Unimobile sells out to US Co
New Delhi: Unimobile Inc, a wireless messaging startup, has sold off its stake to US-based print server company Electronics For Publishing Inc (EFI).

Unimobile was acquired by EFI at a price of $2.5 million, including up to $1 million earn-out based on the achievement of revenue goals. Unimobile, which was looking for new funding, found difficult to raise money in a tough market.

US-based Bhandarkar will now head the Unimobile business unit at EFI. The company, which was founded in 1996 as Gray Cell, later changed its name to Unimobile after its product by the same name.

Unimobiles technology will help EFI to drive its PrintMe Network services.
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Parle Bisleri in talks with Nestle
Mumbai: India's largest bottled water firm Parle Bisleri is in talks with Switzerland's Nestle and France's Danone on the sale of a large stake.

Danone, producer of Evian mineral water is focusing on India, China and Indonesia for its bottled water business. Nestle, which produces Perrier water, rolled out its Pure Life bottled water, geared towards developing countries with unreliable municipal water supplies, in 1999.

Coca-Cola has a high-profile presence in India with its Kinley bottled water and PepsiCo Inc sells its Aquafina brand, but both trail Bisleri.
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Exide plans $6 million expansion
Kolkata: Exide Industries Ltd plans to spend $6.12 million in the current fiscal to raise motorcycle battery capacity and launch new batteries for bigger vehicles.

Exide, the country's largest storage battery maker, currently makes 2.6 million motorcycle batteries every year giving it a market share of 52 percent in this fast-growing battery segment.

"We are planning an investment of 300 million rupees this year on expansion," Exide Chairman S B Ganguly told a news conference in Kolkata. He said the firm planned to produce 4.1 million motorcycle batteries in the current fiscal to cater to increased demand. "We are the biggest suppliers to Bajaj Auto and Hero Honda."
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Eicher Motors net dips 21%
Mumbai: Eicher Motors has reported a 21% decline in net profit to Rs 18.47 crore in the fiscal 2002 when compared with Rs 23.53 crore for 2001.

The total income (net of excise) rose 21% to Rs 477.53 crore from Rs 394.14 crore.

The company's board has recommended 25% dividend on the equity capital.
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Spanish Co to set up R&D unit
Bangalore: Target Soma, a Spanish company engaged in manufacturing and marketing nutritional and health care products, plans to set up an R&D centre for ayurvedic products in Kolkata at an investment of $4 million.

The centre would develop ayurvedic products which the company plans to export to Spain and other parts of Europe and later to Mexico and the US.

The company has eight ayurvedic health supplements, which are marketed in India by Target India Pvt Ltd with which Target Soma has marketing collaboration.

Besides the ayurvedic products Target India has 22 OTC health products for various uses like weight management, protein supplementation for children, adult, women and body builders, dietary supplements for diseases like diabetes, obesity, stress, memory, skin and digestion.
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Funskool ties up with Warner Brothers
Chennai: Funskool India Ltd, the Chennai-based toymaker, has tied up with Warner Brothers Consumer Products for licensed manufacturing of the latters products.

The arrangement would help Funskool to introduce figures, toys, games and puzzles based on leading Warner Brothers characters in the Indian market. The company would introduce Superman for the first time in the Indian toy market. Superman will be available for children in plastic moulded figures and Superman puzzles.

The company is planning to bring out eight Superman characters this year. Indian children will also get to collect exciting Batman figures and various Batman high-tech gadgets through the Funskool-Warner Bros tie up.
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SKF Bearings ties up with Sundaram Motors
Bangalore: SKF Bearings India Ltd has entered into a partnership with Sundaram Motors for the marketing of kits.

The automotive kit market has huge potential in the country as there are no key players in the field. Automotive kits constitute 55 per cent of SKFs sales in Europe.

In the first phase, the company would introduce wheel bearing kits for the front and rear wheels of Maruti 800 and later extend it to other cars. The company plans to tap the markets of Karnataka and AP initially and then move on to other parts of the country.

Other than wheel bearing kit, SKF also plans to introduce timing belt kits, water pump kits and clutch release bearing kits for different cars in the Indian market in the near future.
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Hyundai Motor Q1 net doubles
Seoul: South Koreas largest automaker, Hyundai Motor Co, said its net profit more than doubled to 586.6 billion won ($460 million) in the January-March quarter from the same period last year, led by sales of Sonata sedans and Santa FE sport utility vehicles.

The models helped boost Hyundais domestic and US sales.
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Kotak Mahindra to set up $100 million VC fund
Mumbai: Kotak Mahindra Finance plans to raise a venture capital fund of about $100 million.

The firm currently has a fund called the Kotak Mahindra Venture Capital Fund with a corpus of Rs 50 crore which has been investing in technology and pharma companies over the last year and a half.
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Electrolux Kelvinator plant closed
New Delhi: Electrolux Kelvinator Ltd has informed the Bombay Stock Exchange that the Gurgaon plant stands closed effective 30 April.

Earlier, the company had informed BSE that the board of directors decided to relocate the `front-load' washing machine manufacturing facilities currently located at Gurgaon, Haryana to its existing `top-loading' fully-automatic washing machine manufacturing facility at Butibori, Maharashtra.

This move followed the restructuring steps taken by the company after the Delhi High Court had given formal approvals required for the amalgamation of Electrolux India Ltd and Intron Ltd with Electrolux Kelvinator Ltd last year.
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Bajaj Electricals suspends work at Matchwel unit
Pune: Bajaj Electricals Ltd has informed the Bombay Stock Exchange that for want of orders for products manufactured at its Matchwel unit at Pune, the company has suspended operations for a period of at least one month with effect from 4 May to 7 June.

The Matchwel unit produces pressure die-cast components. Bajaj Electricals manufactures lamps and tube lights, luminaries, small household appliances, ceiling fans and table fans and turnkey engineering services.
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Cadbury sells land at Thane
Mumbai: Cadbury India Ltd has executed an agreement with Kalpataru Properties (Thane) Private Ltd for the sale of land at Thane, adjoining the company's premises admeasuring 27,520 square metres for a sum of Rs 11 crore.
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Taj to open 5-star hotel in Maldives
Dubai: The Taj Hotels is to open its second resort in Maldives - The Taj Exotica Resort and Spa - in July this year.

Located in the middle of Emboodhu Finolhu, one of the largest lagoons in Maldives, the deluxe five star property of The Taj Group is only a 15-minute speedboat ride from the Male international airport.

The secluded retreat features 64 air-conditioned villas comprising 24 lagoon villas, 31 deluxe lagoon villas, four beach villas, four deluxe beach villas and a suite.
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Timex launches big watches
New Delhi: Timex has launched its new watch collection of big, bold watches in the price range of Rs 1,395-Rs 2,195.

The new Timex collection has a total of 39 styles - 27 of these for men and 12 for women.

The company has also tried out what it calls up-market packaging for the watches.
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Tata's open offer for 20% stake in VSNL oversubscribed
Mumbai: The Tata Group's open offer to acquire upto 20 per cent equity stake (5.70 crore shares) of Videsh Sanchar Nigam Ltd at Rs 202 per share has been oversubscribed.

The offer, which opened on 10 April and closed on 9 May, was made pursuant to government's decision to disinvest 25 per cent of its shareholding in VSNL to Tatas.

Panatone Finvest Ltd, Tata Group's special purpose vehicle, along with its principals, Tata Sons Ltd, Tata Power Company Ltd, Tata Iron & Steel Company Ltd and Tata Industries Ltd had made the offer.
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Star to offload 3% stake in Zee
Mumbai: Star TV has decided to offload a major portion of its 3.9 per cent holding in Zee Telefilms.

Star has offered Zee the stake as its promoters have the first right of refusal. Only if Subhash Chandra refuses to pick up the shares can Star sell it in the open market.

Zee Telefilms initially had three 50:50 joint ventures with Star TV: Siticable, Programme Asia Trading Company and Winter Heath (the holding company of Asia Today).
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