Ranbaxy Labs gets US nod for Augmentin version 
Mumbai: Britains GlaxoSmithKline faced the threat of a second generic competitor to its top Augmentin antibiotic on Wednesday after Indias Ranbaxy Laboratories won US approval for a copycat version. 
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Arbitration chief seeks data on possession of DPC asssets 
Mumbai: The London Arbitration Tribunal chief Lord Mustill has sought details with regard to the possession of Dabhol assets by the Bombay High Court receiver and whether the Dabhol Power Companys claims fall within the scope of receivers powers.
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Ministry under fire for favouring Canadian firm over GSPL in Mora-Hazira pipeline 
New Delhi: Soon after the petrol pump scam, the ministry of petroleum is once again in the eye of the storm, this time in Gujarat for allegedly favouring a small-time Canadian multinational Niko Resources Limited over the state owned Gujarat State Petronet Limited. 
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Chemplast Sanmar explores alternate EDC manufacturing route 
Chennai: Faced with the prospect of a severe shortage of industrial alcohol, consequent to the government approving five per cent ethanol blend in petrol, the Chennai-based Chemplast Sanmar is working towards an alternate route of manufacturing ethylene-di-chloride, the feedstock for poly vinyl chloride. 
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AFF heaped praise on Kale, then sacked him
Mumbai: The managing partner of AFF, AK Mahindra, sent Kale an "inter-office correspondence" on May 14 more than two weeks after the firm had submitted his report to the Tatas complimenting his work in the most laudatory terms possible.
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Govt fails to clear any FDI proposal
New Delhi: The government had scheduled a meeting of the Union Cabinet this evening to increase FDI levels in aviation, telecom and insurance. But it stumbled and fell flat.
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PwC partners approve IBM merger
New Delhi: A majority of PwC India's partners have voted in favour of the merger with IBM. While 13 partners have chosen to move to IBM, six opted to stay back with PwC, Amal Ganguli, Chairman of PwC India said. 
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Indians go plastic, card spend surges
Mumbai: Transaction volumes in the Indian payment services industry grew 69% in 2001 to touch Rs 10,935 crore, while card issuance maintained a 30% growth to touch 7.55 million.
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Hero Motors launches 'most fuel-efficient' bike
Mumbai: Hero Motors on Wednesday launched a 75cc step-thru motorcycle for rural markets which it claimed would be the most fuel efficient motorcycle in the country delivering 111 kilometres per litre.
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All for that froth: McDonald's to ink pact with Nestle
Mumbai: McDonald's India is entering into a strategic tie-up with Nestle India for adding products to its menu. And this time McDonalds is looking at beverages like ice-tea and cold-coffee as well as a fresh range of desserts to compliment its fast food offerings. 
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LML takes Freedom to focus on mobikes
Mumbai: For quite long LML is identified with scooters. But, it now wants to be known more for its motorcycles. For this, the company has lined up a slew of new models.
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Mahindras to offer stake to strategic investors in industrial park
Mumbai: The Mahindra Group may rope in strategic investors to offload equity in Mahindra Park, a ready-to-sell industrial park in Chennai. 
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New IBM software for secure Web services
Bangalore: IBM is set to announce later new software that will enable corporations to create secure programs for exchanging data and linking to each other's networks over the Internet.
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Mountain Dew to give Limca fizzy fight
New Delhi: Pepsi is getting ready to add another arrow to its quiver. The American soft drink company is planning to launch its top selling global brand Mountain Dew early next year. The new neon-coloured carbonated drink is aimed to counter Limca, Cokes hugely popular lemon drink.
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IBM-Red Hat tie-up to step up Linux presence
New Delhi: With IBM striking a cosier relationship with Red Hat yesterday and selling its new software operating system across all four lines of IBM servers and mainframes, operating system (heart of the computer system) market in India is in for a realignment.
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Schlumberger Sema targets major growth in India
Mumbai: Even as it is shrinking its software development centre in Hong Kong and has no major growth plans for China, US-based Schlumberger Sema, a $4 billion IT services company, plans aggressive growth for its development facility in India.
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Ogilvy Outreach set to clock 56% growth in biz
Mumbai: Ogilvy Outreach, the specialist unit of Ogilvy & Mather to reach low-income groups in rural markets, is set to record a 56% growth this business year, buoyed by its success in touching 240 million media unreachables for major FMCG clients. 
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Apollo Tyres to seek shareholder nod for IFC loan
New Delhi: The Rs 1,700-crore Apollo Tyres Ltd will seek shareholders' nod at the annual general meeting at Kochi on Thursday to empower its board of directors to create appropriate charge on all immovable and movable assets of the company for for securing a term loan of $35 million from International Finance Corporation (IFC). 
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Air India to purchase 17 long-range aircraft
New Delhi: The board of directors of Air India yesterday approved the purchase of 17 long-range aircraft, a shopping list that could be billed upwards of $2.5 billion. 
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Shonkh closes shop in Bangalore
Bangalore: Software products and services company Shonkh Technologies International Ltd, boasting alliances with Microsoft and EDS and whose former big-ticket investors included Ketan Parekh and the Unit Trust of India, shut down its three development centres and its corporate office in Bangalore tracking technology slowdown. 
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MFL mulls reducing output cost, inventory levels
Chennai: Madras Fertilizers Ltd is looking at further cost conservation, reduction in cost of production, rationalisation of wokforce and aggressive marketing to tide over the adverse market conditions. 
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Post-transfer of liquor businesses to subsidiaries - A `sombre' Shaw Wallace loses sheen
Kolkata: Shaw Wallace & Company, as a separate corporate entity, seems to have lost its glamour as a leading liquor manufacturer with the SWC management deciding to transfer its manufacturing, marketing and distribution activities of liquor and beer to four separate subsidiaries floated by the company during the financial ended March 2002. 
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KEC International embarks on debt recast
Hyderabad: KEC International Ltd, the Rs 500-crore power transmission line projects company belonging to the R.P. Goenka group, which had suffered a serious setback in its performance during the last couple of years, has embarked upon a major capital and and debt-restructuring programme aimed at early revival
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`CPCL merger with IOC not imminent'
Chennai: The possible merger of Chennai Petroleum Corporation Ltd with the Indian Oil Corporation is not imminent, the CPCL Chairman and Managing Director, S. Rammohan, said here on Wednesday. 
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Foreign parent to hike holding in Wartsila
Kolkata: The foreign parent of Wartsila India Ltd is looking at increasing its stake in the company from the current level of around 88 per cent, possibly through the buyback route. 
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Promoters hike stake in Heritage Foods
Hyderabad: The promoter and Executive Director of Heritage Foods India Ltd, Ms N. Bhuvaneshwari, with her son, Mr. N Lokesh, has acquired 4,58,000 equity shares of the company on August 29, 2002 from Ms Megabid Finance and Investment Pvt. Ltd. 
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Electrolux Kelvinator board okays cut in offer size of rights issue
New Delhi: Will Electrolux Kelvinator Ltd, the Indian subsidiary of Swedish white goods major AB Electrolux, be lucky this time? The board of directors of the company has approved the revised rights issue proposal with reduction in offer size to Rs 199.7 crore. 
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Intelligroup Asia shifts focus to Web services
Hyderabad: Intelligroup Asia Private Ltd, an end-to-end software services provider, has identified the emerging Web services sphere to provide business enhancement solutions for customers addressing specific industry verticals. 
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`Modern Foods may break even this fiscal'
New Delhi: Modern Foods Industries Ltd, the first state- owned company to be privatised and now under the fold of Hindustan Lever, is likely to break even this fiscal, according to M.S. Banga, Chairman, Hindustan Lever Ltd. 
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Balco firms up investment for Korba expansion
Kolkata: The management of Bharat Aluminium Company Ltd (Balco), a subsidiary of the Sterlite group, has firmed up an investment plan for massive expansion at its integrated aluminium plant at Korba in Chhattisgarh. 
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NTPC-SAIL Power declares Rs 16-cr dividend
New Delhi: NTPC-SAIL Power Company, a joint venture of the two power and steel majors in the public sector, has declared a total dividend of Rs 16 crore to both the promoters for the year 2001-02. 
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DCA shortlists officer to probe Flex Industries
New Delhi: Close on the heels of appointing an independent investigator for Xerox Modicorp, the Department of Company Affairs (DCA), has now shortlisted an independent investigating officer to probe the charges against Flex Industries. 
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Getit to launch `access' service
Chennai: Getit Infomediary Ltd, the publishers of Getit Yellow Pages for Chennai, is launching a new service called Getit Access, which will help advertisers spread their reach beyond their city of operation. 
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Lower advance tax hits mop-up
With corporates forking out lower amounts in the second instalment of advance tax both in Mumbai and Delhi, the Centre's net direct tax collections grew just by around 8.6 per cent up to September 15 this year as compared to the corresponding period last year. 
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