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GE,
Bechtel told to delink recovery of dues from restart of
Dabhol Project
New Delhi: The Centre has asked General Electric
and Bechtel to delink their demand for recovery of its
past dues with restarting of the distressed Dabhol power
project.
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Citibank
may pick up Lupin stake
New Delhi: Citigroup Venture Capital (London) an
arm of the Citibank group, is looking to pick up substantial
equity in Lupin in a deal approaching $80m. the valuation
of Lupin has been completed by CVC at Rs 230 per share,
a premium of almost 40% to the current market price of
Rs 150 per share.
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McDonald's
local arm set to break-even this year
Mumbai: McDonald's Corp, the US-based fast food
giant which suffered its first-ever loss last quarter,
can glean some comfort from its Indian operations.
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China's
Kinlon to source bike parts from India
Kolkata: Chinese bike maker Kinlon is actively
discussing the possibility of a two-way sourcing arrangement
with top Indian motorcycle manufacturers.
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Natco
banks on anti-cancer drug
Mumbai: Natco Pharma, which has accumulated losses
of Rs 32 crore as of March ’02, is pinning its hopes
on its anti-cancer drug and omeprazole drug in the injectable
form. This apart, it also plans to launch 15 more drugs
into the domestic market.
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Coca-Cola
sets up franchise bottling unit in Bhutan
New Delhi: Coca-Cola has set foot in the Kingdom
of Bhutan — `Shangri La — the Lost Paradise’.
Coke has entered Bhutan in a big way through a franchise
bottling-cum-pre-formed PET manufacturing unit with the
Rs 400-crore Tashi group, the makers of Druk fruit products.
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Coca-Cola
board to meet Feb 28 deadline for
offloading 49 per cent stake
New Delhi: Coca-Cola is confident of meeting the
February 28 deadline set by the government to offload
49 per cent stake in its Indian subsidiary, Hindustan
Coca-Cola, to the public.
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Colgate
cuts ad spend again
Mumbai: Oral care major Colgate’s year-on-year
ad spends have dropped for the fifth consecutive quarter
till December ‘02.
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TCS
posts 30 per cent rise in 2001-02 revenues
Mumbai: Tata Consultancy Services, which contributes
substantially to the revenues of Tata Sons Ltd, the holding
company of the Tata group, has recorded a revenue growth
of over 30 per cent for the fiscal 2001-02, according
to the Tata Sons balance sheet for the year ended March
31, 2002.
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illycaffe
institutes India Coffee Quality Prize
New Delhi: Italian speciality coffee major illycaffe,
one of the leading processors and marketers of Espresso
coffee, has announced the institution of first India Coffee
Quality Prize for Espresso.
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Tisco
to adjust Rs 1,500 crore expense against cap reserve
Mumbai: Tata Iron and Steel Company will adjust
miscellaneous expenditure of around Rs 1,500 crore against
the capital redemption reserve account and securities
premium account of the company as on March 31, 2002.
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L&T
stake in Narmada Cement, 3 other cos
to go to demerged cement firm: Grasim
Mumbai: The Grasim Industries proposal for a vertical
demerger of L&T's cement business envisages the transfer
of all assets belonging to/currently used by the L&T
cement business to New Cemco, the name given to the demerged
entity in the proposal.
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Rolls-Royce
to invest more in aero software projects
New Delhi: Rolls-Royce expects to make more investments
in manufacturing, design and software development related
to aero engines in India. It has ruled out any plans to
set up its own facility in the country.
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Ashok
Leyland to focus on `Leyparts' brand
Chennai: Ashok Leyland intends to step up its efforts
to promote the `Leyparts' brand, the name under which
the company sells its spare parts. Spare parts' sales
contribute about Rs 200 crore to the company's turnover,
but have been stagnating around this level for some years
now.
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SS
Organics to convert loans
Hyderabad: Pharmaceutical company SS Organics Ltd
has decided to convert the unsecured loans brought in
by the promoters and their associates earlier into equity
capital.
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Tata
Steel capital recast approved
Mumbai: The board of directors of Tata Steel has
approved a proposal to adjust the debit balance of Miscellaneous
Expenditure Account not exceeding Rs 1,550 crore against
the balance standing to the credit of the Capital Redemption
Account and Securities Premium Account of the company
as on March 31, 2002.
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Bhilai
Steel net profit up 23 per cent in Q3
Kolkata: With a cumulative profit of Rs 440 crore,
Bhilai Steel Plant (BSP) — the star performer of
Steel Authority of India Ltd — has raised hopes of
surpassing the Rs 600-crore net profit target set for
the current fiscal.
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PepsiCo
seeks to change terms for franchisee buy
New Delhi: PepsiCo has moved the FIPB seeking changes
in the terms and conditions approved by the board for
acquiring the assets and business areas of its franchisee,
Dhillon Kool Drinks and Beverages Ltd (DKDBL).
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Raasi
to appoint agency for merger
Hyderabad: Raasi Refractories Ltd, which proposes
to merge with itself the group company — Raasi Enterprise
Solutions Ltd, has decided to appoint an independent agency
or consultant to work out the details of the proposed
merger.
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Bajaj
Tempo sales up 34 pc in Jan
Pune: Pune-based Bajaj Tempo Ltd, which has a presence
in light commercial vehicles, utility vehicles, three-wheelers
and tractors, has recorded a 34 per cent increase in sales
across its product range up to January 2003 as compared
to the corresponding period last year.
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