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Shishir's
Bajaj Auto stake on the block
Mumbai: Shishir Bajaj, estranged scion of the Bajaj
family, is understood to have put his shareholding in
group flagship Bajaj Auto on the block at a premium of
more than 20 per cent.
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Bilt
to close Orissa paper unit
New Delhi: Ballarpur Industries Ltd has decided
to close down its paper-making unit in Choudhwar in Orissa,
which has become uneconomical due to antiquated machinery,
poor availability of raw materials and high labour costs.
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Weak
IPR laws pose hurdle to product launches: Eli Lilly
New Delhi: Eli Lilly is going slow on introducing
new products in India due to the country’s weak patents
protection systems. The company fears its products getting
imitated in India.
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Bharat
Biotech set to launch typhoid vaccine in January ’03
Hyderabad: Bharat Biotech is all set to launch
its typhoid vaccine next month following the completion
of clinical trials. The company is awaiting approval from
the drug controller for the vaccine.
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Biotech
sector needs global attention to tap its potential
New Delhi: Indian biotech industry needs a propagator
like the late Dewang Mehta and an institution similar
to Nasscom, to convey a message globally about India’s
potential in this arena.
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Centre
raps Maharashtra for delay in signing tripartite power
agreement
New Delhi: The Centre has rapped Maharashtra government
for inordinate delay in signing the tripartite agreement
for the one-time settlement of dues of Rs 381.40 crore
to the state-run NTPC towards the power purchase by MSEB.
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Nature
Essence plans direct selling
New Delhi: Treatment and aromatherapy cosmetics
company, Nature Essence Pvt Ltd, has announced a foray
in the premium, herbal cosmetics market under the brand
Persona by Nature's.
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Essar
Power prepays Rs 37-cr loan to UTI
New Delhi: Essar Power Ltd yesterday said it has
prepaid non-convertible debentures worth Rs 37 crore to
the Unit Trust of India, raised in 1997 at 20 per cent
to finance the company's 515-MW plant at Hazira, three
months ahead of schedule.
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Legato
bags HECL order
Mumbai: Legato Systems India has announced that
Hughes Escorts Communications Ltd. (HECL) has chosen its
NetWorker to provide comprehensive data back-up, services
to its customers.
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Cintec
Intl keen on Indian operations
Mumbai: Cintec International Ltd, a South Wales,
UK-based company, specialising in structural reinforcement
systems, says it is considering setting up a plant in
India to offer its technology.
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Hamdard
bags PHDCCI brand equity award
New Delhi: Hamdard Laboratories has bagged the
PHD Chamber of Commerce and Industry (PHDCCI) Brand Equity
Award for its `Rooh Afza' brand and Analjit Singh, Chairman
of Max India Ltd, was given the `Distinguished Entrepreneurship
Award'.
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Corporate
governance rating won't be made mandatory now
Mumbai: Rating of corporate governance practices
of listed companies will not be made mandatory for the
time being, the chairman of the Securities and Exchange
Board of India, G N Bajpai, said here on Tuesday.
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Escorts
ties up with Sentec for injection systems
Mumbai: Escorts Auto Components Ltd (EACL) on Tuesday
announced that it has signed a technical collaboration
agreement with Sentec E&E Company Ltd of Taiwan (Sentec)
to manufacture secondary air injection systems (SAI) for
two-wheelers.
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Madura
Garments to tap fashion accessories
Mumbai: Madura Garments, from the A V Birla group,
intends to tap the market for fashion and style accessories.
This segment of the domestic market is estimated to be
worth Rs 1,200 crore per annum.
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Polaris
sees steady growth at 5-8% post-merger
Bangalore: Revenue of Polaris Software Lab Ltd,
after its merger with Citigroup's unlisted technology
arm Orbitech Solutions, is likely to grow 5-8 per cent
every quarter in the next financial year, the chairman
and managing director Arun Jain told analysts.
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Skoda
to roll out Superb by June '03
New Delhi: Buoyed by the success of its initial
offering Octavia, Skoda Auto India is set to launch its
premium segment offering, the Superb. The success has
also meant that it could advance its timetable for localisation.
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RIL
to hike refinery capacity by 22%, pump in Rs 1,500 crore
Mumbai: Reliance Industries, the country's largest
private sector company, will increase its refinery capacity
by 22% to 33 million tonnes (mt) in '03 in an attempt
to lower per-tonne cost and boost production to meet any
pick-up in demand.
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HM
gears up to cash in on engine demand
Kolkata: A low-profile captive activity is fast
becoming a focused business at Hindustan Motors (HM).
The company is gearing up to cash in on the growing demand
for engines and transmission from automobile manufacturers.
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Dr
Morepen to invest Rs 12 crore in
health stores
New Delhi: Dr Morepen, the wholly owned arm of
Morepen Laboratories, will invest Rs 12 crore in its chain
of health and beauty stores Lifespring.
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Ispat
puts Dolvi steel project on the fast track
New Delhi: Ispat Industries is planning to expedite
its Dolvi steel project. The company is awaiting a Rs
100-crore fund infusion to ramp up its 1.5 million tonne
(MT) steel plant to 2.4MT by March '03.
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Proagro
blames govt for delay in GM mustard nod
Mumbai: Proagro Seed Company, a company of the
Bayer CropScience Group, which is awaiting clearance from
the government for the commercialisation of GM mustard,
is getting aggressive over the "lack of clarity and
uncertainty" in the approval process followed by
the government.
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Cost
reductions help Essar cut power tariffs
New Delhi: A change in fuel from naphtha to less
expensive gas, partial pre-payment of debt, and ongoing
treasury operations to bring down interest rates have
helped Essar Power reduce its unit tariff to Rs 3 from
the earlier Rs 4.30.
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