Dell plans second subsidiary in India
New Delhi: Dell International is planning to set up a second subsidiary in India. Dell's second Indian venture will be for undertaking specialised services of high technology computer systems, storage devices, computer consultancy and solutions, says a report. Dell had recently embroiled in a controversy when it decided to shift some its overseas business customer service back to the US.

Now, Dell plans to shift all the domestic sales and marketing activities of its existing subsidiary to the new venture. It is not clear what the MNC's existing subsidiary will do once these functions are transferred to the second venture.
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Matrix offloads 27.8% stake
Hyderabad: The US-based Newbridge Capital and other strategic investors are picking up 4.05 million shares, or a 27.83 per cent stake, in the city-based Matrix Laboratories for Rs 607.50 crore, at Rs 1,500 per share. This is the biggest deal in the Indian pharmaceutical industry, both in terms of size and value, reports say.

While 2.25 million shares, on a diluted capital base of Rs 14.55 crore, will be issued through a preferential offer, the balance will be sold by the existing shareholders of Matrix Labs. The deal will fetch Rs 337.5 crore to the company and Rs 270 crore to the existing shareholders. As per the Securities and Exchange Board of India's guidelines, the deal will trigger an open offer to the public shareholders of Matrix Labs since the strategic investors, considered to be acting in concert, are buying more than a 15 per cent stake in it.
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Tata real estate arm, Singapore company in JV talks
Mumbai: The real estate arm of the Tata group, Tata Housing Development Company, is seeking the possibility of taking the joint venture route with foreign companies for developing large real estate projects, says a report. The company is in talks with various foreign companies for forming joint ventures. Tata group sources confirmed that United Infrastructure of Singapore is one of the companies with which talks are on.

Real estate development is not a core area for the Tata group and it makes sense to restrict its exposure to the sector by roping in a joint venture partner, sources said. Says a senior Tata Housing executive: "We are examining the possibility of a forming joint venture but the entire issue is at a very preliminary stage."
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TV18 arm stake sale to CNBC stalled
New Delhi: The government has rejected Television Eighteen (TV18) India Ltd's proposal to offer a 15-per cent stake in its proposed uplinking subsidiary, iNews.com, to CNBC group firm Business News (Asia) Pvt Ltd (BNA) on the ground that TV18 has failed to comply with the guidelines for news channel uplinking within the prescribed deadline. The government rejected the proposal at the behest of the information and broadcasting ministry, which pointed out that iNews.com, also the proposed production and uplinking company for CNBC in India, had not applied for uplinking rights so far.

The ministry said the proposal will be considered only after TV18 complied with the foreign direct investment norms, and iNews18 applied for uplinking rights. The information and broadcasting ministry said TV18, the parent company of iNews.com, had a foreign portfolio investment of 10.48 per cent, which is not permitted under the guidelines. Only 26 per cent foreign direct investment is permitted in firms uplinking news from India.
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Dabur in talks with Anchor to sell Binaca brand
New Delhi: Industry sources were quoted as saying that Dabur India is in advanced talks with the Mumbai-based Anchor Health & Beauty Care to sell off its Binaca brand. Sunil Duggal, chief executive officer, Dabur India, said talks to sell off Binaca were being negotiated.

However, he declined to divulge specific names. "We are talking to leading oral care players, and till a deal is finalised, we cannot talk about it. Confirming that Anchor Health & Beauty Care had been approached to acquire the Binaca brand, Sanjay Shah, Anchor's joint managing director, said: "We do not like to comment any further on this at this stage."
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PIA Jumbo to fly into Delhi on New Year day
New Delhi: A Pakistan International Airlines (PIA) Jumbo is planning to touch down at Delhi's Indira Gandhi International airport on 1 January 2004 at 4 pm. This will herald the reopening of direct air links between India and Pakistan.

"The 1 January flight from Pakistan will be operated with a 400-plus seater Boeing 747-300 aircraft. We are operating the larger aircraft to meet the huge demand for travel to the South Asian Association of Regional Cooperation (SAARC) summit which is being hosted by Pakistan," the airline's Manager, India, Parwez Ahmed Khan, was quoted as saying. India and Pakistan had closed their respective air space for use by aircraft registered in each other's countries from 1 January 2002.
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