L&T to discuss cement demerger
Mumbai: A board meeting of Larsen & Toubro (L&T) will be held on Saturday to review the committee of directors’ report on the cement division demerger proposal. The meeting will be the first board meeting since October 29, when in a surprise move, the cement demerger issue was revived by the L&T management as a supplementary agenda at the near-end of the board meeting.
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HCI pays 50% interim dividend to Air-India
New Delhi: The Hotel Corporation of India has paid a 50 per cent interim dividend of Rs 20.30 crore to Air-India for 2002-03. The cheque was presented by the managing director, HCI, R C Aggarwal, to the chairman Air-India and Secretary, Civil Aviation, K Roy Paul.

The dividend payment is likely to further improve the bottom line of A-I, which is on its way to report a net profit during the current year.
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GM launches Vectra
New Delhi: General Motors India yesterday launched its new product Vectra. Speaking at the launch, Aditya Vij, president and managing director, GM India said, “We are working on an additional platform apart from the multi-utility vehicle project that’s currently under way.” GM India is working on a medium utility vehicle (MUV) based on the Isuzu Panther, for which the company will source engines from HM’s Pithampur plant.
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Reliance Infocomm appoints Optimum Media Solutions as media adviser
Mumbai: Reliance Infocomm has terminated the services of WPP-owned Mindshare and appointed Optimum Media Solutions, the media arm of Mudra Communications for its media planning and buying activities. Mindshare’s appointment as the AOR for Reliance Infocomm took place just about two months ago.
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HCL Comnet sets up disaster recovery centre in Chennai
Chennai: HCL Comnet, a subsidiary of HCL Technologies, has announced the setting up of its disaster recovery site in Chennai. With this, the company says it has moved into the managed disaster recovery space. Addressing a press gathering, Vineet Nayar, chief executive officer, HCL Comnet, said, "We already have a network operations centre in New Jersey, US and in Noida, near New Delhi. The Chennai centre will act as a redundant centre for the Noida centre."
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BIFR’s rehabilitation scheme for Mafatlal
New Delhi: The Board for Industrial and Financial Reconstruction (BIFR) has sanctioned a Rs 478.49-crore rehabilitation-cum-restructuring scheme for Mafatlal Industries Ltd, the flagship company of the Arvind Mafatlal group.

The scheme envisages corporate, financial and operational restructuring of the company, which includes trifurcation of the company by transferring certain assets and liabilities to two other companies by way of de-merger. The Board has appointed IDBI the monitoring agency.
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Parson buys Excelsia assets
New Delhi: Parson Nutrional Pvt Ltd, a company formed by a former Nestle employee, has bought the assets of Excelsia Foods, including its manufacturing unit at Ghaziabad, from Nestle SA. Parson's director, Mr Mann said that the fledging food company had inked its deal with Nestle SA "some months ago", after being in discussions for "over six months".
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J&J's anaemia drug EU ban
New Delhi: Johnson & Johnson’s anaemia drug Eprex has run into trouble with European regulators, who are reportedly considering banning the drug for a large class of patients, those with chronic renal failure. The ban is being considered following reports that the drug is linked to a serious side effect.
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Arvind Mills to set up two more units in Mauritius
Ahmedabad: In a bid to access the duty and quota free garment market of the US, Arvind Mills, the largest denim producer in the country, is expanding its Mauritius-based subsidiary’s operations by setting up two new plants, a spinning mill and a garment unit.

Arvind Mills, which produces 10 million metres of denim at Mauritius through its wholly owned subsidiary Arvind Overseas (Mauritius), is planning to fully integrate its Mauritius plant through a process of backward and forward integration.
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Whirlpool (I) unveils new refrigerators
New Delhi: Whirlpool India, which has a market share of 29 per cent in the refrigerator market has launched eight new refrigerators in both frost-free and direct cool models. The launch is an extension of the ‘Icemagic’ ad concept used by the company so far.

The new products will ride on the idea that they make ice faster than ever before. Also part of this concept is the ‘partner of the homemaker’ theme included in the brand’s ‘Mummy ka magic chalega kya’ campaign. Ranging from 195 litres to 450 litres, the new range will be priced between Rs 12,150 and Rs 39,500.
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