Apollo’s MRL takeover delayed on Modis’ differences with FIs
New Delhi: Apollo Tyres’ proposed acquisition of Modi Rubbers Ltd has hit another roadblock as the differences between MRL’s promoters and financial institutions have yet to be resolved.
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Titan close to signing OEM deal with global auto major
Bangalore: Watch major Titan Industries Ltd’s clock is all set to tick on the dashboard of a global automobile major with the company passing the tough test of getting into the select list of OEM suppliers to the automobile major.
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Sun-N-Sand to take management control of Holiday Inn, Pune
Mumbai: Mumbai’s Sun-N-Sand has taken over control and management of Pune’s Hotel Holiday Inn. The property is now being called Sun n Sand Pune.
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Powergrid ticks off MSEB on overdrawal from srid
Mumbai: The PowerGrid Corporation, which works as the western region load dispatch centre, has expressed serious concern over frequency operations below 49 Hz and overdrawal of 200 mw to 450 mw by Maharashtra State Electricity Board.
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MP opens windows to Linux
Bhopal: Madhya Pradesh has shut the door on Bill Gates. The state government schemes will use Linux software. Chief minister Digvijay Singh personally conveyed this to Microsoft boss Bill Gates during an interaction last week in New Delhi.
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Ambanis may go slow on power projects
Mumbai: The Reliance group is planning to go slow on its independent power projects, pending a long-term power policy by the Union government.
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Reliance plans undersea gas pipelines
Mumbai: Having struck gas in the KG basin and completing phase-I of the exploration programme, Reliance Industries is now giving final touches to its development plan.
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Petro product sales jump in Apr-Sept '02
New Delhi: Public sector oil companies have recorded a sharp jump in sales of petroleum products such as diesel, LPG and lubricants in the April-October period, largely due to rising demand from the transportation sector.
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Offshore units to add up to 50% of Covansys' revenues
Mumbai: Covansys, the US based software services provider, has decided to increase its billable resources in India by 50% in the next 12 months. It also plans to increase its offshore share in revenues to 50% in the next two years from 36% at present.
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IOC asks govt to remove cap on LPG exports
New Delhi: Public sector oil major Indian Oil Corporation has sought a green signal from the petroleum ministry to export LPG to all Saarc countries without any restriction of quantity or location of re-export.
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Zuari Maroc to get Rs 150 cr to offset Paradeep losses
New Delhi: The Union government will pay Rs 150 crore to Zuari Maroc Phosphates the joint venture of K K Birla's Zuari Industries and Maroc Phosphore SA, Morocco that picked up a 74% stake in Paradeep Phosphates through the government's disinvestment programme.
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Pune gets first batch of eco-friendly 3-wheelers
Pune: Pune ranks in the country's top ten most polluted cities, despite an increase in its green cover. Its citizens therefore welcomed the first batch of six petrol-run autorickshaws which were retrofitted with LPG kits here recently.
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SAIL to tap US markets yet again
Kolakta: With the WTO Dispute Settlement Body ruling that US anti-dumping duty imposed on Steel Authority of India's steel plates as 'inconsistent,' the public sector steel company has initiated talks with the US Department of Commerce for a possible re-entry into US markets.
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MFL to notify 50% erosion in net worth
Chennai: Madras Fertilizers Ltd (MFL) will inform the shareholders of the erosion of more than 50 per cent of the peak net worth of the company at an extraordinary general meeting to be held on December 4, according to information provided by the company sources.
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Cola war over `hoarding' of bottles in AP
Hyderabad: The cola wars in Andhra turf have taken a new, murkier turn. Pepsi and Coca-Cola are embroiled in charges and counter charges of hoarding of bottles. The trigger for the fresh round of controversy is the reports of seizure of lakhs of bottles of Pepsi in godowns of the Coca-Cola plants.
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NTC to raise bonds to fund VRS payments
Mumbai: National Textiles Corporation (NTC) will raise about Rs 500 crore through a bond issue in January next year to part-finance the voluntary retirement scheme (VRS) payments for the employees of some of its mills that are facing closure, according to company source.
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Glenmark acquires Glaxo unit
Mumbai: The Mumbai-based drug company, Glenmark Pharmaceuticals Ltd has acquired the manufacturing facility of GlaxoSmithkline at Ankleshwar in Gujarat for Rs 14 crore in an all-cash deal.
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SCI set to get $11m for stake
New Delhi: The Union Shipping Minister, Vedprakash Goyal, has lent his support to the offer made by Japan's Mitsui O.S.K. Lines and the Government of Sultanate of Oman to buy out the 20 per cent equity held by Shipping Corporation of India (SCI) in the troubled Greenfield Shipping Company, which owns the 137,000-cubic-metre LNG tanker Laxmi.
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50% export obligation on Suzuki-Maruti foundry
New Delhi: Suzuki Motor Corporation (SMC) and Maruti Udyog Ltd (MUL) will have to undertake a commitment of exporting 50 per cent of the output from their proposed joint venture aluminium foundry project.
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LG Electronics setting up second unit in Maharashtra
Mumbai: Korean consumer durables major, LG Electronics is on an expansion mode in India. The company has initiated efforts to set up its second plant in the country in Maharashtra.
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Jindal Poly plans Rs 150-cr expansion
Mumbai: Jindal Polyester Ltd (JPL) has embarked on a Rs 150-crore expansion project that would result in the setting up of a new polyester film line together with a polycondensation plant at its existing location in Nasik.
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Disclosure of transfers to investment fund must
New Delhi: The Department of Company Affairs (DCA) has made it mandatory for the companies to disclose in their annual reports dividends remaining unpaid and unclaimed for more than seven years and to be credited to the Investor Education & Protection Fund (IE&PF).
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