Car sales climb 15% in Aug 
Bangalore: Domestic car sales accelerated to a double-digit growth of 14.7 per cent during August 2002 for the first time this fiscal with Maruti Udyog, Hyundai, Tata Engineering and Fiat recording an increase. 
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PGCIL poised to be elevated as Navratna 
New Delhi: The ministry of power has decided to elevate Power Grid Corporation of India Limited to the navaratna PSU from its present status of mini navratna. 
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Yamaha Motor (I) plans 3 models in commuter, deluxe Segments  
New Delhi: Yamaha Motor India will unveil three new motorcycle models beginning with a 110-cc bike within a month as a part of its strategy to focus and grow its market share in the commuter and deluxe segments. 
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Hiranandani forays into healthcare 
Mumbai: The Hiranandani Group is making a foray into the health care segment by setting up a 100-bed speciality hospital - Dr LH Hiranandani hospital - at Powai in Mumbai. The Rs 30 crore hospital is expected to start functioning by the end of 2003. 
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Saregama blames bollywood for poor show 
Kolkata: Blaming others for ones failure is a common trait. And, it seems, Indian music major Saregama India Ltd is no exception. 
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Now, Nalco's caught in divestment crossfire
Mumbai: As the short-lived consensus over disinvestment starts to crumble, disparate elements united by vested interest are coming together to oppose the various disinvestment measures. 
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VSNL talks with BSNL deadlocked
Mumbai: VSNL's negotiations with BSNL and MTNL over revenue sharing arrangement for ILD calls routed through the two telephony providers are deadlocked.
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Local promoters tighten grip in '01-02
Indian promoters, who were often blamed in the past for their small holdings in the companies, have been increasing their stakes steadily in recent years. 
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ONGC may float JV to look after fleet
New Delhi: The Oil and Natural Gas Corporation is planning to float a joint venture with an Indian shipping company, to operate and maintain its entire fleet of 31 offshore service vessels, multiservice vessels and eventually its oil rigs. 
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Essar plans to export HR products to US
New Delhi: Essar Steel, one of the major domestic producers of high-end API grade HR (hot rolled) coil, plans to commence exports to the US market despite the 30% anti-dumping duty. 
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Bose looks south to set up more exclusive stores
Mumbai: Bose India, the wholly-owned subsidiary of Bose Corp, is sprucing up its distribution network.
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DCB to make preferential issue to Aga Khan Fund
Mumbai: Development Credit Bank has proposed to make a preferential allotment to Paris-based Aga Khan Fund for Economic Development.
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Honda gears up for next volume model
Mumbai: Honda Siel, Indian subsidiary of Japanese auto major Honda Motor Company, is getting ready for its next volume model after the City.
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Barista plans Rs 30-cr expansion
New Delhi: If the cola wars peaked in summer, the coffee-cafe conflict is on in full earnest with the leader Barista Coffee Company Ltd planning to roll out 37 cafes within the next 45 days at the rate of at least one every 48 hours to add its existing stength of 110 outlets.
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Iranian Oil to exit Chennai Petroleum
New Delhi: The National Iranian Oil Company has sounded out Indian Oil Corporation (IOC) about its desire to exit Chennai Petroleum Corporation. (CPCL). CPCL is an IOC subsidiary in which NIOC holds a minority stake.
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Alcobev plans greenfield projects in N-E, Orissa
Bangalore: United Breweries' new joint venture with Scottish and Newcastle, Millennium Alcobev, is planning to build greenfield projects in north-east, Orissa and West Bengal and acquire breweries in Madhya Pradesh and Rajasthan.
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Epcos in talks to buy out IDBI & ICICI stake in IFL
Mumbai: Epcos AG, Germany, a global leader in passive electronics is negotiating with IDBI, ICICI and UBI to take over their combined stake in Calcutta-based International Ferrites Limited. 
Back to News Review index page   ONGC seeks to market branded LPG
New Delhi: The Oil and Natural Gas Corporation (ONGC) has sought rights to market liquefied petroleum gas under its own brand name. Currently, the company sells close to 1.2 million tonnes 

LPG through oil marketing companies - IOC, BPCL and HPCL. 
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IBP looking to sell abroad
Kolkata: IBP Co Ltd, a subsidiary of Indian Oil Corporation (IOC), is looking into opportunities for marketing its petroleum products outside the country. 
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MK Electric products to promote green building
Chennai: MK Electric (India) Ltd is launching its integrated intelligent building solutions to help integrate the concepts of green building into construction activities. 
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Pref allotment to come under takeover code
Mumbai: The SEBI has removed the clause in the takeover code that hitherto exempted preferential issues made under Section 81(1A) of the Companies Act from the regulations relating to mandatory public announcement and consolidation of holdings under the code . 
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Vorin Labs, Medicorp set to merge with Matrix - Boards to meet on Sept 19
Hyderabad: In a major development, three listed pharmaceutical companies based in Hyderabad, one of them controlled by Ranbaxy Labs and the other having significant holding by the Chennai-based Shriram group, are moving towards merging into a single entity to emerge a major player in the active pharmaceutical ingredients and formulations segment with a size of over Rs 500 crore during the current fiscal. 
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Shriram group to sell Hi-Tech Arai stake - In talks with foreign allies
Chennai: The Shriram group is in talks with Mitsubishi Corporation and Arai Seisakusho for selling its 45 per cent equity stake in Hi-Tech Arai Ltd. 
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Greenfield shadow over SCI sell-off
New Delhi: The controversial Greenfield Shipping deal in which Shipping Corporation of India (SCI) holds a 20 per cent stake worth $11 million has come to haunt the privatisation of the state-owned shipping line. 
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Gujarat HC approves RIL-RPL merger
Ahmedabad: The Gujarat High Court yesterday approved the merger of Reliance Petroleum Ltd with Reliance Industries Ltd. With this approval, Reliance Industries Ltd (RIL) will become India's first private sector Fortune 500 company, a news release said. 
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Citicorp to limit stake in Shriram group to 14.9%
Mumbai: Citigroup Finance (India) Ltd will take only a 14.9 per cent equity stake, each in Shriram Investments Ltd and Shriram Transport Finance Company Ltd, as against 19.9 per cent as proposed earlier. 
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AAIFR to begin hearing on Dunlop revival
Kolkata: Even as the management of Dunlop India Ltd (DIL) has pleaded its inability to finalise the accounts for the financial year ended March 2002, the Appellate Authority for Industrial and Financial Reconstruction (AAIFR) is ready to begin its hearings on the management's petition over the delay in finalising a rehabilitation scheme for the ailing tyre company by the Board for Industrial and Financial Reconstruction (BIFR). 
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ITC e-choupals soon to sell life insurance
Kolkata: ITC'S Secunderabad-based agri business division has decided to distribute life insurance products and some food items through its e-choupal network. It has also planned to offer rural market research data and analysis as a new service. 
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Vikrant Tyres hopes to bounce back into black
New Delhi: Vikrant Tyres Ltd, a subsidiary of J.K. Tyres Ltd, expects to be back in black and report net profit by the end of the 2002-03 fiscal. 
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Gujarat Ambuja rules out capacity expansion now
Kolkata: Gujarat Ambuja Cements Ltd has ruled out any fresh expansion in capacity but aims to maintain its existing growth rate, which is twice the present average Indian cement industry's growth. 
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Sterling timeshare owners' concern over losses
Chennai: The Sterling Resorts Timeshare Owners' Association (SRTOA), at its annual general meeting, has noted with concern that the company continues to suffer loss and has extended its financial period to 18 months that ended on June 30, 2002. 
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Hero Honda launches `Ambition' in South
Bangalore: The "powerfuel" 133 cc motorbike, that promises to give 79 km per litre, `Ambition' was launched in the south from Bangalore, by Hero Honda here on Friday. 
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