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RIL
strikes gas off Gujarat
Reliance Industries Ltd (RIL) has struck gas in its offshore
exploration in Gujarat, according to a senior company
official. The discovery comes on the heels of its recent
mega strike of seven trillion cubic feet reserves in the
Krishna Godavari basin.
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Opel
Vectra to cost Rs 15.99 lakh
General
Motors India (GMI) has announced a price of Rs 15.99 lakh
(ex-showroom, Delhi), for its new car in the premium `D'
segment, the Opel Vectra. At that price, the Vectra costs
slightly more than the Honda Accord.
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Ford
to launch two models this year
Ford India Ltd has charted out major plans for the Indian
market this year. "We are planning to launch two
new models in to the Indian market this year," Randy
Shockley, vice-president (marketing, sales and service),
Ford India Ltd, said.
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Dr
Reddy's board to meet on Jan 28
The board of directors of Dr Reddy's Laboratories is scheduled
to meet on 28 January to consider and take on record the
unaudited financial results for the third quarter of current
fiscal year ended 31 December 2002.
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GAIL
plans to invest Rs 12,000 cr in gas grid
GAIL India Ltd plans to invest around Rs 12,000 crore
in the next
seven-to-eight years towards laying a 6,400-km gas pipeline
grid across the country. It has planned a 6,400-km gas
grid inter-connecting the demand centres.
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Granules
India promoter sells 9% stake
The
managing director and chief promoter of Granules India
Ltd (GIL), the Hyderabad-based pharmaceutical company
specialising in granulated paracetomol, has sold around
9 per cent of his holding in the company.
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Hero
group sets up 'Easy Bill'
The Hero group, comprising leading companies Hero Honda
and Hero Cycles, has set up a new firm, Easy Bill, to
do large-scale bill collection through a countrywide network.
Easy Bill's operations will be launched in March this
year.
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Mphasis
Q3 net up 43% to Rs 19 crore
Mphasis BFL has reported a 43.4-per cent rise in net profit
for Q3 ended 31 December 2002, compared to the same period
the previous year. The net profit for Q3 was Rs 19.4 crore
(Rs 13.5 crore). The turnover for Q3 stood at Rs 56.5
crore, against Rs 47.7 crore, indicating a rise of 18.5
per cent.
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AMP
IndAsia drops equity investment plan, MD quits
The $55-m AMP IndAsia Fund, which has been under review
since December 2002 following Australian financial services
company AMP Henderson’s re-think on its private equity
investment plans in India, may finally have been called
off.
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Locals
must hold 49% of Coca-Cola, says govt
The government is understood to have approved a proposal
by Coke which sought to wipe off its accumulated losses
of about Rs 2,086 crore through balance sheet restructuring.
It has said that the locals must hold a 49-per cent share
in Coca-Cola.
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Tecumseh
favours India over China
He can easily be dubbed as the rare contrarian. For, Todd
Herrick, president and CEO of Tecumseh Products, one of
the largest manufacturers of compressors in the world,
argues in favour of investing in India as against China.
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Satyam
Cine to sell stake to raise Rs 100 crore
The Delhi-based entertainment company, Satyam Cinep- lex,
is in talks with major international private equity investors
including Citi Bank, TW Capital, AIG and Warburg Pincus
to raise around Rs 100 crore through equity participation.
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Alcoa
may buy out ACC in JV
The world's largest aluminium company, the $23bn Alcoa,
is likely to increase its stake in ACC Alcoa Industrial
Chemicals (AAIC), a joint venture with cement major ACC.
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