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Exports to
be 15% of Scorpio volumes in three years
New Delhi: In
line with its endeavour to be a global utility-vehicle
manufacturer, Mahindra and Mahindra is targeting exports to
constitute 15 per cent of Scorpio volumes in three years time.
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Usha
Beltron promoters to raise stake to 32%
Mumbai: The
promoters of Usha Beltron Ltd, a Jhawar group company, will up its
stake in the company from the present 21 per cent to 32 per cent
following the Rs 120-crore investment in steel and steel products
business.
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IFC
plans to invest $24.6 million in Usha Beltron
Mumbai: The Washington-based International Finance
Corporation has decided to invest $24.6 million in Usha Beltron
Ltd. Of this, $3.6 million will be invested as equity while the
balance of $21 million would be invested as a 11-year term loan.
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Bajaj
family may meet Shishir to sort out issues
Pune: The
Bajaj family is likely to meet today "to sort out their
differences," with its senior members scheduled to have
detailed discussion with younger brother Shishir Bajaj, who is
expected to return home from abroad.
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Shishir
seeks Rs 550 crore for Bajaj stake
Pune: Shishir
Bajaj, who expressed his desire to split from the Bajaj group, has
sought a consolidated amount of around Rs 550 crore for his equity
stake in group companies.
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Mysore
Cements drops plans to sell off three plants
Bangalore: The SK Birla group company Mysore Cements Ltd
has shelved its plan to sell off its plants at Jhansi, Damoh and
Narsingarh for the time being in the absence of any serious
bidders.
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IA
slashes fares by 15-20% on select sectors
Mumbai: In an
effort to get more passengers to travel by air during the lean
season, Indian Airlines has dropped fares by between 15 per cent
and 20 per cent on seven sectors from Mumbai, including Bangalore,
Goa, Mangalore and Jamnagar.
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BSES
defers announcement of results
Mumbai: The BSES board, which met on Monday, was forced to
defer the results announcement after nominees of financial
institutions asked that a second audit of accounts be conducted.
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Shaw
Wallace, UB join in UDV race
New Delhi: AT least four players are in the race to buy the
Indian whiskies of United Distillers & Vintners, part of
Diageo Plc, which are on sale. The deadline for the bids ended
today. The domestic liquor majors, UB Group & and Shaw Wallace
& Co.
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Kisco
bags maiden export order
Bangalore: The new joint venture company Kudremukh Iron
& Steel Company Ltd, promoted by three public sector units,
namely Kudremukh Iron Ore Company Ltd, Metallurgical and
Engineering Consultants (India) Ltd (Mecon) and the Metal Scrap,
has bagged it maiden export order.
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GSPL
pipeline commissioned
Mumbai: Gujarat State Petronet Ltd has commissioned the Rs
30-crore, 25-km Mora-Utran pipeline which will soon be used to
carry gas to the Gujarat Electricity Boards Utran power
station.
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HC
admits DCA plea against Sterlite buyback
Mumbai: The Bombay High Court on Monday admitted the appeal
as well as the stay application filed by the Department of Company
Affairs on the proposed buy-back scheme of Sterlite Industries
(India) Ltd.
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Friday
Corporation capital recast plans hit roadblock
New Delhi: Web
content provider Friday Corporation's plans to restructure its
capital has hit a roadblock following an apparent lapse in the
scrutiny of the declarations made by it to the Reserve Bank of
India.
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BIFR
talks tough in Telengana Paper case
New Delhi: The BIFR bench took strong objection to the fact
that the company had neither submitted its audited balance sheet
as on 31 March 1998, 1999 and 2000 nor the provisional/ audited
balance sheet for 2000-01.
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Pfizer,
Parke-Davis to consider merger
Mumbai: Drugmakers
Pfizer and Parke-Davis India took one step towards combining their
operations in India by calling a board meet on 27 June to consider
the merger of Parke-Davis with Pfizer.
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Ranbaxy
finalises deal with Cybele
Mumbai: Ranbaxy is believed to have finalised a strategic
tie-up with the South-based herbal company Cybele for sourcing
herbal products.
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Promoters
raise stake in Jindal Strips to 43%
Mumbai: The promoter holding in stainless steel company
Jindal Strips has been steadily changing over the past six months.
Part of the OP Jindal group, JSLs shareholding pattern has seen
the promoters upping their stake to 43 per cent in May 2002,
from 35 per cent in September 2001.
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JB
Chem passes EU quality test for nifedipine
Mumbai: JB
Chemicals and Pharmaceuticals has got the certificate of
suitability from European Pharmacopoeia Monograph from the
European Union for its active pharmaceutical ingredient
Nifedipine.
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Boardroom
row brews in Electrolux
Mumbai: There is boardroom battle brewing in Electrolux
Kelvinator, a subsidiary of Swedish white goods major Electrolux,
and the temperature is expected to rise considerably over the next
few weeks.
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RCF
to wait for HOCL revamp
Mumbai: Rashtriya Chemicals and Fertilisers has said that
it will take a decision on bidding for the 32.6-per cent stake in
Hindustan Organic Chemicals Ltd only after the government
finalises a financial restructuring package for it.
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