Polyplex board okays PET film line
Mumbai: Polyplex Corporation has informed the BSE that the company's board of directors, in a meeting held on November 27, approved the setting up of a Polyester film line with a capacity of 24,000 m.t per annum at its existing plant site at Khatima, Udham Singh Nagar, Uttaranchal.
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Matrix to set up two JVs with German firm
Hyderabad: Matrix Laboratories Ltd (MLL) has decided to set up two joint ventures with German collaboration, one in India and the other in Ireland. The Hyderabad-based pharmaceutical company informed the stock exchanges that its board has approved the proposals to this effect.

While the first joint venture, Medikon Galenicals Pvt Ltd would be set up in India, the second - EEM Pharma Life Sciences Ltd would be set up in Ireland. According to the C. Ramakrishna, director of MLL, the investment partners of these joint venture companies would be H. Fischer & Co International GmbH (FI) and CES Beteiligungs GmbH (CES), based in Germany, respectively.
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Tata Motors not interested in Ssangyong stake
Mumbai: Tata Motors, approached earlier by investment bankers with a proposal, has decided not to bid for controlling stake at South Korea's fourth largest automaker, according to a company spokesperson said on Friday. Wire agencies had reported of news in the Maeil Business Newspaper that the Tata Group had submitted a letter of intent to buy 55.4 per cent stake in Ssangyong Motor Co. According to the paper, eight companies indicated interest in buying the stake.

"We are not interested," Tata Motors' spokesperson said when contacted. A senior Tata Sons official separately confirmed that no other group company was in the fray. Tata Motors is currently doing due diligence to acquire Daewoo Commercial Vehicle Company Ltd, the second-biggest manufacturer of heavy commercial vehicles in South Korea with a 26 per cent market share. The acquisition may cost around $118 million.
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Lombardini to invest in R&D unit in India
New Delhi: Engine manufacturing company, Lombardini S.R.I of Italy, which has a 100 per cent subsidiary in India, is planning to invest $10-12 million in India over the next four years towards setting up a research and development centre. The company has already invested about $24 million in the country over the past two years. "We are looking to widen our product portfolio in India to include aspects such as product design," Giuliano Zucco, CEO, Lombardini (Italy) said.

Lombardini India is presently making diesel engines primarily for three-wheeler maker Piaggio, which has its plant in Baramati (Maharashtra). However, forecasting an increase in demand, the company has plans to increase the production capacity at its facility in India. "We are looking to double our current capacity of 75,000 engines per annum in the next 3-4 years," Zucco said.
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Glenmark launches cardiac drug in Canada
Mumbai: Glenmark Pharmaceuticals, an R&D-based pharma company with presence in both the formulations and bulk drugs sector, has commenced supply of Amiodarone, a new general bulk drug in the cardiac segment, to the Canadian market. The company expects to start supply of the drug in the US market shortly, with the total supplies to the Canadian and US markets likely to touch the $6 million (approximately Rs 27.56 crore) mark in the next 18 months. Glenmark had filed the Drug Master Files (DMF) for this product with the US Federal Drugs Administration (USFDA) about six months ago.

According to a company press release, the company has filed two more DMFs in this month with the USFDA - it plans to file three or four more DMFs in the current fiscal. For the Canadian market, the company will supply the drug to Apotex, which is considered one of the largest pharmaceutical company in Canada, producing more than 200 generics in dosages and formats. Apotex has also established a presence through subsidiaries, joint ventures and licensing agreements in Mexico, China, Costa Rica, New Zealand, France, Italy and Russia.
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Ventura Textiles plans to delist from three bourses
Mumbai: Ventura Textiles Corporation Ltd has informed the Bombay Stock Exchange that its board, in its meeting held on Thursday, had recommended, subject to the approval of members, the voluntary delisting of the company's shares from the Ahmedabad, Coimbatore and Delhi stock exchanges.
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Abhishek Ind, L&T tie up for towel project construction
Mumbai: Abhishek Industries Ltd has informed the Bombay Stock Exchange that it has entered into a contract with Larsen & Toubro Ltd to carry out the construction of its terry towel expansion project, the civil works of which has already started.

The project is expected to completed by March 31, 2004, and commercial production is expected to start in April 2004. The Government of Punjabhas exempted Abhishek Industries Ltd from the liability to pay purchase tax on cotton to the extent of Rs 100 crore over five years. This exemption is applicable with respect to cotton purchased for its Terry Towel Expansion Project being implemented at a capital outlay of Rs 225 crore.
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India Cements posts H1 loss of Rs 31 crore
Chennai: Cement major India Cements Ltd (ICL) has posted a net loss of Rs 31.23 crore during the first half ended September 2003 as against the net loss of Rs 91.09 crore in the corresponding period of the previous year. Income from operations and other income has gone up by about 12 per cent to Rs 605.05 crore (Rs 542.06 crore). Interest and other charges have dropped by about 30 per cent to Rs 81.04 crore from Rs 115.58 crore. Depreciation stood at Rs 40.72 crore (Rs 40.73 crore).

According to a company press release, partial recovery in cement prices coupled with debt restructuring exercise undertaken by the company has enabled ICL to reduce its net losses during the first half of the year. "Despite drop in gross sales realisation of cement from Rs 2,271 per tonne to Rs 2,022 per tonne the company has been able to reduce its losses during the first half. This was made possible by the ongoing cost cutting measures undertaken by the company through improvement of operating parameters and pruning of discretionary overheads," it said.
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