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Birla Tyres
joint-venture plan shelved
Mumbai:
Kesoram Industries Ltd (KIL)
of the BK Birla group has shelved its plan to make its tyre
division a separate joint-venture company. The division, currently
being run under the name and style of Birla Tyres, will continue
to remain a diversified business of KIL.
Indicating this, a KIL source working for Birla Tyres ruled out
the possibility of its technical collaborator, Pirelli, becoming
an equity partner of a joint-venture company to run the tyre
division as a separate corporate identity.
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ICICI
may divest 11% stake in Biocon India
Mumbai: ICICI may
divest its 11-per cent stake in Biocon India, which it had bought
for $4 million a year-and-a-half ago.
Foreign
private equity bigwigs like Warburg Pincus and AIG are likely to
take up this stake. Biocon India chairperson Kiran Mazumdar says
knows nothing of the deal. "I only know that ICICI wants to
divest its stake and make some money on its investment."
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Security
clearances slow down Bharti ILD plan
New Delhi: Bharti
Telesonic Ltd (BTSOL), the long-distance arm of the Bharti group,
may have finally signed an interconnect agreement with BSNL for
its international operations, but it is still not ready to offer
its services to subscribers across India.
BTSOL CEO N Arjun says his company is yet to get security
clearances from various government departments for its operations.
Till such time, the launch of the international services will be
on hold.
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M&M
considers eco-friendly vehicles unit
New Delhi: Mahindra
and Mahindra is currently working out the modalities for setting
up an alternative technologies division. The division will focus
on eco-friendly vehicles and solar energy projects.
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IA
takes Rs 100-cr cover against default by agents
New Delhi: Indian Airlines has, for the first time, taken a
Rs 100-crore group insurance against revenue proceeds transacted
by its over 1,700 nationwide travel agents.
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Mercator
Lines net profit doubles to Rs 7.54 crore
Mumbai: Mercator Lines has doubled its net profit to Rs
7.54 crore for the year ending 31 March 2002 as compared to Rs
3.28 crore last year. The income from operations rose by 73 per
cent to Rs 54.98 crore from Rs 31.77 crore in the previous year.
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Nava
Bharat Ferro closes machine-building unit
New Delhi: Nava Bharat Ferro Alloys, a ferro alloys
manufacturer, has closed down its machine-building division at
Nacharam near Hyderabad, turning over 100 workers jobless.
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Tata
Telecom to pay 20% dividend
Mumbai: The board of directors of Tata Telecom has
recommended a dividend of 20 per cent or Rs 2 per share for the
year ended 31 March 2002. The company has reported 87-per cent
growth in net profit during the year at Rs 15.68 crore.
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Lease
Plan to venture into car rentals business
Mumbai: The fleet management company Lease Plan India, a
joint venture between ABN Amro Lease Holding NV and Travel House,
may consider a foray into the car rentals business as part of its
expansion plans.
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Indian
Oil may be the loser in IPCL sell-off
New Delhi: The biggest casualty in the long drawn-out IPCL
disinvestment story, which was finally concluded last weekend, is
undoubtedly Indian Oil Corporation.
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IOC,
ONGC show interest in EIL stake
New Delhi: Indian Oil Corporation and Oil and Natural Gas
Corporation Ltd have indicated their intention to pitch for the
governments 51-per cent stake in Engineers India Ltd. This
follows their submission of expression of interest by the two oil
majors.
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AIG
likely to invest in Cafe Coffee Day
Mumbai: The
foreign private equity player AIG is tipped to be investing in
Cafe Coffee Day, the liquid coffee retail arm of the Bangalore-based
Amalgamated Bean Coffee Trading Pvt Ltd.
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Sika
finishes buyout in Indian arm
Mumbai: Sika AG of Switzerland has completed the buyout of
its Indian partners in Sika Qualcrete Pvt Ltd, which was set up as
a 40:60 joint venture.
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HLL
finds way to compensate shareholders
New Delhi: By deciding to tag a special dividend of Rs 2.76
per share along with the proposed bonus debenture issue, HLL has
finally found a neat way to compensate shareholders for the
additional tax that they will have to bear.
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Nocil
closes down Thane petrochem unit
Mumbai: Since it failed in its hunt for a partner to
finance its modernisation plans, National Organic Chemical
Industries (Nocil) has finally decided to close down its
petrochemical unit at Thane. The petrochemical division employs
around 1,275 employees.
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Krone
witnesses flat topline growth in 2002-03
Mumbai: Intense pricing pressure and elongated sales cycles
will restrict the telecom and IT equipment manufacturer Krone
Communications to reporting almost flat topline growth in
the current financial year.
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SAIL
makes record in offloading coking coal
New Delhi: The Steel Authority of India has set a record in
daily discharge of coking coal in the country by offloading 42,079
tonnes of imported coking coal in a single day.
Company officials said a total cargo of 52,490 tonnes was
offloaded.
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