Birla family suit seeks injunction against Lodha
Kolkata: K.K. Birla, G.P. Birla, Kashinath Taparia, and Pradip Kr. Khaitan have filed a suit in the Calcutta High Court against R.S. Lodha, asking for an injunction restraining him from interfering in the estate of M.P. Birla in any manner. In the suit, the plaintiff prayed for appointment of a receiver by the court over the property and estate left by M.P. Birla.

It was stated that the estate of M.P. Birla could not be left with a "rank outsider" like Lodha, whose identity with M.P. Birla's estate is now put under challenge, pending adjudication. It was further stated that the will, of which Lodha was now claiming to be the executor, was not the will of Priyamvada Birla. The matter is now set to appear any day next week.
Back to News Review index page  

Toyota Kirloskar to expand production capacity
New Delhi: Toyota Kirloskar Motor will be investing Rs.160 crore this year to augment production capacity. The company said that it expects profits to remain almost flat at Rs.109 crore during 2004-05 due to higher pressure on margins. The company is targeting a sales turnover of Rs.3,100 crore this fiscal, up from Rs.2,700 crore last year.

The increase in capacity will allow Toyota to end the two to three-weeklong waiting period for the Qualis and the Corolla. The company, which is currently operating at full capacity, aims to post sales growth of over 7 per cent this fiscal at 45,500 units over 42,600 units sold during 2003-04.

Out of the 45,500 units it aims to sell this year, the Qualis will contribute 32,000 units, the Corolla 12,200 units and the Camry 1,500 units. During 2003-04, the company sold about 32,000 units of the Qualis, 9,500 units of the Corolla and 1,100 units of the Camry. The company also plans to wipe out its accumulated losses in the next two years.
Back to News Review index page  

Nicholas Piramal's new R&D unit at Chennai
Chennai: Nicholas Piramal India has set up a new research & development centre in Chennai, which will complement its partnership with the Anna University in the area of drug discovery. The new R&D unit in Chennai has invested Rs.10 crore in laboratory equipment, and will employ 24 scientists. Nicholas plans to increase the number of scientists at its Chennai R&D centre to 40 during the course of the current financial year.

Nicholas' partnership with the Anna University concentrates on research in the areas of cancer and anti-inflammatory compounds. The partnership has so far led to the discovery of four molecules by the Anna University that are being developed by Nicholas. The intellectual property generated out of the partnership is jointly held by the two entities. The Anna University does the basic research to discover compounds that could be used in the treatment of cancer and anti-inflammation. Subsequently, Nicholas develops the compounds by taking them through pre-clinical and clinical trials.
Back to News Review index page  

Arcelor and SAW Pipes sign up for a joint venture
New Delhi: The world's largest steel maker, the 26-billion euro Groupe Arcelor, on Thursday signed a joint venture agreement with SAW Pipes Ltd (SPL), a Jindal group outfit, for setting up a new company called IUP-Jindal Hexa Metals Ltd. While Arcelor will hold a minority stake of 27 per cent in the joint venture company the Jindals will hold the remaining 73 per cent.

To start with, the joint venture company will have an equity capital of Rs.10 crore. The new plant, to be set up at Rohad in Haryana, will involve a total investment of around $15 million (approx Rs.69 crore). The new company is to manufacture stainless steel and nickel alloy precision strips, high value-added products for various industrial sectors such as textile machinery, clock and watch making and electrical equipment. The plant will have a capacity of 13,000 tonnes. It is expected to employ about 200 people.
Back to News Review index page  

Fiat India standing by for Panda launch
Hyderabad: Fiat India is awaiting its parent company's nod to launch its B-segment Panda, one of its most-acclaimed cars in Europe. The company has concluded a "clinical study" and has sent the report to the parent company. The Fiat Panda, has been rated very high following its significant strides in the European market. The Panda could well be powered by Fiat's most fuel-efficient 1.3-litre diesel Euro 3 compliant plant.

The company has ruled out any new launches happening this year seeing it as a year of consolidation both in terms of sales and customer support and dealer network. The company has managed a significant level of indigenisation through the Indian vendor development plan. With regard to petrol engines, the indigenisation level has touched about 80 per cent and is about 65 to 70 per cent in diesel engines.
Back to News Review index page 

Club Mahindra implements PCMM model
Chennai: The Rs.104-crore Chennai-based Mahindra Holiday & Resorts India Ltd has implemented the People Capability Maturity Model (PCMM) at its resort in Goa, to achieve world-class customer service standards. This is its first step towards its goal of becoming a global player.

The company plans to replicate it at its new resort in Coorg, which will be commissioned next year, and subsequently ao all the resorts. The total investment for the resort in Coorg is about Rs.45 crore. The PCMM is a tool to assess and evaluate employees, developed by the Carnegie Mellon University's Software Engineering Institute.
Back to News Review index page  

Discovery launches lifestyle channel
New Delhi: Discovery Networks International, the international division of Discovery Communications, has decided to launch a travel and lifestyle channel in India. According to the company, the launch of Discovery Travel and Living in India in October this year will be followed by launches of similar channels in Asia, Europe and Latin America in 2005.

The channel will offer international lifestyle programming that will expand Discovery's programming menu beyond factual entertainment to a new genre. It will cover travel, health and fitness, cuisine, automotive, home dcor and entertaining and will be tailored to Indian needs. The channel will have a substantial amount of programming designed to appeal to Indian viewers.
Back to News Review index page  

Dr Reddy's launch skincare cream
Hyderabad: Dr Reddy's Laboratories Ltd has launched a moisturising cream for the treatment of dry skin under the brand Venusia. According to a company press release, Venusia, made available in 50 gm jars, is a prescription product. It combines the advantages of squalene, an ingredient introduced for the first time in India, with aloe vera and the anti-oxidant properties of vitamin E. Squalene is a component of sebum which is the body's own natural moisturiser.

At present, Dr Reddy's has a total of eight brands in the dermatology segment in the Indian market with sales of Rs.23 crore last fiscal. Some of the leading brands in this segment include Mintop, Mintop Forte, Gris OD and Antoxid HC. Dr Reddy's recently launched Clearz, an ointment for treating hyperpigmentation. It combines kojic acid and vitamin C.
Back to News Review index page