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Bharti
mobile businesses under one umbrella
New Delhi: Bharati
TeleVentures Ltd has announced the amalgamation of its cellular
mobile businesses under a single subsidiary, Bharti Cellular Ltd (BCL),
subject to all legal and regulatory approvals.
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Tatas
will opt for ADSs of VSNL
Mumbai: The Tatas will be accepting 93,73,982 American
depository shares of VSNL tendered under the open offer for 20 per
cent stake in the telecom company. Of the valid tenders received,
the number of ADSs validly tendered was 1,34,23,601.
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ZKL
Bearings starts marketing initiatives
Mumbai: The
Czech bearings major ZKL Bearings CZ Ltd has launched its
marketing initiatives in India. The $40-million turnover company
hopes to generate a revenue of $5 million from the sale of
bearings in India within the next three years.
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Reliance
cuts polymer prices 2% to 5%
Mumbai: Relaince Industries Ltd has reduced polymer prices
by 2 to 5 per cent, effective 1 June 2002, keeping in line with
falling product prices internationally. Polyethylene prices are
down 3.5 per cent to Rs 41.50 per kg (Rs 43).
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Arvind
Hospital vies for World Bank aid
Madurai: Arvind
Eye Hospital has approached the World Bank for part funding of its
Rs 10-crore telemedicine network project, according to Dr Arvind
Srinivasan, administrator of the hospital.
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Companies
(Amendment) Bill provisions under review
New Delhi: The
review of the Companies (Amendment) Bill will also allow the
committee to look into the existing Act in totality. In the
current scenario and in tune with the trends in the international
market it should be also looking at stakeholders democracy, say
corporate sources.
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Indo
Rama auditors qualify accounts over dividend
Mumbai: The
auditors of the Rs 1,900-crore Indo Rama Synthetics (India) Ltd
have qualified the financial statements of the company for the
year 2001-02 over the decision of the board of directors to
recommend a 10 per cent dividend.
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Tata
Steel starts chromium treatment plant
Mumbai: Tata Steels Rs 50-lakh hexavalent chromium
treatment plant at Sukinda chromite ore mine has been inaugurated.
Hexavalent chromium in chrome ore was first detected in the mine
water of Sukinda valley in 1990.
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Market
growth linked to economic recovery: HLL
Mumbai: FMCG
major Hindustan Lever Ltd (HLL) has said the market growth linked
to the turnaround of the economy remains the major risk factor in
2002. HLL also acknowledge that market growth has slowed down with
rural demand continuing to be sluggish.
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Nucleus
Software to benefit from revenue growth
Mumbai: Financial
software products and services firm Nucleus Software Ltd will earn
more revenue than it did last fiscal going by its order book, its
managing director Vishnu Dusad has said.
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Hyundai
sales in May increases to 8,078 units
Mumbai: Hyundai
Motor India Ltd, the countrys second largest carmaker, said it
sold 8,078 cars in May 2002, which marked a 7.3-per cent rise over
April sales. May sales were, however, lower compared with last
years sales of 8,134 cars in the same month.
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Hyatt
likely to buy stake in Golden Palm Resorts
Mumbai: Hospitality
major Hyatt group is keen to pick up a strategic stake in the Rs
125-crore Golden Palm Resorts and Spa promoted by Sanjay Khan.
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Shaw
Wallace set to launch regional beer brands
Bangalore: Shaw
Wallace Breweries Ltd, the beer division of the Shaw Wallace and
Co Ltd, is gearing up for a national launch of its regional beer
brands Rosy Pelican and Haywards Lager.
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MSRDC
to reduce works programme to Rs 800 cr
Mumbai: The
Maharashtra state-run MSRDC proposes to restrict the size of the
works programme to Rs 800 crore during 2002-03, in view of the
constraints on mobilisation of funds from capital markets and
fixed charge of debt servicing.
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Glaxo
may be eyeing Panjon
Pharmaceutical
major GlaxoSmithKline could be considering making an acquisition
in the domestic market. Sources in the market said that the
company could be looking at acquiring Panjon, a healthcare firm.
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VSNL
funding in Tata Tele overvalued
Mumbai: VSNL
has overvalued Tata Teleservices by acquiring its 25 per cent
stake for Rs 1,200 crore, according to Merrill Lynch.
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Government,
Tatas may amicably settle issue
Mumbai: The
Tatas and the government seem to be working towards a compromise.
Even though they continued to exchange letters, behind the scenes
confabulations seem to have helped defuse the tension.
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Knoll
reconsiders buyback, wait for Sebi policy
Mumbai: Knoll Pharmaceuticals has said plans to buy back up
to 25 per cent of its equity capital have been deferred pending
certain regulatory/policy clarifications from market watchdog Sebi.
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Days
Inn to run Sterling
Chennai: At
one shot, Days Inn hotel chain has become the largest
international franchise brand in India following its latest
agreement with Chennai-based time share company, Sterling Holiday
Resorts for managing and marketing the latter's 11 resorts in nine
exotic holiday destinations.
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Nalco
to begin hiring people again
New Delhi: Nalco
is planning to resume recruitment once the ongoing expansion at
its various facilities is completed.
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Bombay
Dyeing, Proline may strategically tie up
Mumbai: The Wadia group flagship Bombay Dyeing is in talks
with the Mumbai-based garment company Proline India for a
strategic tie-up.
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