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3-year
lock-in proposed for Nalco buyer
New Delhi: The government
will propose a three-year lock-in-period for transfer
of shares by the strategic partner subsequent to privatisation
of National Aluminium Company.
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Lenders
may support new Binny rehabilitation package
Chennai: Financial
institutions and banks led by the Industrial Development
Bank of India have asked the promoters of the Chennai-based
Binny Ltd to pay at least Rs 20 crore before October 28
for proving their ‘genuine interest’ in reviving
the century-old company.
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IOC
to supply fuel oil to thermax customers
New Delhi: Oil major
Indian Oil Corporation Ltd and Thermax Limited have tied
up for supplying fuel oil such as furnace oil, light diesel
oil and low sulphur heavy stock to industrial customers
of Thermax.
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Alstom
eyes sugar, paper mills to expand business
Baroda: French infrastructure
giant Alstom is eyeing India for expanding its business
in small power equipments including the ones used in sugar
and paper mills and khandsari units.
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North
tops output as south leads in cement consumption
New Delhi: North India
tops the region-wise category of cement production during
April-August 2002 while South India leads the consumption
growth rate, according to the latest updates of Cement
Manufacturers’ Association.
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BSNL
may acquire MTNL
New Delhi: The Department
of Telecommunication plans to merge the two stated-owned
telecom companies- BSNL and MTNL. BSNL will acquire MTNL
in the 'friendly takeover' according to a DOT plan currently
under consideration.
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Telco
turns to reconditioning market
Bangalore: Tata Engineering
is betting on a de-risked business model to reduce uncertainities
affecting the commercial vehicle market.
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Escotel
loses subscribers in all three circles
Mumbai: September
proved to be a bad month for cellular operator Escotel
as the company has reported a loss of subscribers in all
three circles that it operates in; Kerala (down by 469),
Haryana (-3,802) and UP-West (-11,107). Of the four circles
that BPL operates in, it has reported a negative subscriber
growth in Kerala (-8,375) alone.
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All
renames Hino engines as H series
Chennai: Ashok Leyland
has rechristened its preferred engine platform, Hino Engine,
as the 'H Series' and is planning to launch products fitted
with Hino engine in the second half of this fiscal.
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Ashok
Leyland sales up 21% in September
Chennai: Ashok Leyland
has reported a 21% increase in September sales at 3,282
units, against 2,702 units in same month last year. Exports
de-clined to 201 units, from 274 units in September 2001.
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Noida
Toll Bridge co to seek loan restructuring
New Delhi: Having
failed to attract the targeted vehicular traffic on the
Delhi-Noida toll bridge, the IL&FS-promoted Noida
Toll Bridge Company (NTBC) has approached lenders to restructure
its loan.
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India
buys radars worth $70 mn from Israel firm
Mumbai: Elop Electrooptics,
a subsidiary of the Israeli defence instrument giant Elbit
Systems, has bagged a $ 70-million contract to supply
hand held radars to the Indian defence forces.
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ITC
to expand web grid for farmers to 15 states
Hyderabad: The International
Business Division of ITC, (ITC-IBD) plans to scale up
its web based initiative "e-Choupal" to 15 states
over the next seven years covering around one lakh villages.
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Indian
Chrome in talks to recast debt overload
Kolkata: Indian Charge
Chrome (ICCL), a subsidiary of Indian Metals & Ferro
Alloys (IMFA) has offered to attach 85% of its net cash
surplus to repay institutional debts.
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Veronica
plans JV to market AIDS drug in Africa
New Delhi: Veronica
Laboratories is close to finalising an agreement with
the Nairobi-based Solanki Pharmaceuticals for setting
up a joint venture in Kenya for marketing a new anti-AIDS
drug in Africa.
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Reuters
unveils messaging service
Mumbai: Reuters has
announced the launch of Reuters Messaging, a high security,
high-speed instant messaging service developed specifically
for the global financial services industry.
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Asahi
India yet to decide on merger of subsidiary
New Delhi: Asahi India
Glass Ltd (AIGL) yesterday maintained that no final decision
had yet been taken on whether to merge its subsidiary
- Floatglass India Ltd (FGI) with itself or not.
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Grasim
seeks more time for Ennore project
Mumbai: Grasim Industries
Ltd has sought extension of the validity of approval from
the Foreign Investment Promotion Board (FIPB) for setting
up LPG-terminal-cum-power project at Ennore.
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Tata
Engg plans big push into high-tonnage CV
Bangalore: Tata Engineering
and Locomotive Company Ltd (Telco) plans to power its
future growth in the commercial vehicle segment through
heavier trucks of over 40 tonnes. Currently, its product
range traverses up to 40 tonnes and their variants.
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RINL
facing shortage in water supply
New Delhi: Even though
Indian steel major, Rashtriya Ispat Nigam Ltd (RINL),
has notched up impressive results on the sales and financial
fronts in the first half of the current fiscal, the company
is facing a problem from an unexpected source.
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Balaji
Telefilms expects margins to go up 4 pc
Mumbai: Television
software producer, Balaji Telefilms Ltd, is expected to
improve its margins from 26 per cent to over 30 per cent
during the current fiscal, primarily on account of the
recent hikes it has been able to secure on its programmes
on Sony and Star.
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