DPC Games: GE and Bechtel move ahead
Mumbai: A US bankruptcy court has admitted the request of GE and Bechtel to buy 49 per cent equity of DPC for $22 million (around Rs 95.6 crore) from the fallen Enron, according to reports. The court also reportedly rejected a $25-million (around Rs 108.6 crore) bid for the 49 per cent stake from Reliance Energy, after questioning their locus standi. The higher bid was rejected because OPIC, a US Government-owned political risk insurer, backed the offer made by GE and Bechtel.

GE and Bechtel had earlier this year agreed to drop certain insurance claims against OPIC in return for its support for buying the stake. A GE press release has said that the actions were part of a "comprehensive effort to reach a responsible settlement" with various DPC stakeholders. However, Enron India had pledged DPC shares with the Indian lenders, including IDBI, ICICI and State Bank of India among others, who together have an exposure of more than Rs 6,000 crore to DPC.
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Indian-founded US companies raise $470 million
Chennai: According to data from TSJ Media, which tracks venture capital and merger and acquisition activity involving Indian-founded companies worldwide, hi-tech companies founded by Indians in the US have raised over $470 million (about Rs 2,100 crore) in venture capital/private equity financing during the quarter ended March 2004.

The $42 million (over Rs 180 crore) second round funding raised by CipherTrust Inc, an Atlanta-based firm founded by Jay Chaudhry, was the largest single investment during the quarter. The $32 million (about Rs 140 crore) fourth round funding raised by 3PAR, a California-based firm co-founded by Ashok Singhal, was the second. The third largest investment during the period was the $30 million (around Rs 135 crore) raised by Gaurav Garg, co-founder of Redback Networks Inc, a Nasdaq-listed firm, from Technology Crossover Ventures.
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Foundry Networks aims to expand in India
Mumbai: Consequent to a co-branding agreement inked recently with D-Link, the high-end enterprise products firm Foundry Networks Inc is aiming at a target of $10 million to $15 million in sales in India by 2006.

The networking industry in India is estimated at $200 million and includes switches, fast Ethernet and Gigabit Ethernet. The current growth rate of 25 per cent is expected to sustain over the next four years. For D-Link India, the agreement with Foundry Networks has led to several large-scale orders including ONGC and National Institute of Technology, Jamshedpur.
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Peter England launches new range of suits and blazers
Bangalore: Peter England, a prominent shirt brand from Madura Garments, has launched its new range of readymade suits and blazers. The new Peter England suits collection will be available in 50 styles and will be produced at the Madura Garments factory at Hosur.

Madura Garments already has a presence in the readymade suits and blazer market through its brands, Louis Phillips and Van Heusen. Readymade suits and blazers account for 10 per cent of the Rs 2,500-crore overall market of these apparels.
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