ONGC, Gail to sell cross-holdings
Kolkata: ONGC and Gail are planning to sell their holdings in each other and in Indian Oil Corporation. The bid to do away with the cross-holdings will help ONGC and Gail raise Rs 4,200 crore.

The IOC board has already decided to sell its 9.61-per cent and 4. 8-per cent stakes in ONGC and Gail, raising Rs 5,100 crore.
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Maruti opts for book-building exercise
New Delhi: Maruti Udyog Ltd is set to become the second company after Bharti Tele-Ventures to opt for simultaneous book-building at home and abroad for its proposed IPO. The department of disinvestment has decided that the proposed IPO will be on an international platform. This means both the international investors as well as the domestic investors will be able to participate in the book, which would be run out of India, preferably Mumbai.
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Balmer Lawrie to have two-phased sell-off plan
New Delhi: The government has finalised the sell-off plan for Balmer Lawrie Ltd. It is set to seek the approval of the cabinet for a proposal involving the hiving-off of four businesses into separate companies, for which strategic partners will be roped in.
According to the proposal, once the four businesses are sold off by around December 2002, Balmer Lawrie, with the remaining businesses such as packaging, grease and IT services, can be privatised.
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Carlsberg in race for equity in Shaw Wallace
Bangalore: The euro 4-billion Danish-Norwegian beer major Carlsberg Breweries has joined the race with South African Breweries India Ltd for equity in Shaw Wallace and Companys brewing business. This follows SWCs preparedness to engage global brewers in a strategic deal.

Carlsberg is reportedly in touch with the SWC management. SWC officials said Carlsberg is in talks with them. Last year, Manu Chhabria, the then SWC Chairman, had announced its plans to induct a strategic ally in the beer business.
Back to News Review index page   RailTel to get private partner for telecom venture
New Delhi: The railway ministry is having a rethink on the appointment of an investment banker to work out both the quantum and premium on equity for RailTel to be offered to BSNL and MTNL. It may, instead, pilot a fresh proposal to the cabinet, seeking permission to rope in private partners for its telecom venture.
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Kapur to form his own cycle-making unit
The Atlas Cycles imbroglio has taken an interesting turn with Arun Kapur, the ousted vice-president, joining his younger son to set up a full-fledged cycle manufacturing unit.
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Essar Oil to venture into retail segment
Mumbai: Essar Oil, which has been granted the marketing rights for petro-retailing, is planning to hit the market within the next two months by entering the bulk retail segment.
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Telco to focus on lease, hire portfolio
Mumbai: Telco is planning to grow its portfolio of lease and hire purchase commercial vehicles and utility vehicles.
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HLL gains as P&G gets a drubbing
New Delhi: Hindustan Lever seems to be gaining ground as compared to arch rival Procter and Gamble in the premium end of the detergent market.
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Tata Honeywell reaches target in Hi-Spec
Mumbai: Tata Honeywell has reportedly achieved the projected growth target of over 100 per cent in its Hi-Spec Solutions business for the previous fiscal.
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Titan not to join hands with Time
Mumbai: Tata Group company Titan Industries has called off its proposed tie-up with Time Products Plc for its UK operations. Instead, the company is negotiating with leading distribution house Hirsch UK.
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HLL asks 300 employees to resume work
Mumbai: Hindustan Lever Ltd has asked 300 idle workmen to report back to work at its Mumbai factory in Sewri which, the company says, is not viable.
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Cement Corporation to be privatised by yearend
New Delhi: The bidders for 10 plants of Cement Corporation of India have started the exercise of due diligence, which they are likely to complete in the next month. The government expects to sell CCI by the end of this year.
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