Fresh bids to be invited for Daewoo Motor assets
New Delhi: The debt recovery tribunal-appointed receiver has decided to invite fresh bids for assets of Daewoo Motor India after it rejected offers for DMIL’s current assets like Matiz cars as bid prices were "much below" the reserve price.
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CMC status unclear till government takes stand
Mumbai: The status of CMC Ltd — in which Tata Consultancy Services acquired 51 per cent — post TCS’ initial public offering will be clear if the government offers to offload its balance stake in the company in October 2003.
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TCS plans esops post initial public offer
Mumbai: Tata Consultancy Services is planning to reward its employees with stock options after it gets listed.
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SAIL employees seek Bengal CM’s help to halt shifting of RMD HQ
Kolkata: The employees at the headquarters of the raw material division of Steel Authority of India Ltd have sought the intervention of West Bengal chief minister Buddhadeb Bhattacharjee, smelling a move to shift their office from Kolkata to Rourkela.
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Hero Honda unlikely to achieve sales target this fiscal
New Delhi: Hero Honda Motors is likely to fall short of its target of selling 1.8 million motorcycles this fiscal by four-six per cent due to stagnant demand following drought in various states of the country last year, a top company official said.
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Maruti IPO may miss Mar 31 deadline
New Delhi: Maruti Udyog's proposed initial public offering to reduce government holding in the company to about 20 per cent is set to miss the March 31 deadline. This effectively brings the disinvestment story for the current fiscal to an end, and the proceeds from core disinvestment this fiscal may well stand below Rs 3,400 crore.
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UTI, Intel & Canadian bank to invest Rs 19 cr in Subex
Bangalore: Subex Systems, the Bangalore-based telecom software solutions company is set for a fresh fund infusion totalling Rs 18.5 crore from investors such as Intel Capital, Unit Trust of India (UTI) and Toronto Dominion Bank (TD), Canada. While Intel Capital and UTI are new investors, TD is an existing investor.
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Titan forms new division for aviation, auto tools
Bangalore: Titans Industries, a manufacturer of watches and branded jewellery, has diversified into automotive and aerospace precision mechatronics.
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Birlas, L&T chalk out plans to win over FIs
Mumbai: The two warring sides in the battle for L&T — the Aditya Birla group and the top management at Larsen & Toubro — seem to be gearing up to try to win over the financial institutions, the largest shareholding block in L&T, at the company’s next board meeting on Saturday.
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HCL Perot bags Rs 100-cr deal from UK bank
New Delhi: Within two months of ending the boardroom spat, HCL Perot has logged into one of its largest deals from BACS (UK’s largest electronic funds transfer bank), estimated to be worth about Rs 100 crore. In the pipeline is an even bigger deal with an American insurance company.
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Aviva may set up a call centre here
Mumbai: UK's largest insurance group Aviva has said it is setting up a 1,000-person call centre in India. Aviva is the second UK insurer after Prudential to announce plans to set up a call centre in Mumbai.
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CalPERS likely to invest in India
New Delhi: US-based California Public Employees Retirement System may invest in India after its consultant Wilshire Consulting asked the $132bn pension fund to consider putting its money in India, Jordan, Morocco, Sri Lanka and Colombia as target markets
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Camlin enters US, Korea as OEM
Mumbai: After diversifying into chemicals and pharmaceuticals, domestic stationary products maker and marketer Camlin is now manufacturing writing instruments and art material for several foreign brands.
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Polaris Soft ties up with Deutsche Leasing
Chennai: Chennai-based Polaris Software Lab has entered into a strategic partnership with Deutsche Leasing, Germany’s leading company in movable assets, to implement its “orbi pack” of products.
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Korean co to source VSF from Birlas
Mumbai: The Aditya Birla group has entered into a strategic alliance with the Korean Non-Woven Industry Co-operative (KNIC) for expanding its viscose staple fibre (VSF) business.
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Kerala Auto's out of BIFR net
Kochi: State public sector unit, Kerala Automobiles (KAL), has returned from the brink by turning its net worth positive and coming out of the purview of the Board for Industrial and Financial Reconstruction (BIFR).
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Toyota may have a `re-look' at Camry's pricing
Mumbai: Toyota Kirloskar Motor Ltd is expected to take a `re-look' at the pricing of its mid-class luxury sedan, Camry, in case the Government announces changes in the duty structure in the Union Budget.
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Balrampur Chini to launch low-alcoholic beverage
New Delhi: After Indian Made Foreign Liquor (IMFL), its cola time for the sugar major Balrampur Chini Mills Ltd. The company is proposing to launch a low alcoholic carbonated beverage by the end of this month.
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India Nippon net profit at Rs 6.9 cr
Mumbai: India Nippon Electricals Ltd has reported a higher net profit of Rs 6.90 crore for the quarter ended December 2002, as compared to Rs 4.47 crore in the corresponding quarter of last year.
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CCEA to consider ONGC proposal for MRPL today
New Delhi: The Cabinet Committee on Economic Affairs (CCEA) is slated to take up Oil and Natural Gas Corporation's (ONGC) proposal to acquire AV Birla group's (ABG) stake in Mangalore Refinery and Petrochemicals Ltd (MRPL) on February 13.
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Hindalco-Birla Copper merger takes effect
Mumbai: The amalgamation of the copper business of Indo Gulf Corporation Ltd into Hindalco Industries Ltd has been made effective from yesterday, the companies informed BSE.
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Apollo Tyres completes expansion at Kerala unit
New Delhi: Apollo Tyres Ltd (ATL) has completed the expansion of its unit at Perambra in Kerala's Thrissur district. It is also likely to complete the expansion of its subsidiary, Premier Tyres Ltd (PTL), at nearby Kalamassery by June.
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Numeric Power to begin operations abroad soon
Chennai: The Chennai-based Numeric Power Systems Ltd will shortly commence overseas operations through a new UPS (uninterruptible power supply) assembly facility at Sri Lanka and a sales office in the Mauritius, according to the company's sources.
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PepsiCo, Pagrexco tie up for citrus cultivation
New Delhi: The Punjab Agri Export Corporation (PAGREXCO) and PepsiCo have set up a screen house at PepsiCo's agri research and development centre at Jallowal, Jalandhar, for citrus cultivation.
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Ucal ties up with Australian co for fuel injection tech
Chennai: The Chennai-based Ucal Fuel Systems Ltd has tied-up with Orbital Engine Corporation of Australia for technology for producing fuel injection systems for two-stroke motorcycles.
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SS Organics told to convert loans to equity
Hyderabad: S.S. Organics Ltd, a city-based ailing pharmaceutical company under the purview of the Board for Industrial and Financial Reconstruction (BIFR), has informed the stock exchanges that it has been directed by the BIFR to convert unsecured loans into equity.
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