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Finmin calls in LIC, GIC to bail out UTI
New Delhi: Life Insurance Corporation and General Insurance Corporation have been called in to bail out the beleaguered Unit Trust of India. The Finance Ministry has convinced the heads of these institutions to buy out the blue chip stocks held by UTI at negotiated prices.
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Jaipuria to acquire Sagar food chain
New Delhi: South Indian restaurant chain Sagar has proved to be a finger-licking good deal for one of Pepsis largest franchisee bottler, CK Jaipuria. Jaipuria is in advanced stages of negotiation to acquire Sagar, one of the most popular food chains in Delhi.
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WorldCom crisis to hit Sify
Chennai: Satyam Infoway's corporate business could take a significant hit during the current fiscal, in the aftermath of the WorldCom crisis.
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India among top 20 telecom spenders
New Delhi: The country is fast making its presence felt on the global telecom scene. The country is the ninth fastest growing spender on telecom in the world. In absolute terms, India is the 14th largest telecom spender in the world, by 2001 figures.
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ITC, Tisco, ICICI Bank swim against Sensex current
Mumbai: ITC, Tata Steel, ICICI Bank and the BSE Sensex just don't seem to get along. In fact, during April-August 2002, if the Sensex had moved up, prices of ITC, Tata Steel and ICICI Bank had actually moved down.
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WorldCom, Tata Tele woes hit VSNL reinsurance plan
Mumbai: The WorldCom and Tata Teleservices controversies have hit the reinsurance plans of VSNL. The reinsurers in London have refused to underwrite the companys $25m Directors & Officers cover which was due for renewal over a fortnight ago.
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ABN Amro to search partner for Shanta Biotech
Mumbai: Shantha Biotechnics has appointed ABN Amro for scouting a strategic partner who bring in at least Rs 150 crore into the company by picking up the equity at a premium which would eventually decrease the existing promoter's stake in the company.
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IA learns the art of serving in fine bone china
New Delhi: Food and its presentation plays an important role in enhancing the inflight experience of an airline. To match competition, Indian Airlines (IA) has decided to introduce superfine bone china crockery for serving food to its economy class passengers, and replace the ones being used for its upper class travellers with a new elegant design.
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Polaris may amend OrbiTech merger terms
Mumbai: Chennai-based banking software product company Polaris Software Labs is likely to change its merger ratio with OrbiTech Solutions, a company owned by Citicorp Overseas Software, which it plans to acquire. The company had signed a proposal to acquire OrbiTech Solutions in May this year.
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Balaji investors clear plan to hike FII limit to 40%
Mumbai: Shareholders of Balaji Telefilms on Friday approved a proposal by the board of directors to hike the foreign institutional investor (FII) limit in the company to 40 per cent from 24 per cent.
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Sony bigwigs to visit Kolkata
New Delhi: Sony Corporation brass from Japan will soon visit Kolkata carrying some concrete business proposals.
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IPCL marketing, export units shift to Mumbai post-RIL buy
Mumbai: Indian Petrochemicals Corporation Ltd has shifted its marketing and export units from Baroda to Mumbai, following its recent acquisition by the Reliance group.
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Tata Coffee may use expresso chain to market products
Mumbai: Tata Coffee Ltd is slowly but surely changing track moving from its vantage point of plantations to the world of value added liquids.
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Acer Designers chalks out strategy to hike export revenue
Bangalore: The Acer Designers, the leading manufacturers of computer numerically controlled lathes, hopes to increase its exports revenue to 15 per cent from the existing five per cent in the next two years.
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TAFE hopes to maintain last years growth despite dull tractor market
Hyderabad: Amidst sluggish market condition, tractor major Tractors and Farm Equipment Limited is confident of maintaining its last years growth apart from retaining the second slot in the current financial year.
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Electrolux Kelvinator needs Rs 120 crore to meet CFC deadline
Kolkata: Electrolux Kelvinator Limited will have to invest about Rs 120 crore in upgrading its three refrigerator manufacturing plants to eliminate the use of chlorofluorocarbons by December 31, 2002.
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TI to make buyback offer
Chennai: Tube Investments of India Ltd proposes to come out with a buyback offer for purchasing 61,55,769 equity shares at a price not exceeding Rs 100 per share. The number of shares on offer represents 25 per cent of the company's equity capital.
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Ranbaxy denies `stealing' bacteria
Mumbai: Litigation in the pharma world is virtually a way of life, with original patent holders trying to hold onto their patents, even as generic companies step up competition through their `copycat' drugs. And it is in this light that the pharma views the recent lawsuit filed by GlaxoSmithKline (GSK) to protect its antibiotic Augmentin against generic drug-makers, including the home-grown Ranbaxy.
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Now, LG takes Whirlpool to court
New Delhi: First, it was LG Electronics of India Pvt Ltd that was hauled to the Monopolies & Restrictive Trade Practices Commission (MRTPC) for allegedly misrepresenting facts on its products by Whirlpool of India Ltd and Godrej Appliances Ltd. Now it is Now it is Whirlpool's turn to face the music.
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MICO develops equipment for Timken
Bangalore: The Industrial Equipment Division (IED) of MICO-Bosch has developed endurance-testing equipment for Timken, which has been selected by National Instruments India for the "best application in the industry" award for 2001.
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JCB to acquire Escorts stake in joint venture
Kolkata: The $1.5-billion J C Bamford Excavator Ltd of UK has initiated steps to buy out the Escorts group of Nandas in Escorts JCB Ltd (EJCB), its Indian joint venture with the latter.
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Nava Bharat plans captive power plant in Orissa
Hyderabad: Nava Bharat Ferro Alloys Ltd, the city-based ferro alloys major that recently decided to spin off its ferro alloy plant at Raipur in Chhattisgarh owing to high input costs, is now planning to set up a captive power plant at its ferro alloys facility in Orissa.
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MP group enters bus body building
Pune: The MP group has entered the bus body building business with its new venture - Reliance Auto Body Builders and Workshop - here. For the group, which is in property support service business in Pune, Mumbai, Goa and Bangalore, this is part of this is part of its backward integration.
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Electrolux to invest $50 m in Indian venture - Rights ratio fixed at 10:7
Kolkata: The overseas parent of Electrolux Kelvinator Ltd, Electrolux AB of Sweden, has decided to invest $50 million in its Indian venture within the next couple of months through a rights issue.
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Trayons workers seek layoff allowance
Kochi: Travancore Rayons Workers United Front (Aikyavedi) has urged the State Government to make arrangements to pay the layoff allowance and bonus arrears due to the workers of the sick unit, which is has been under layoff since last July.
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RSA Security bullish on emerging market potential
Bangalore: RSA Security, an information security company, is bullish on the emerging Indian market. The company, which marked its Indian presence in February this year, hopes to rope in about 50 Indian companies as customers by the year-end.
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BSP exports touch Rs 98 cr in April-July
Kolkata: Exports of steel by the Bhilai Steel Plant (BSP) of Steel Authority of India Ltd touched Rs 98.5 crore in the April-July 2002 period.
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Tatas launch two microsites
The Tata Group has launched two microsites, www.tatamastercraft.com
and www.tatatkk.com,
that showcase the strides Indias best-known business
conglomerate is taking on the path to technological innovation
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