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CCD may
clear Maruti divestment today
New Delhi: The
cabinet committee on disinvestment (CCD) is likely to clear the
sell-off of Maruti Udyog Ltd (MUL) on 14 May, though the ministry
of heavy industries is yet to concur with the proposal prepared by
the disinvestment ministry.
The CCD meeting, however, will not take up the final clearance of
divestment in Indian Petrochemicals Corporation (IPCL), said
official sources. It will be taken up at the next meeting of the
committee, which is subject to the availability of Prime Minister
A B Vajpayee.
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BSNL,
MTNL not to get IT benefit
New Delhi: The
ministry of finance has refused to grant infrastructure status to
telecom majors Bharat Sanchar Nigam Ltd and Mahanagar Telephone
Nigam Ltd, which will enable them to seek exemptions under section
80IA of the Income-Tax Act. According to official sources, the
finance ministry has rejected a department of telecommunications
request to this effect.
Under the said section, a company that started providing telecom
services whether basic or cellular between 1 April 1995 and 31
March 2000 is entitled to an exemption on 100 per cent of the
profits derived from that service in the first five years that it
provides the service and 30 per cent of the profits derived from
that service in the next five years.
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MS
deal scuttled, RealNames to shut down
San Francisco:
The president and chief executive of RealNames Corp has said his
company is shutting down because Microsoft Corp has refused to
renew a contract to use RealNames technology in the Internet
Explorer browser to allow people to find websites using simple
words instead of long web addresses.
As a result, Redwood
City, California-based RealNames fired all of its approximately 80
employees last week, but then rehired about 15 of them on a
short-term basis to help customers to sell the assets of the
company, said Keith Teare, RealNames founder.
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Bajaj
Auto eyes 10% market share in Indonesia, Brazil
Pune:
Bajaj Auto has identified Indonesia and Brazil as its two major
growth markets overseas. In fact, the company has long-term
ambitious plans to garner around 10 per cent market share in each
of these two markets.
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Rourkela
Steel formulates strategy to cut losses
Rourkela:
The Rourkela Steel Plant of Steel Authority of India Ltd, which is
likely to report a loss of around Rs 1000 crore during 2001-02,
has formulated a four-pronged strategy to reduce its loss by
around Rs 500 crore in the current fiscal and thus earn an
operating profit of about Rs 150 crore.
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Amalgamated
Bean to invest Rs 100 cr for expansion
Mumbai:
The Rs 250-crore Amalgamated Bean Coffee Trading Co Ltd, has
proposed Rs 100 crore investment over the next three years.
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HMIL
to introduce 1.5-litre Detroit Diesel engine
New Delhi:
Hyundai Motor India Ltd is planning to introduce a 1.5-litre
diesel engine sourced from Detroit Diesel Corporation of the US
before December 2002.
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Wartsila
seeks Vietnam nod on stalled power plant
New Delhi:
Finnish engineering firm Wartsila says it is waiting for a
response from Vietnam on whether a long-stalled power plant
project could be revived, but it would seek compensation of $18
million if this proved impossible.
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Dr
Reddys cancer molecule completes Phase-I trials
Hyderabad: Marking a significant development in the
domestic pharmaceuticals industry, Dr Reddys Laboratories Ltd,
the Hyderabad-based pharma giant, has completed Phase-I clinical
trials on its anti-cancer compound DRF-1042, its first new
chemical entity.
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Kinley
to sell 200-ml cups for Rs 3
New Delhi: Coca-Cola
India is set to introduce Kinley, its bottled water brand, in
200-ml cups this season. The cups will be priced at Rs 3 each. The
company is intending to introduce Kinley in cups this season,
beginning with Chennai and Gujarat.
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Coke
may supply milk, too
New Delhi: Coca-Cola India could consider introducing
branded milk in the Indian market two years later. Given the
companys vision of being a leading beverage company, it can
bring branded milk in India from its international portfolio, a
company official said.
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Geojit
to have Sharjah royalty as director
Kochi:
The board of Geojit Securities Ltd has decided to induct Sheikh
Sultan bin Saud al Qasimi, a member of the ruling family of
Sharjah, as a director. This will help in augmenting business from
NRIs as there are millions of expatriate Indians in the Gulf.
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