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UB
puts South African brewing biz on the block
Mumbai: The
UB Group has decided to cut its losses and exit from the
South African market by selling United National Breweries
(UNB). The crashing South African currency (Rand) combined
with decline in the consuming population for sorghum beer
(an opaque beer popular with the locals) has made UB group
appoint merchant intermediaries to look for a buyer.
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State's
18,000 units shut shop in 3 yrs
Mumbai: In the last three years, over 18,000 industrial
units in Maharashtra have closed, rendering 3,25,000 jobless.
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Hyundai,
LG, Samsung, Mitsubishi under Fera probe
New Delhi: Hyundai Motors, LG, Samsung Corp, Mitsubishi
Corp, Sony and Nokia are among 18 multinational companies
against whom adjudication proceedings have been initiated
by the Enforcement Directorate under provision of the
Foreign Exchange Regulation Act of 1973, the Rajya Sabha
was informed on Tuesday.
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Phoenix,
Telco tie up for Safari, Loadbeta
Mumbai: Tata Engineering has signed an agreement with
Phoenix Venture Holdings, the owners of the MG Rover Group.
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Daikin
Shriram to set up new manufacturing base
Mumbai: The Rs 125-crore Daikin Shriram Airconditioning
is planning to set up a new manufacturing facility for
split airconditioners, possibly in North India.
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Sundaram-Clayton
offers ABS with anti-spin tech
New Delhi: Sundaram-Clayton Ltd, part of the TVS Group,
is betting on anti-lock brake systems as the new technology
which could bring in huge cost savings, especially for
the commercial vehicle industry in India.
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Amtrex
Hitachi proposes Rs 27-crore rights issue
New Delhi: Amtrex Hitachi Appliances Ltd has proposed
to come out with a rights issue for an aggregate amount
of Rs 27 crore.
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IOC
seeks to buy less from Reliance Petro — To absorb
more from MRPL
New Delhi: Indina Oil Corporation (IOC) is combing
its agreement with Reliance Petroleum Ltd (RPL) to see
if it can reduce the quantity of products it purchases
from the refinerso that it can absorb additional capacity
from MRPL, which has recently entered the Government's
stable, a senior IOC official said.
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SCI
to pay Rs 3 interim dividend
New Delhi: Shipping Corporation of India (SCI) has
announced an interim dividend of 30 per cent for the year
ended March 31, 2003, the company informed the stock exchanges
on Tuesday.
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Honda
to renew tech tie-up with Hero group
New Delhi: Honda Motor Company on Tuesday said it
would renew its technical agreement with the Hero group
for their joint venture, Hero Honda Motors, in June 2004,
seeking to dispel doubts over the future of India's largest
two-wheeler company.
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Timex
to invest Rs 25-cr more in Indian arm
New Delhi: The US-based Timex Watches BV, the parent
company of Timex Watches Ltd, is going to make an additional
investment of Rs 25 crore into its Indian subsidiary.
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Eli
Lilly sues Dr Reddy's on Olanzapine
New Delhi: Eli Lilly, the global drug major, has sued
Dr Reddy's Laboratories Ltd, alleging that the latter
had infringed its patents in the case of Olanzapine orally
disintegrating tablets (ODT).
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HC
directs Spectrum to hold AGM on March 20
Hyderabad: The Andhra Pradesh High Court on Tuesday
vacated the stay given by the City Civil Courts on holding
of the seventh annual general meeting (AGM) of Spectrum
Power Generation Ltd (SPGL).
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Viceroy
plans debt swap
Hyderabad: Viceroy Hotels Ltd (VHL), the Hyderabad-based
hospitality major, is planning to go in for swapping the
high-cost debt. This move is aimed at reducing the interest
burden and improve the bottom line.
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Rs
290-cr deal with Adani — P&O clears FIPB hurdle
for Mundra terminal stake
New Delhi: P&O Ports is close to acquiring 100
per cent stake in Adani Container (Mundra) Terminal Ltd
(ACTL) from Adani Group in a deal worth Rs 292 crore ($60
million). The deal was granted approval by the Foreign
Investment Promotion Board (FIPB) recently after a long
wait, a senior Government official said.
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Orissa
aluminium project — Birlas want Govt to tackle resistance
to land transfer
Mumbai: The A.V. Birla group, which has planned to
set up a Rs 11,000-crore aluminium project in Orissa,
proposes to release payments once the land lease is transferred.
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Modern
veg seed plant to come up at Aurangabad
Mumbai: Seminis Vegetable Seeds (India) Ltd is setting
up a state-of-the-art vegetable seed plant at Aurangabad
with an investment of about Rs 5 crore.
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Essel
Propack global operations net rises 5 pc
Mumbai: Essel Propack Ltd has reported a five per
cent increase in its net profit at Rs 65.1 crore for the
year ended December 31, 2002 for its global operations
including India, compared to Rs 62 crore in the previous
year.
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