Pawar wants fresh evaluation of Bajaj assets
Mumbai: NCP leader Sharad Pawar has suggested a fresh evaluation of assets of the Bajaj group - tentatively around Rs 6,000 crore - as the first step towards resolution of the family dispute.
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Mergers set Hindalco firmly on Nalco trail
New Delhi: This was one deal waiting to happen to fit the macro picture right! The merger of Indian Aluminium Company Limited (Indal) with Hindalco Industries Limited (HIL) is finally getting done by Mr Kumar Mangalam Birla, it seems.
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Philips wants to bet on premium, price
Kolkata: Royal Philips Electronics seems determined to go in for an image makeover. Its not happy to be known only as an innovator and a technology-driven company.
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Split of Hotel Ashok plot led to land-use violations
New Delhi: Even as the row over disinvestment of India Tourism Development Corporation (ITDC) hotels and their alleged mismanagement lingers on, the management of Hotel Ashok has dug out new details about land use violation charges.
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ICICI VF still keen on stake in EIL
Mumbai: Disqualification has not dampened ICICI Venture Funds enthusiasm for picking up a stake in the public sector Engineers India Ltd (EIL). ICICI VF is now exploring alternative options for picking up a stake in EIL, since they can no longer bid directly. ICICI VFs bid was earlier disqualified on technical grounds.
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Bajaj Allianz records Rs 18-cr loss in 1st yr
Mumbai: Bajaj Allianz General Insurance Company has reported a loss of Rs 18.17 crore for the first year of its operations. The company has made underwriting losses in motor, marine and miscellaneous class of business while it has recorded a profit in fire insurance.
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BoB net profit unchanged at Rs 182.84 cr
Ahmedabad: Bank of Barodas net profit for the quarter ended June `02 remains almost unchanged at Rs 182.84 crore compared to Rs 182.61 crore a year ago, despite significantly lower provisioning. Operating profits of the bank grew marginally to Rs 315.48 crore from Rs 312.44 crore.
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GE Shipping to exit from Prime Securities
Mumbai: GE Shipping is close to exiting from Prime Securities (PSL), a Mumbai-based finance company. GE Shipping has been selling its holding in the open market for several months.
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Xerox ModiCorp made payments to fictitious firms: PwC
New Delhi: In a fresh twist to the Xerox scandal, accounting firm PriceWaterhouseCoopers says Xerox ModiCorp made sizeable payments to fictitious companies in cash as well as through bank drafts of which a percentage was deducted and the rest paid back to the company
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Hindalco sets 1:12 swap ratio for Indo Gulf
New Delhi: The Aditya Birla Group, India's third-biggest conglomerate, on Sunday said it is splitting copper and fertiliser maker Indo Gulf Corporation into two and transferring the copper unit to Hindalco, India's largest aluminium producer.
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Idea to invest Rs 800cr in Delhi circle
Mumbai: Delhi cellular subscribers will soon have a choice, with Idea Cellular (formerly Batata) planning to launch its services in the Capital by early September.
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World Cup: Sony to rake in ad moolah
Mumbai: Sony is going all out for the ad moolah in the World Cup cricket and ICC knockout tournament. Even as both Sony and DD are set to simultaneously telecast key games of the World Cup cricket, Sony has unveiled its ambitious advertising package.
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Gail hopes talks with Haldia Petro may lead to deal soon
Kolkata: With Indian Oil Corporation having failed to reach a consensus with the promoters of Haldia Petrochemicals Ltd so far, the Gail has initiated talks with HPL and is hopeful of an outcome in the next two to three months.
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No recruitment at IHCL for now
Kolkata: Tata Group company Indian Hotels Company Ltd has frozen recruitments for the moment, as part of its cost control measures.
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DCA finds Jet Airways failed to get approval for raising credit limit
New Delhi: Department of Company Affairs, which has cleared Jet Airways shareholding pattern, has pointed towards certain discrepancies in the airlines balance sheets, saying penal action could be initiated against the company in certain cases.
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JSPL to invest Rs 3,600 crore on greenfield steel plant in Orissa
Mumbai: Jindal Steel and Power said it proposes to invest Rs 3,600 crore to set up a greenfield integrated steel and sponge iron plant in Orissa.
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PowerGrid's new transmission line to be ready by August
Kolar: Power Grid Corporation of India Ltd) will commission the 500-kilo volt high voltage direct current transmission by August.
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Delta Jute Mill reopens; resolves labour dispute
Kolkata: Deltas Jute Mill, a unit of Delta Ltd, has reopened after being closed for more than six months due to labour problem.
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Corporate sanctity MNCs' double standards
Last year, a few days before he quit his assignment in India, a top US diplomat chose to hector the Union Government and Maharashtra State officials on the sanctity of agreements and contracts. The lack of sanctity for project contracts, especially the one signed with Enron in India, would drive US investors out of India, he thundered. Ironically, a few months after the diplomatic diatribe, the corporate abuse indulged in by the Houston-based company became public.
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Coke mulls phased divestment
New Delhi: Coca-Cola is contemplating a fresh proposal of phased disinvestment of its Indian subsidiary, Hindustan Coca-Cola India Private Ltd. This follows the US major's inability to get a waiver or definite extension of time within the stipulated five-year period which ended last week for disinvesting 49 per cent shareholding in its Indian arm.
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FIPB waiting for clear plan
New Delhi: Though the FIPB has given a month's extension (till August 17) to Coke to come up with its disinvestment proposal, official sources said that it should not be taken as waiver of the condition.
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Crisil reaffirms NCD, CP ratings
Mumbai: Crisil has reaffirmed the ratings assigned to Hindalco Industries Ltd's non-convertible debenture programme and commercial paper programme. The non-convertible debenture programmes have been assigned `AAA' ratings and the commercial paper programme `P1+'.
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Aksh to raise more funds through debt
Chennai: Aksh Optifibre Ltd, the Gurgaon-based, optical fibre cable manufacturer, has finalised plans to raise more funds through debt.
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`RPL public issue funds used for paying call money'
New Delhi: The funds raised by Reliance Petroleum Ltd (RPL) through its public issue in 1993-94 were routed through privately-owned Ambani companies for paying call money of H-series debentures of Reliance Industries Ltd  (RIL), according to an inspection report on the company ordered by the Department of Company Affairs (DCA). The report further states that apart from paying call money for RIL's debentures, RPL's public issue funds were also used for repaying overdraft facilities availed from Citibank, by routing the funds through the Ambani companies.
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