Times Internet acquires stake in Webdunia
New Delhi: Times Internet Ltd has made a foray in the vernacular language space with the acquisition of a strategic stake in Webdunia.com India Pvt Ltd.

TILs equity investment in Webdunia is strategic in nature, as non-metro, urban and semi-urban towns were expected to be at the forefront of the next phase of Internet penetration in India.

Webdunia is the pioneer in providing Internet services in several Indian languages such as Hindi, Telegu, Tamil and Malayalam. The company also has the distinction of launching the worlds first multilingual e-mail (epatra); multilingual chat (evarta); first Indian language search engine (khoj) and multilingual e-greetings (kamana).
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Govt invites initial bids for Mecon
Mumbai: The government has invited preliminary bids for a 51 per cent stake in its wholly owned engineering firm Mecon.

The company, based in Jharkhand, is involved in engineering, consultancy and project management services.

Mecon has strategic alliances with firms like UK-based consultant High Point Rendel Group and Italian engineering firm Snamprogetti. It posted a turnover of Rs 2,700 crore in the year ended 31 March 2001.
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Reliance Info ties up with banks for shared ATMs
Mumbai: Reliance Infocom has sounded out UTI Bank for taking up the role of the settlement bank for the proposed shared ATM project.

The company made a presentation to around 70 bankers from 30 banks on the proposed project.

In a shared ATM network, the settlement bank would act as a co-ordinating point for transactions through the shared ATM network. It electronically collects funds from the ATM issuing bank, whose customer is drawing cash from another banks ATM in the same network.
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Amex to buy out Tatas in forex JV
New Delhi: American Express has signed an agreement with Tata Finance to acquire its entire 65 per cent stake in their forex joint venture, Tata Finance Amex.

Amex will now control 100 per cent equity of the venture.

Tata Finance Amex, was set up as a joint venture in 1999 for offering money changing and foreign exchange services. It has one of the largest distribution networks in the country with 40 offices in 22 cities. The companys total equity is to the tune of Rs 25 crore.
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Cadila plans unit in Afghanistan
Ahmedabad: Cadila Pharmaceuticals is contemplating setting up a manufacturing base in Afghanistan.

CPL also announced that it would give Rs 50 lakh worth of medicine free to Afghanistan as part of its plan to forge stronger trade ties with Afghanistan. A CPL delegation would shortly visit Kabul.

The donated cargo of medicines from CPL will include antibiotics, tonics, antiulcerants, disinfectants and hospital products like bandages and gloves.
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Bombay Dyeing cuts 700 jobs
Mumbai: Bombay Dyeing and Manufacturing Company has reduced its employee strength by 700 during the last financial year as part of a restructuring exercise.

The company, which is expected to get permission from the Maharashtra government to develop its textile mill land, has reduced its workforce by 3,600 in the last five years. This accounts for 36 per cent of the total number of employees.

The company will continue to cut down employee strength since it intends to move a part of its textile manufacturing facilities out of Mumbai city. An amount of Rs 51 crores has been spent so far for the various voluntary retirement schemes. The company has made a provision of Rs 70 crore for future VRS payments.
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ECIL posts Rs 75 cr profit
Hyderabad: Electronics Corporation of India has registered a turnover of Rs 675 crore and a profit of Rs 75 crore during 2001-02.

The ECIL is looking forward to a turnover of Rs 800 crore for the current financial year.

Out of the Rs 675 crore turnover, the highest in the corporation's history, the defence sector accounted for 50 per cent.

As part of right-sizing exercise, a voluntary retirement scheme was offered and during the last two years, over 1,300 employees had availed the facility resulting in pruning the staff strength from 7,000 to 5,700.
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HLL offloads Rs 500 cr from MF schemes
Mumbai: Hindustan Lever (HLL) has redeemed almost all its investments totaling around Rs 500 crore from debt and liquid schemes of mutual funds.

Zurich, Prudential ICICI, Templeton, Alliance and Standard Chartered are the main mutual funds which witnessed massive redemptions by HLL.
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Crossroads plans shopping malls in major cities
Mumbai: Crossroads is planning to set up shopping malls in Pune, Bangalore, Hyderabad and Chennai.

Addressing a press conference here, Crossroads vice-president Rajeev Piramal said, "Our core competence lies in the operational management of the mall and the relationship with the global mega brands."

Piramyd supermarket located within the Piramyd megastore the anchor store at Crossroads covers an area of around 3,500 square feet with well demarcated sections for food and non-food items.

With the arrival of international brands like Tag Heuer, Mango and Marks & Spencer and Indian brands like Piramyd Megastore, Weekender and Pantaloons, Crossroads has a strong mix of Indian and international brands.
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Godrej to launch new vegetable oil
Mumbai: Godrej Industries foods division is test launching a new blended vegetable oil under the brand Godrej 100%, priced at Rs 42 per litre.

The Godrej 100% is mainly targetted at the masses and at increasing volumes.

A blend of 60 per cent imported RBD palmolein and 40 per cent refined soyabean oil, the new Godrej 100% is competitively priced in Godrejs current stable of edible oils like Godrej refined groundnut oil, Godrej hydrogenated vanaspati and Cooklite.
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Bharti launches SMS in Telugu
Hyderabad: Bharti Mobile promoted AirTel cellular service has announced the introduction of SMS in Telugu starting this Ugadi, the Telugu New Year Day.

This is yet another value-added service from AirTel and was designed to reach subscribers across the state and bring the element of fun and excitement.
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Stroh's beer to enter South
New Delhi: Mount Shivalik Industries Ltd (MSIL), manufacturer of leading brands such as Stroh's, Thunderbolt and Golden Peacock, is forming tie-ups with bottling plants in the south to make its brands available in the four southern states.

The company recently redesigned the packaging for its brands and launched both Thunderbolt and Stroh's in 330 ml pack to widen the appeal for its brands. The company will also be launching an advertising campaign in the print media for Thunderbolt.

The Stroh's brand is targeted at the younger generation. Stroh's is priced at Rs 20 for 330 ml and Rs 35 for 650 ml.

MSIL has also launched a new region-specific brand for the North Eastern states called Thunder 10000.
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FCB Ulka bags UCB account
New Delhi: United Colors of Benetton (UCB) has handed its Rs 4-crore advertisement account to the FCB Ulka

The change in its ad agency is also expected to alter the brand's advertising strategy in the domestic market. The company's communication strategy is now being focused on addressing key value offerings of international style and quality in a wide range of wardrobe options.

The advertising for the brand will continue to rely more on print than on electronic media.

DCM Benetton's turnover last year was about Rs 80 crore.
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SBI installs 1,017 ATMs
Mumbai: State Bank of India (SBI) has put in place 1,017 ATMs, the largest number of installed ATMs by any single bank in the country, the bank said in a press release.

The bank had installed 764 ATMs in one year while in the last five weeks 541 ATMs were installed across the country.

With these ATMs in place, the bank aimed to provide ATM facilities where it was convenient for the customer to operate, the release added.
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