Hindujas back in Iran with big projects
Chennai: The Hinduja Group, as part of two consortia, have bagged two projects in Iran worth $600 million. One of the projects, will be to develop and construct a port at Chabahar, which will cost $100 million. The other will take up onward rail link from the port to the city of Bam, thereby completing the logistics chain with the CIS countries, lying to Iran's north.

The members of the consortium for the Chabahar project include Ashok Leyland Project Services Ltd, L&T, RITES and National Institute of Ocean Technology (NIOT). The other project, for building of a railway line between the Chabahar port and Bam, in South-East Iran, will cost around $500 million. Partnering the Hindujas in this consortium are RITES and IRCON, both undertakings of Government of India. The Government of Iran could also join in.

From Bam, Afghanistan and the CIS countries are connected with roads. Chabahar is strategically located on the Oman sea. The development of Chabahar port and the associated rail link project were included in the Indo-Iranian Joint Protocol `Delhi Declaration,' released during the visit of Mohammad Khatami, the President of Iran, to Delhi in January 2003. The port project could start in the next six months and be completed by mid-2007. The rail project may start in March 2005, and take five years to finish.
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Tatas to disinvest from Tata Honeywell
Mumbai: According to an agreement reached between the two companies, Honeywell Asia Pacific Inc, the subsidiary of Honeywell International, is set to acquire the 40.62 per cent stake held by the Tata group in Tata Honeywell for about Rs 125 crore.
Honeywell would purchase the shares held by the Tata group for a price of Rs 350 per share.

The Tata Honeywell joint venture between Tata Industries Ltd and Honeywell Inc, USA was established in 1988 to provide automation and control technology to the industrial and building sectors. The company has two strategic business divisions comprising the industrial automation and control division and the building control division.
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Tata Motors sales up 33 per cent
Mumbai: Tata Motors has reported total sales of 30,183 vehicles (including export) in June, a growth of 33.3 per cent over the previous corresponding 22,644 units. According to an official statement, domestic sales rose 35 per cent to 28,522 units (21,133 units for the year ago period).

Sales of commercial vehicles therein grew 36.4 per cent to 13,445 units (9858 units) with medium and heavy commercial vehicles growing by 44.7 per cent to 9,355 units and light commercial vehicles by 20.5 per cent to 4,090 units. Last month, the company's passenger vehicle business reported its highest-ever sales, with the numbers rising by 33.7 per cent to 15,077 units. Last month, the company's exports amounted to 1,661 units (1,511 units). For the fiscal so far, total sales stood at 84,918 units, up 40.6 per cent, including a 42.1 per cent growth in cumulative domestic sales to 80,658 units.
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Matrix Labs gets USFDA nod
Hyderabad: Matrix Laboratories Ltd (MLL) has announced that Vera Laboratories Ltd, which is currently being merged with the company, has received USFDA approval for Trazodone, an anti-depressant drug. In a press release here, the company said Trazodone, an off-patent product sold under the brand name — Desyrel — as well as a generic drug in the US, has an annual sales volume of about $ 75-million.

Though Trazodone is commonly prescribed for the treatment of depression, the drug is also used to reduce symptoms of agoraphobia, drug induced insomnia, essential tremor, repetitive screaming and some pain syndromes.
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MphasiS Q1 net up 81 per cent
Bangalore: The MphasiS BFL Group has posted an 81 per cent growth in net profit at Rs 35.28 crore for the first quarter ended June 2004. Revenues have grown by 35 per cent to Rs 175.78 crore. On a sequential basis, MphasiS BFL's net profit grew 40.4 per cent while revenues were up 10.7 per cent. The MphasiS board has declared an interim dividend of Rs 1.50 per share for the year ending March 31, 2005.
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