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PSEG
Cuts Indian Ops
New Delhi: PSEG India, the Indian arm of the Australian
power giant PSEG Global, is downsizing its Indian operations.
The company has exited from the Thaneerbhavi power project
in Karnataka but would remain put for the moment, in its
second joint venture Pillaiperumalnallur Power Generating
Company in Tamil Nadu.
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Sharp
Business Systems India nears break-even
New Delhi: Sharp Business Systems (India), a 74:26
joint venture between the $14 billion Sharp Corporation
Japan and Larsen & Toubro, will achieve a break-even
during the current financial year ending March 2003.
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RN
Mafatlal enters into LoI with Sheth Builders
Mumbai: The RN Mafatlal Group company Standard Industries
Ltd has entered into a letter of intent with Sheth Builders
for development of its property at Prabhadevi, a fast
developing area in the central Mumbai.
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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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Karvy
touches 100-mark in branch network
Chennai: Karvy Consultants Ltd, one of the leading
integrated financial services conglomerate headquartered
at Hyderabad, has reached a new landmark by opening its
100th branch at Tirupur in Tamil Nadu.
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Santro
to drive into Europe, N. America
New Delhi: Hyundai Motor India Ltd (HMIL) is all set
to begin exports of its small car, the Santro, to Europe
and North America. Exports to these two new markets are
likely to commence in about six months.
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Rajasthan
Spng meet to consider HEG unit buy
New Delhi: The board of directors of Rajasthan Spinning
& Weaving Mills Ltd (RSWML) is scheduled to meet on
February 21 to consider the proposal of acquisition of
Rishabhdev Textiles, a unit of HEG Ltd.
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Intelligroup
bags Nagarjuna project
Hyderabad: Intelligroup Asia, a provider of application
implementation and offshore software services, has announced
that it has bagged a SAP implementation project from Nagarjuna
Agrichem Ltd (NACL), a Nagarjuna Group company.
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HLL
objects to Goshree move to auction land
Kochi: Hindustan Lever Ltd (HLL) is at loggerheads
with Goshree Islands Development Authority (GIDA) over
the proposed auctioning of reclaimed land adjoining its
property in Kochi. In a public notice issued to newspapers,
the corporate has raised objection to GIDA's decision
to auction 52 of the 62 acres of land reclaimed from the
backwaters near Tatapuram.
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Whirlpool
net profit drops to Rs 8.6 cr
New Delhi: White goods major Whirlpool of India Ltd
saw a marginal dip in net profit for the year ended December
31, 2002. The company's net profit declined to Rs 8.65
crore for the year ended December 31, 2002, compared to
Rs 9.12 crore for the year ended December 31, 2001.
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Essar
Oil to sell drilling biz to Abu Dhabi group
Mumbai: Essar Oil Ltd has informed BSE that it has
finalised the arrangements for the sale of energy division
(drilling division) to Bin Jabr Group Ltd, an oil and
gas service provider based in Abu Dhabi.
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L&T
seeks measures similar to PSU sell-offs
Mumbai: Faced with the possibility that the CDC proposal
could meet with disfavour from the board, a section of
the Larsen & Toubro (L&T) board is trying to generate
opinion to prevail upon the institutional members to "insist
upon procedures as transparent as would be adopted in
the divestment of any public sector unit".
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HSL
begins work on integrated steel plant
The Manaksia group has taken the first step in setting
up an integrated steel plant, marking a major diversification
from its area of specialisation, i.e., manufacturing crown
closures and pilfer proof closures.
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Madura
sees trouble with `honest' shirt
Mumbai: One of the biggest brands in the Madura Garments
stable, its sales declined roughly 27 per cent in the
first nine months of the financial year, impacting the
company's overall performance.
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