Tata Motors set to acquire Daewoo truck co for $118 m
Mumbai: Tata Motors Ltd on Wednesday said that it has signed a binding MoU with Daewoo Commercial Vehicle Co Ltd (DWCV) to acquire the Korean truck manufacturer. "The transaction is expected to close in the next two to three months, subject to a final due diligence of DWCV's operations, the negotiation of further agreements and the receipt of applicable regulatory approvals in India and Korea,'' an official statement said.
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DD News gets aggressive on ad front
New Delhi: In the highly competitive news channels market, Prasar Bharati is not taking chances and has decided to get aggressive with its marketing plans for the newly launched news channel. For the first time, the national broadcaster has come out with a `market-friendly' advertising rate card and has tried to throw in some freebies in a bid to generate revenues. This is because the Finance Ministry had earlier asked Prasar Bharati to sustain the channel internally and not rely on Budgetary support.
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Essar Group eyes power sector in eastern region
Kolkata: The Essar Group is interested in the power generation and distribution business in the eastern India, according to Prashant Ruia, managing director of Essar Steel Ltd. He was in the city to attend a metal seminar organised by the Bengal Chamber of Commerce and Industry. Talking to reporters at the sidelines of the meet, he said, Essar Group has a few interests in the eastern India.
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Roche drugs now 25 per cent cheaper
Mumbai: Mumbai: Pharma major Roche Scientific Company (India) Pvt Ltd has announced cut in the prices of its existing drugs by 25 per cent to consolidate its presence in the Indian market. Life-saving drugs of Roche India such as Xeloda, Cellcept and Mabthera covering the oncology, virology and transplantation segments will now be available in India at 25 per cent cheaper rates. The company has so far sold drugs worth more than 35 million Swiss francs (about Rs 11.81 crore), including in segments such as osteoporosis and epilepsy.
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Padmalaya board clears higher FII investments
Hyderabad: Padmalaya Telefilms Ltd while deferring the decision to issue ADRs/GDRs/FCDs, has decided to allow higher investment by Foreign Institutional Investors. The company board,at its annual general meeting held here recently, also approved a dividend of 35 per cent for the financial year 2003, according to a notification to the BSE.
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Aurobindo EGM clears preferential offer
Hyderabad: The equity shareholders of Aurobindo Pharma Ltd (APL) have approved the company's proposal to go in for private placement of 38-lakh equity share warrants for raising funds to the tune of Rs 229.52 crore. At an extraordinary general meeting held here on Wednesday, the shareholders have also approved the proposal to increase the investment limit of foreign institutional investors from 24 per cent to 49 per cent of the paid-up capital, the company informed the stock exchanges.
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Saudi group to pick up 16.7% stake in KRBL
New Delhi: The Saudi Arabia-based Balsharaf Group will pick up a 16.7 per cent stake in KRBL Ltd, India's largest exporter of basmati rice. The acquisition will be done through fresh issue of 30 lakh shares of Rs 10 each at a price of Rs 90 by KRBL to Omar Ali Obeid Balsharaf, Abdullah Ali Obeid Balsharaf, Mohammed Ali Obeid Balsharaf, Hussam Ali Obeid Balsharaf and Saud Al Subaie, all belonging to Saudi Arabia. The Indian promoters hold 76.66 per cent stake in KRBL, which will fall to 63.86 per cent after the issue of additional shares at a premium of Rs 80 per share to the Saudi investors. "We will use the funds thus raised to expand our paddy procurement and processing capacities, which will help us boost exports further", Anoop Gupta, joint managing director, KRBL Ltd, said. For the year ended March 31, 2003, KRBL recorded a profit after tax of Rs 16.34 crore on net sales of Rs 590.18 crore. Of this, exports constituted around Rs 410 crore, with the company exporting about 80,000 tonnes of basmati rice alone.
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SRL plans tie-ups with hospitals in UK, West Asia
Kolkata: Armed with the College of American Pathologists accredition,SRL Ranbaxy Ltd (SRL) has drawn up plans for tie-ups with leading hospital systems in the UK and West Asia. Harpal Singh, chairman of the company, said here on Wednesday that SRL would reach out with its diagnostics expertise to overseas markets by the end of the financial year. Singh was here in connection with the launch of its laboratory. "In the UK, we are talking to three countrywide hospital systems for off-site diagnostic tests. In the West Asia, SRL would begin its off-site operation in Abu Dhabi, which will be followed by Dubai and Kuwait", Singh said. Within the next three years, the company expects to cater to the US hospitals. "Once these arrangements are established we would also like to set up on-site facilities for handling emergency tests in these overseas locations", he added.
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Orchid Chem looks West to boost sales
Chennai: Supported by a new plant designed to meet US standards, Orchid Chemicals & pharmaceuticals plans to push drug sales to the lucrative West and replace China as its mainstay in three years. Orchid hopes that the sale of drugs in final form, such as tablets, to the US and Europe, will bring in more money than the sale of cheaper drug-ingredients to China. Nearly 40 per cent of Orchid's current revenue is from China.
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Ashok Leyland vehicle sales up 72% in October
Chennai: Powered by a surge in sales of medium duty vehicles (above 7.5 tonnes), Ashok Leyland reported a 71.6 per cent increase in vehicle sales in October 2003 over the same month last year.In October 2003, the company sold 3,997 vehicles, including 327 units exported, against 2,329 in October 2002.
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