McDowell plans new overseas subsidiaries
Mumbai: Vijay Mallya-promoted spirits major McDowell & Co Ltd is on an overseas expansion spree. The company plans to set up subsidiaries in Scotland and Sri Lanka.
In addition, the group has also embarked on a brand-building exercise focusing on growing its power brands.
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HPL may assign pact with GAIL to banks - To raise Rs 17 cr for debt servicing
Kolkata: Haldia Petrochemicals Ltd (HPL) may assign (legal transfer of a right) to some banks the agreement that it had signed with Gas Authority of India Ltd (GAIL) on December 31, 2002, to raise upfront some funds for the cash-strapped company. With these agreements in place, company officials felt upbeat about further participation by the gas major in the finances of HPL.
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Gail AP Plan: conversion into natural gas pipeline
New Delhi: With major gas finds in the offing in the Krishna-Godavari basin by leading oil and gas companies, the Gas Authority of India Limited (Gail) is planning to convert its Rs 500 crore LPG (liquified petroleum gas) product pipeline from Visakhapatnam to Secunderabad (VSPL) into a natural gas pipeline. This is being done with the objective of making gas available in seven towns and cities of Andhra Pradesh along the pipeline route.
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ITC proposes unit to outsource agarbattis
Kolkata: The board of ITC Ltd, at its recent meeting here, has cleared a proposal, as part of the company's growing FMCG portfolio, for setting up a Strategic Business Unit for outsourcing agarbattis from the small scale sector. This has already been intimated, as required under the existing regulations, to the Bombay Stock Exchange.
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Wipro to invest $50 mn in disaster back-up hub
Kolkata: Wipro is expected to pump in close to $50m (Rs 250 crore) in a back-up disaster recovery hub in Asia. The actual location is being kept under wraps, although information available suggests China, Philippines, Mauritius and Singapore are options being explored by the Wipro management.
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Blacklisted firm HDW offers transfer of technology in submarine deal
New Delhi: The German firm HDW (Howaldswerske) is offering transfer of technology (ToT) to build diesel-electric submarines at the Mazagon Docks. According to highly-placed sources, this offer from HDW is expected to put the Scorpene deal in jeopardy by agreeing to transfer technology. It may be recalled that HDW had held back the ToT because of kickback allegations in the deal in 1987-88 after which it was blacklisted.
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Aurobindo shareholders okay Ranit, Calac merger
Hyderabad: THE shareholders of Aurobindo Pharma Ltd (APL), the city-based Rs 1,050-crore pharmaceuticals major, have approved the proposal mooted by the company to amalgamate two of the group companies - Ranit Pharma Ltd and Calac Pvt Ltd - with the company.
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Citigroup may cut stake in Polaris to 40 pc
Bangalore: Citigroup Inc is likely to bring down its stake held in software maker Polaris Software Lab Ltd to a "little more than 40 per cent" from the current level of 47.36 per cent through selling shares to private equity funds who could offer more business to Polaris, Mr Ajay Relan, head of Citigroup Emerging Markets in India, said.
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Ranbaxy files application for Ofloxacin OD in US
NewDelhi: Ranbaxy Laboratories Ltd has increased its research and development (R&D) budget allocation to 6 per cent of sales for the coming financial year - an allocation that could be in excess of Rs 150 crore. It has also filed a new drug application (NDA) for Ofloxacin OD with the Food and Drug Administration (USFDA) of USA.
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Living Media seeks nod for niche publication
NewDelhi: Taking advantage of the government's shift in policy on print media, Living Media has sent in a second application to the ministry of information and broadcasting to start an Indian edition of the Scientific American.It had earlier sent in the first application under the liberalised policy for the Indian edition of the sports speciality magazine, Golf Digest, published in the US.
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IOC To Launch Auto LPG In 12 More Cities
Kolkata: Indian Oil Corporation Limited (IOC) on Thursday launched its auto LPG fuel in Kolkata, the sixth location in the country, while planning to cover 18 cities by March, 2003.

The company, which have already opened Auto LPG Dispensing Station (ALDS) in Ahmedabad, Bangalore, Hyderabad, Delhi, Mumbai and Kolkata, would launch the eco-friendly automotive fuel in 12 other cities by the end of this fiscal, Mr BK Mittal, executive director (eastern region), IOC, said here. While 15 ALDS have been opened in the six cities, 14 others were under construction and 33 more would come up by March, he said.
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Essar Seeks Govt Intervention In Vadinar Project
Mumbai: The Essar Group has once again sought petroleum ministry's intervention for completion and start of its much delayed 10.5 million tonne Vadinar refinery and has asked for equity participation in the project by an unwilling Indian Oil Corporation (IOC).

"In a communication to the ministry two months ago, Essar Oil wrote that it wanted IOC to invest around $100 million in the incomplete project and also sign a marketing agreement with it for sale of the products."
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