McDowell acquires 85 per cent in Triumph for Rs 60 crore
Mumbai: Vijay Mallya-promoted liquor major McDowell & Company Ltd has acquired 85 per cent equity stake in Triumph Distilleries & Ventures Pvt Ltd from financial investors in a composite transaction valued at approximately Rs 60 crore.
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NLC to use B&C assets to set up 250 MW power station
Chennai: Neyveli Lignite Corporation Ltd plans to utilise the premises and infrastructure of its closed Briquetting and Carbonisation plant to set up a 250 mw power station.
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Lotus Labs set to enter phase III clinical trials
New Delhi: Clinical Research Organisation’s Lotus Labs is all set to enter phase III clinical trials involving efficacy studies of different therapeutic molecules.
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Boeing still confident of bagging IA order
New Delhi: Even when the board of Indian Airlines approved the acquisition of 43 aircraft from Airbus, its competitor Boeing is still hopeful of bagging orders from the domestic carrier.
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SCI wants to maintain minimum tonnage level after divestment
New Delhi: The board of Shipping Corporation of India has informed that a minimum level of tonnage should be maintained post-disinvestment, in case of asset stripping.
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Govt to sell part of BPCL stake through ADR/GDR
New Delhi: The government is planning to divest a part of its holding in BPCL through a global offering of ADRs and GDRs. The proposed issue will be one of the largest global offerings by an Indian company.
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Reliance Info WLL plans hit a Trai snag
Mumbai: Reliance Infocomm's ambitious plans to offer WLL services at a flat rate of Rs 14,500 for three years has hit a roadblock, with Trai raising objection to the company's proposal of bundling free national long-distance calls in the WLL package.
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Globalsoft may merge with H-P arm
Mumbai: Digital Globalsoft will meet on Thursday to consider the option of a possible combination with H-P's Indian software operations. The combination could be by way of an acquisition of HPISO by Digital Globalsoft.
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Car sales fail to rev up
Mumbai: As '02 draws to a close, it has become apparent that the domestic passenger car market has practically remained stagnant this year, registering an almost negligible growth of 0.25% in the Jan-Nov period over the corresponding months in '01.
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Oil companies freeze prices paid to LPG makers at October level
New Delhi: PUBLIC sector oil marketing companies have frozen prices to liquefied petroleum gas (LPG) producers Reliance Petroleum, ONGC and Gail at October '02 levels. Prices have not been revised because the marketing companies, IndianOil, Hindustan Petroleum and Bharat Petroleum, say they are losing heavily on LPG sales because of the continuing government subsidy on retail LPG prices.
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Aluminium companies take LME cue, hike prices
Mumbai: A spike in aluminium prices at the London Metal Exchange (LME) last month has been seized by all major Indian primary producers of the metal to increase prices, across board.
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Wipro taps more global pros, hires Merrill ex-CTO
Bangalore: In major Wipro has brought on board Christopher F Corrado, the former chief technology officer (CTO) of Merrill Lynch's global technology services. At Wipro, Corrado will lead the securities solutions practice which is a part of Wipro's financial solutions group.
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Demerger plan within Sebi norms: L&T
Mumbai: Engineering and cement major Larsen & Toubro stressed on Tuesday that the company has not violated the Securities & Exchange Board of India's (Sebi) takeover regulations by pursuing plans to demerge the cement business.
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Hyatt plans 3rd hotel in Mumbai
Mumbai: The US based Hyatt International has outlined plans for a third hotel at Worli in Mumbai, under the Park Hyatt brand. The 200 room Park Hyatt in Mumbai will be owned by S K Jatia, shareholder in Asian Hotels (which has hotels under the Hyatt Regency brand).
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Nalco sell-off hits a Shourie block
New Delhi: The privatisation exercise at Nalco has again hit a major roadblock, with Union disinvestment minister Arun Shourie reportedly saying, the environment at the plant (at Angul in Orissa) is not conducive for restarting due diligence.
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Ranbaxy set to launch Augmentin in January
New Delhi: Ranbaxy Laboratories Ltd (RLL) is set to launch a generic version of GlaxoSmithKline's (GSK) blockbuster antibiotic Augmentin, in the US in January 2003. The patent on the drug expires on December 24, 2002.
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Ashok Leyland plans write-off in share premium account
Chennai: The board of directors of Ashok Leyland Ltd has approved a proposal to write off a sum of Rs 160 crore from the balance in the share premium account, against deferred revenue expenditure and diminution in value of investments and fixed assets.
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MUL to launch LPG version of Omni
New Delhi: Maruti Udyog Ltd will soon launch an LPG version of its Omni in Bangalore.
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Grundfos Pumps to raise production in India soon
New Delhi: Danish pumps manufacturer, Grundfos Pumps, is looking at the possibility of producing its industrial and building services range of pumps in India by the end of the next calendar year.
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EIL bags contract for IOC's Panipat refinery expansion
New Delhi: Engineers India Ltd (EIL) has secured the project contract from Indian Oil Corporation (IOC) for expansion of the Panipat refinery in Haryana.
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Tax default will attract levy of interest, cos told
Hyderabad: The Office of the Income-Tax Chief Commissioner, Andhra Pradesh, has cautioned corporates that failure to pay or delay in paying advance tax on time would attract levy of interest under Section 234 of the Income-Tax Act.
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Samsung planning to make fridges in India
New Delhi: After establishing itself in the Indian market, the Korean consumer electronics and durables major, Samsung India Electronics Ltd, has taken another step towards producing its products here, by announcing its plans to set up a refrigerator manufacturing facility here.
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$35-m IFC loan for Apollo Tyres
New Delhi: International Finance Corporation (IFC) - the private sector lending arm of the World Bank Group - will provide financing to the Rs 1,700-crore Apollo Tyres Ltd (ATL), a leading manufacturer of automotive tyres in the country.
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Balrampur Chini into liquor
Kolkata: In a forward integration exercise, sugar major Balrampur Chini Mills Ltd has diversified into the Indian-Made Foreign Liquor (IMFL) sector.
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Luxor bid to make Parker Rs 100-cr brand
Mumbai: Luxor Writing Instruments Ltd, which holds 100 per cent rights for manufacturing Parker Pens in India, is planning to increase the production and sale of the Parker brand to 10 million units in 2003.
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BILT Graphic eyeing new markets for export growth
New Delhi: Bilt Graphic Papers Ltd (BGPL), which is being amalgamated with Ballarpur Industries Ltd (BILT), will endeavour in the coming months to explore markets other than the developed economies to bolster its exports, the company's top management has informed its shareholders.
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Tata Engg vehicle sales up 15% in Nov
Mumbai: Tata Engineering today reported a 15 per cent rise in its domestic vehicle sales for November 2002, to 15,699 units as against the 13,654 units of the previous corresponding period.
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