retail assets of Bank of America's Indian operations a few years ago.
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Kuoni plans to dilute India stake
New Delhi: Kuoni Travel Holding Ltd planning to dilute 26 per cent stake in its Indian armKuoni Indiathrough an IPO.

The company has identified some acquisition targets in India, Sri Lanka, Bangladesh and Nepal.

Kuoni, through the acquisition of Sita World Travel and buying 50 per cent stake in SOTC, currently has a presence in the Indian out-bound and inbound travel market.

The acquisitions would be followed by a listing on the local bourses in India.
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Sanghi plans Rs 1,300-cr cement plant in AP
Hyderabad:  Sanghi Cements Limited has proposed to set up a 3.6 million tonne capacity plant in Andhra Pradesh with an estimated investment of Rs 1,300 crore. The project is expected to come up near the coal and limestone-rich district of Guntur at Gottimukala village with the technical collaboration from Fuller of the US.

The project is expected to have an equity base of Rs 450 crore, wherein Andhra Pradesh government is expected to hold 11 per cent stake by way of land and Fuller will opt for up to 25 per cent stake.

For the remaining Rs 750 crore of debt portion, the company will negotiate with financial institutions.
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IBM India withdraws AMD-based computers
New Delhi:  IBM India which launched its AMD processor-based desktop computer range early last year, has now withdrawn them from the market.

IBM was selling its Net Vista machines with an option of AMD processors at a price of around Rs 35,000 to penetrate the low-end consumer market.
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Deutsche Telekom eyes ILD
Mumbai: Deutsche Telekom is looking at an entry into the international long distance (ILD) market in India by the end of this year. The company is currently in negotiations with a host of Indian companies who intend to enter the ILD space.

Deutsche Telekom will perform the function of a carriers carrier which will allow it to route all international calls from and into India.

Deutsche Telekom is Europes largest telecommunications company. It provides solutions ranging from network services to mobile Internet.

As an ILD operator, it has tie-ups with over 1,000 operators across the world.
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Fosters to launch new beer
Mumbai: Fosters India Ltd is all set to roll out a new beer brand called Amberro in two variants namely Amberro Mild and Amberro strong in Maharashtra. In addition, the company is also extending its Fosters brand to cities like Kolkata and Kerala this summer.

Fosters is the official sponsor of the Grand Prix which includes title sponsorship of 3/17 races in Australia, the UK and Belgium.

The company recently organised a contest for consumers across India whereby six consumers won an all expense paid holiday to Australia during the Australian Grand Prix.
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Sterlite signs HZL deal
New Delhi: Sterlite Industries has signed the transaction document with the government for acquiring 26 per cent stake in Hindustan Zinc Ltd (HZL). The company will make actual payment of Rs 445 crore for the acquisition on 11 April.

Under the agreement, Sterlite Industries would make an open offer for acquiring additional 20 per cent stake in HZL within four days.

Both the partners would now finalise the appointment of their respective nominees to the newly constituted board of the company in which Sterlite group would have management control.

The government would nominate five representatives including the chairman while Sterlite would appoint six directors including the managing director.
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RIL raises polyester, polymer prices
Mumbai: Reliance Industries Ltd has hiked prices of polymer, polyester and fiber intermediates by 5 to 16 per cent from 1 April.

The increase in prices is in line with trend in international market where the prices have hardened in the recent past following the rise in crude oil prices. The Brent crude crossed $27 per barrel.

Polyester staple fibre prices are up 10.4 per cent to Rs 47.75 per kg (Rs 43.25), polyethylene terephthalate is up 6.6 per cent to Rs 56.50 per kg (Rs 53.00) while partially oriented yarn is up 5.6 per cent to Rs 56.55 per kg (Rs 53.55).

Fibre intermediate products - polyethylene terephthalate is up 16.3 per cent to Rs 28.60 per kg (Rs 24.60) while mono ethylene glycol is up 8.4 per cent to Rs 25.75 per kg (Rs 23.75).

Polyethylene is up 10.3 per cent to Rs 43.00 per kg (Rs 39.00), polypropylene is 12.7 per cent higher at Rs 44.25 per kg (Rs 39.25). While polyvinyl chloride is up 13.9 per cent to Rs 41.10 per kg (Rs 36.10).

Price of linear alkyl benzene remains unchanged at Rs 51.40 per kg.
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Pfizer gets more time to set up subsidiary
New Delhi: Pfizer Corporation has been granted a one-year extension by the Foreign Investment Promotion Board (FIPB) for setting up a wholly-owned subsidiary in India.

The subsidiary will organise clinical research activities in respect of new molecules as well as manufacturing bulk drugs and formulations such as Sulbactum, Ampicilin, Flucanazole and Tinidazole.

The company will have an equity capital of $1 million to be infused by the US parent before the one-year extension period ends on 23 December.
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CMS bags $1-m Korean project
New Delhi: CMS Institute, the IT training division of CMS group, is training about 200 students from South Korea in diverse IT skills and English language, under a $ 1-million project.

The first batch of students arrived in India and they will be trained at the CMS facility in Pune, the company said in a statement here. This is part of an initiative by the South Korean Government to promote information technology, the statement said. CMS will train the students in skills such as Microsoft .NET, Professional Java etc.
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Kuoni ties up with BTI
New Delhi: Kuoni India has announced a strategic alliance with Business Travel International (BTI).

The alliance will result in re-branding Kuoni's Business Travel division as BTI-SITA which will focus on providing quality services for business travellers combined with the strategic intent of becoming the leading players in corporate travel in India.

In India, BTI-SITA will provide advice in the delivery of corporate travel solutions and offer tailored solutions to two major client segments, small and medium-sized enterprises and major national and multinational groups.
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Nature Fresh to offer branded rice
New Delhi: Cargill Foods Ltd, which markets the Nature Fresh brand of atta, refined oils and salt, is now set to roll out branded rice.

The branded rice basmati and non-basmati will be rolled out in five variants, beginning with Delhi.
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SAB launches Castle lager beer
Mumbai: South African Breweries India Ltd has launched its premium brand, Castle Lager, in Mumbai.

The brand is available in packs of 650 ml and 330 ml priced at Rs 40 and Rs 21 respectively.

The shelf life of the product will be about one year as compared to six months of other brands in the category.

As a part of promotions, the company plans to associate the brand with cricket.
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Essar's Ruias to buy out Sterling
Kolkata: The Ruias of Essar are set to buy out the 10 per cent stake held by the C Sivasankaran-promoted Sterling group in Essar Tele-Holdings, the telecom arm of the Essar group.

By virtue of its 10 per cent stake in Essar Tele-Holdings, the Sterling group effectively holds nearly 5 per cent in Sterling Cellular. The Sterling groups 10 per cent stake in Essar Tele-Holdings is held through various investment companies.

The Ruias intend to acquire the Sterling group stake ahead of the Essar-Hutch consolidation.
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Escorts to offer Net telephony
New Delhi: Escorts company iServ is planning to launch retail Internet telephony services under the brandname ZyberTalk around 15 April, which would offer customers tariffs of Rs 8 to Rs 10 per minute for India to US call.

The company is in talks with three international players for tie-ups.

With the introduction of internet telephony customers would be required to purchase pre-paid cards and dial-into the player's system, and after filling the necessary pin, account number and password they can dial the number with the help of a dialer.
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CFIL plans 100% PD arm
New Delhi: Citicorp Finance India is setting up a 100-per-cent downstream subsidiary for carrying out primary dealership of government securities.

The proposal, entailing an investment of $10.5 million from Citibank Overseas Investment Corporation through CFIL, will take the total capital infusion from Citigroup to $171.5 million in India.
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Crocodile plans to set up e-kiosks
Bangalore: Crocodile Products Private, the 66:34 joint venture between Shivrams Associates and the Singapore-based Crocodile International, plans to launch e-kiosks at its exclusive gallery outlets.

The e-kiosk will help the customer to browse through the companys electronic product catalogue through a touch-screen facility.

The idea is to ensure that the customer gets the product in about 48 hours time from the time when the order is placed.

Currently, there are 44 such galleries on a pan-India basis, which is expected to double this fiscal. These e-kiosks have already been in operation in Chennai and Coimbatore.
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Wilmar gets Adani nod to set up JV
Ahmedabad: The Adani group has given consent to joint venture partner, Wilmar, to set up a new JV in India to manufacture edible oils and vanaspati at Kakinada.

Wilmar is Asias second largest edible oil conglomerate. Adani Wilmar owns Indias largest edible oil refinery. Wilmar has now tied up with Acalpo Trading to form a new JV.
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Warner Lambert, Joyco ink pact
New Delhi: Joyco India, makers of products like Boomers, Bonkers, Solano, Pim Pom and Warner Lambert makers of Clorets and Halls are entering into a strategic alliance to consolidate their distribution network.

Warner Lambert will enter into an arrangement with Joyco, to utilise Joycos extensive nationwide distribution network for selling products in its basket in India, both existing and to be launched in India.

The confectionary products manufactured by Joyco are distributed through its own, extensive and well-defined nationwide distribution network.
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Samsung to pump in $5m in India ops
Chandigarh: Samsung India Electronics Limited plans to inject $ 5 million during 2002 to shore up its operations in India. Of this, $ 3 million is to be invested to upgrade its facility at Noida in UP to churn out trendy home appliance including washing machines and air conditioners.

While much of the new investment-around Rs.25 crore- will go in for designing of new moulds, another $ 2 million is to be pumped in to upgrade its CTV plant.
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JD Edwards to invest $2m in India arm
Mumbai: JD Edwards has received Foreign Investment Promotion Board nod for converting its India representative office into a wholly-owned subsidiary.

The company has earmarked an initial investment of $2 million spread over one year, from a total proposed amount of $10 million dedicated for the Indian market.

The company had earlier planned to establish a presence in India in the first half of the current year and it was on the lookout for local partners who could sell, distribute and provide services and support for its software.

Software major TCS also happens to be a reseller for JD Edwards software solutions and has put together a team based out of Hyderabad to handle ERP projects.
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Ford to launch Ikon 1.3 variant in June
Mumbai: Ford India is planning to launch a special value package of the smaller engined Ikon towards the end of May this year.

This limited edition Ikon will have power steering, fresh interior upholstery, a stereo system and a special badging.

The current versions of the 1.3 include the CLXi (with power steering as an option) and EXi, and retail for around Rs 5,34,000 and Rs 5,88,000 in Mumbai, respectively.
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Indica sales up 67% in March
Mumbai: Tata Engineering has registered the highest ever sales of 8,769 units of its small car Indica in March, a 67 per cent jump over sales of 5,284 units in March 2001.

With this, the cumulative domestic sales of Tata Indica during 2001-02 have touched 64,035 units, which is a 46 per cent rise over sales during the previous fiscal.

With this, the Indica has achieved the cash break-even for the fiscal, for the second time since its launch.
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