SC okays Parke-Davis, Pfizer merger
Mumbai: The Supreme Court, after dismissing the special leave petition (SLP) filed by the dissenting shareholders, has okayed the merger between Parke-Davis India (PDIL) and Pfizer. Pfizer will now proceed to complete the implementation of the scheme of amalgamation of PDIL with it.

The company will now take steps to issue equity shares of Pfizer in the proportion of four equity shares of Pfizer for every nine equity shares of PDIL. The company will also proceed to hold the annual general meeting of Pfizer to approve the annual accounts of the company for the year ended 30 November 2002 and pay dividend at the rate of Rs 7.50 per share on the post-merger equity capital of the company.
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BHEL in alliance with Exim Bank
New Delhi: Bharat Heavy Electricals (BHEL) will soon form an alliance with the Export-Import Bank of India for floating an international financial services company. The two entities will shortly execute a memorandum of understanding (MoU). The new company, to be located somewhere in the Middle East, will also have participation from a leading international bank at a later stage. This joint venture company will not only take up funding of BHEL's overseas projects but will also look at financing global ventures of other Indian companies.

A senior Exim Bank official was quoted as saying: "Soon after signing the MoU, the two companies will appoint a reputed consultant to prepare a detailed feasibility report (DFR) on setting up of this company. Details on various aspects related to equity structure, location etc will also be dealt with in this DFR."
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Mallya may make counter offer on Herbertsons issue
Bangalore: UB group chairman Vijay Mallya may make an offer for 19 per cent shares of Herbertsons purchased by Kishore Chhabria from the open market, along with a bid to buy out additional 20 per cent stake in Herbertsons, India's third-largest liquor company, say reports. Mallya's offer will be a counter to Chhabria's open offer to buy back 20 per cent from the open market as directed by the Securities Appellate Tribunal (SAT).

While Chhabria's offer is scheduled to open on 3 October, Mallya has to indicate his counter bid intention by 11 September, sources were quoted as saying. The development follows last month's SAT order regularising Chhabria's 49-per cent stake and directing him to make an open offer for further 20 per cent. Subsequently, Chhabria made an open offer priced at Rs 210 per share.
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Toyota-Kirloskar to up production cost by 50%
Bangalore: Toyota-Kirloskar Motor Company is planning to reduce its production cost by around 50 per cent over three years. Sources in the company were quoted as saying that a 50-per cent reduction in production cost will be carried out in a phased manner.

The company has also started initiating measures to make second-tier suppliers' quality and cost conscious. "We want all our suppliers down the line to adhere to Toyota's stringent norms that will lead to overall improvement in performance," The sources said Toyota has till date reduced production cost by over 25 per cent. "These efforts have contributed to higher revenues and the company now plans to post a net profit for the first time this fiscal."
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Infosys plans to add 2,000 engineers for telecom division
Bangalore: Infosys Technologies plans to add about 2,000 engineers over the next 18 months to its telecom practice division tracking strong growth prospects, especially in the service provider space. At present, the telecom practice of Infosys (known as CAPS [Communication and Product Services Practices]), has close to 2,200 people. "We expect to be 4,000-strong by the next 18 months," said Parameswar Y, head, CAPS, and associate vice-president, Infosys. "Most of the hiring will be for the Chennai and Pune development centres."

The company has added about 200 engineers in the last three months and expects to add between 300-400 over the next six months, he said. The growth in telecom service providers was likely to surpass growth in research and development initiatives from telecom products companies in the near term. Contribution from the service providers to the telecom practice revenue was close to 50 per cent as against the company's projection of 40-45 per cent in the last year.
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US firm to hawk JB Chemicals' Ciprofloxacin
Mumbai: JB Chemicals and Pharmaceuticals will supply, market and distribute its Ciprofloxacin will be exclusively managed by Lannett Company Inc, USA, through an agreement with its joint venture partner Spectrum Pharmaceuticals, USA.

"The US Food and Drug Administration has already accepted the company's ANDA Filing for Ciprofloxacin and approval is expected by this yearend. The company expects to generate revenues from the US sales of Ciprofloxacin in 2004," a company press release said.
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Mega global plans for Taj Hotels; to enter spa services
Mumbai: Taj Hotels Resorts and Palaces of Indian Hotels Company Ltd (IHCL) has launched a major exercise to upgrade and benchmark its luxury and leisure segment hotels to go international in a big way. This is being done through 'asset light management contracts', a part of a larger plan to expand organically, through management contracts, and also be open to small acquisitions, wherever possible.

The company is now celebrating 100 years of Taj Mahal Palace Hotel, Mumbai, and the new business expansion plan will not only include repositioning of the luxury hotels of the group, but also witness a major foray into the Spa segment, a basic amenity of curative facilities, like ayurveda, yoga or even a mineral spring, much sought after by the dollar-paying quality-conscious international tourists these days.
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Tata Tea plans US expansion with Tetley
Mumbai: Tata Tea Ltd is expanding its US operations through the Tetley brand and is considering rationalising its green leaf activities, said R K Krishna Kumar, vice-chairman, Tata Tea. He said Tata Tea is also looking at new markets like Pakistan, Bangladesh, Dubai and other West Asian countries.

The company is also contemplating new brands in the ready-to-drink (RTD) and flavoured-tea categories. According to K Pringle, Tata Tea director, the company has started test-marketing RTD teas in Canada, France and the UK. Kumar said Tata Tea is eyeing a 5-7 per cent market share in Pakistan and 4 per cent in Bangladesh.
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