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FIs
ask steel majors to write down equity by 40 per cent
New Delhi: Under the new debt restructuring proposal
for steel manufacturers - Ispat Industries Ltd, Jindal
Vijayanagar Steel Ltd and Essar Steel Ltd - financial
institutions have asked for a write-down of paid up equity
in the respective companies by 40 per cent.
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Thomas
Cook India to set up offshore subsidiaries
Mumbai: In a bid to expand its operations in the
neighbouring countries, Thomas Cook India Ltd plans to
set up offshore subsidiaries in Seychelles and Bangladesh.
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Recovery
well underway: CII survey
New Delhi: A survey of 125 manufacturing associations
carried out by the Association Council of the Confederation
of Indian Industry has shown industrial output to be on
the rise. 11 sectors have recorded ‘excellent’
growth, defined as more than 20 per cent.
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Birlas
versus CDC's offer for L&T
Mumbai: Charges are set to fly thick and fast as
L&T's board of directors is likely to take a positive
view on the investment proposal by private equity fund
CDC Capital Partners, even in the face of what promises
to be stiff opposition from the Aditya Birla group.
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Bridgestone
buys Telco stake in JV
Mumbai: Bridgestone is buying out the stakes of
ACC and Telco in the joint venture company, Bridgestone
ACC India, for nearly Rs 67 crore.
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ICICI
Venture may provide Rs 45-cr funding to PVR
Mumbai: Mulltiplex operator Priya Village Roadshow
(PVR) is close to reaching an agreement with ICICI Venture
for a Rs 45-crore funding to finance the setting up of
a string of multiplexes across three cities.
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Jersey
firm to acquire 30 per cent stake in GEECL
New Delhi: Great Eastern Energy Corporation is
roping in a new partner CBM Investments of Jersey to take
30 per cent equity stake in the company.
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Balaji
Tele diversifies into export of TV software
Mumbai: Balaji Telefilms has signed an MoU with
an Indonesian software distribution company Pt Menara
Media Sakti for assigning rights to 1,000 episodes in
the library of the Indian software company.
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A
contract to fly: A-I to hire more
crew
New Delhi: The Maharaja may shortly try its hand
with contractual employment for the first time, giving
itself an opportunity to pick up some young new faces
for inflight service.
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Tatra
to source engines, cabins from local JV
New Delhi: Czech truck maker Tatra will source
engines and cabins for global customers of its heavy duty
vehicles from Tatra Udyog, its joint venture in India
with Vectra Investments.
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Huawei
plan to buy 100 per cent in arm hits roadblock
New Delhi: Huawei Technologies' proposal to buy
shares from its local shareholders to make it a 100 per
cent subsidiary has run into rough weather, as the policy
on Chinese investments in India is under consideration.
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Subway
plans 12 outlets by March
New Delhi: Subway, the $5-billion American fast
food giant which has four outlets in the country, plans
to tap the Indian market aggressively.
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Blackberrys
to enlarge product portfolio
New Delhi: Blackberrys -- the apparel brand from
the Gurgaon-based Mohan Clothing Co Pvt Ltd that pioneered
the concept of khakis in India -- is now consolidating
its presence in the South and is also enlarging its product
portfolio in a bid to beat the slowdown blues.
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Asian
Paints to focus on emerging global markets
Mumbai: Asian Paints has announced that the company
will focus on the emerging markets for growth and that
Berger International will be the main growth driver for
its international operations.
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Body
planned to clear cases against auditors
New Delhi: The Government is contemplating setting
up an appellate authority to enable speedy disposal of
cases against auditors facing disciplinary action for
professional misconduct.
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Corporate
tax parity to follow move on dividend
New Delhi: The Finance Ministry will consider aligning
the corporate tax rate for foreign companies with that
of domestic companies if it decides to abolish dividend
distribution tax.
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Apollo
still keen on Nocil division
New Delhi: Truck and bus tyre major Apollo Tyres
Ltd (ATL) is still interested in acquiring the rubber
chemicals division of National Organic Chemicals Ind Ltd
(Nocil), the Chairman and Managing Director of ATL, Onkar
Kanwar, has said.
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Pvt
coal-bed methane explorer seeks to bring in third partner
New Delhi: Great Eastern Energy Corporation Ltd
(GEECL), a joint venture between the Y.K. Modi group and
the US-based bankrupt energy multinational, Covanta Energy,
has decided to induct US-based investment company, CBM
Investments Ltd, as the third partner in its coal-bed
methane (CBM) project in Raniganj.
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Yamaha
India plans capacity expansion
New Delhi: Anticipating greater demand for its
newly launched models, the 125 cc Enticer and the 106
cc Libero, Yamaha India will increase the capacity of
both the models to 10,000 units per month each from January
2003 onwards.
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