TCS opens office in Brussels
New Delhi: Software major Tata Consultancy Services (TCS) has announced the opening of new office and signing of a securities processing deal in Brussels.

S. Ramadorai, Managing Director, Tata Consultancy Services also signed a deal with the joint venture that KBC Bank and Rabobank have recently set up to process securities transactions for both retail investors and professional parties.
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ONGC postpones MRPL capacity expansion
Kolkata: ONGC has postponed its capacity expansion plan in Mangalore Refinery and Petrochemicals Ltd (MRPL), as the latter has been able to stretch its capacity by 120 per cent over the licensed level of 9.69 million tonne.

The current level of production will take MRPL closer to the 12 million tonne mark this year. In 2003-04, MRPL registered 104 per cent capacity utilisation against 75 per cent in the previous year.

ONGC was earlier planning a three-million-tonne capacity expansion in the company.

MRPL is now implementing a Rs600-crore investment plan to produce Euro IV fuel by 2007, much before the national fuel policy deadline of 2010. This apart, Rs100 crore is being invested in creating off-site storage facilities and another Rs150 crore will be invested in product value addition during the next two years.
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Maini Precision to supply components to Snecma
Bangalore: Bangalore based Maini Precision Products Ltd and Snecma Moteurs of France have signed an agreement under which the Indian company would supply mechanical components for the latter's CMF 56 aero engines.

Maini Precision Products, which is a member of the Society of Indian Aerospace Technologies and Industries (SIATI), has opened a new facility dedicated to the production of aerospace-related mechanical components for the engines. These engines are the bestsellers in their class of thrust, equipping both Boeing 737 and Airbus 320 aircraft families.

Snecma has said that this new contract is in line with its strategic decision to develop its relationship with the Indian aerospace industry. Snecma has been cooperating with Hindustan Aeronautics Ltd, to which it subcontracts CFM56 parts as well, and with which it is planning to jointly create an industrial centre of excellence.

Maini has been exporting precision components and sub-assemblies for over 20 years to several OEMs across the globe including General Motors, Volvo Powertrain and Eaton Group.

Snecma Moteurs is a leading global manufacturer of aircraft and rocket engines. The company designs and builds commercial and military aircraft engines.
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Birlas' counsel doubts authenticity of Mahatama Gandhi's signature
Kolkata: Arun Jaitley concluded his arguments in the court of Justice Sengupta, saying there was no bitterness in the Birla family, as alleged by the counsel of R.S. Lodha. Jaitley was opposing the petition filed by R.S. Lodha challenging the caveatable interest of the four Birlas in the probate petition.

Counsel for Y. Birla, P.K. Roy, stated that the last rites of both M.P. Birla and Priyamvada Birla have been performed by Y. Birla. Had there been any family malice, Priyamvada Birla would not have allowed Y. Birla to perform the last rites of M.P. Birla, it was submitted. Hence, the allegation of bitterness, being manufactured by R.S. Lodha has no substantive basis. The counsel stated that it is merely a slur made to establish the right of R.S. Lodha over the Birla property.

It was further argued that R.S. Lodha also staged another drama by introducing Mahatma Gandhi's presence in Gajanan Birla's letter written on August 2, 1934 in Varanasi, and that in the documents, which were supplied to the Birlas by R.S. Lodha, the signature was found illegible and not clear to clearly identify the signature of Mahatma Gandhi.

Earlier in the day, Jaitley stated that there are established laws, showing that newly replaced executors should have the right to challenge when the estate is in peril. Jaitley argued as to why M.P. Birla and Priyamvada Birla appointed many executors in the mutual will of 1982. He submitted that though there was no clear idea about the appointment of so many executors, it appears that they have appointed more executors only with an objective, so that their vast empire was not damaged.

M.P. Birla appointed Priyamvada Birla along with K.K. Birla, a business magnate, Kashinath Tapuria, a well-trusted person, and P.K. Khaitan, a young rank outsider of the Birla family as executors of the 1982 will. Similarly, Priyamvada Birla appointed M.P. Birla, G.P. Birla, K.N. Tapuria and P.K. Khaitan, all trusted persons, as executors of the mutual will of 1982 with sole interest to bequeath the estate for public charity. This is a fight to protect public interest and to demolish the private interest, Jaitley argued. The hearing will continue.
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ONGC Videsh talks for Ecuador block stake progressing
New Delhi: ONGC Videsh Ltd, the overseas investment arm of ONGC, is negotiating with EnCana Corporation to acquire equity stake in oil blocks in Ecuador. EnCana has placed on offer its equity in five oil blocks in Ecuador. Of these, four are producing oil.

The company has decided to sell out it 36.3 per cent stake in the 500-km Oleoducto de Crudos Pesados crude pipeline, which has a capacity of 450,000 barrels per day. The acquisition, if clinched, would provide India 9,00,000 barrels per day of crude oil.
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Suzuki and Maruti to pump in Rs.6,000 crore
New Delhi: Suzuki Motor Corporation and Maruti Udyog Ltd are set to invest over Rs6,000 crore in the country over the next four-five years towards setting up a new car assembly unit, a diesel engine manufacturing unit as well as increasing automation and efficiencies in Maruti's current facilities, apart from research and development (R&D).

As per the current agreement the following points are clearly established:

• Maruti to hold 70 per cent stake in the new car assembly joint venture.
• New diesel plant to be part of Suzuki Metals India, currently a 51:49 joint venture between Suzuki and Maruti.
• Suzuki to conduct feasibility study to set up gearbox unit in India.
• Maruti to roll out premium hatchback model Swift in 2005
• Suzuki's two-wheeler venture to be operational by end-2005.

According to Jagdish Khattar, Managing Director of Maruti Udyog, the diesel plant will have a capacity of over 300,000 units a year and will supply diesel engines to Maruti as well as export engines to Suzuki subsidiaries in Europe and Asia.

While the decisions at Thursday's board meeting allayed worries that Maruti may be sidelined in the parent company's future strategy in the country, the likely investment of Rs6,000 crore has raised fresh concerns that a large proportion of the investment will be borne by Maruti. This could put pressure on the company's profitability in the coming years.

According to Maruti it would introduce a new model, Swift, in the country next year, which would be produced at Maruti's current plant. The car is positioned in the premium hatchback category and would compete with the Hyundai Getz.
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Wockhardt Hospitals to build 16 more hospitals
Kolkata: The Rs100-crore Wockhardt Hospitals Ltd (WHL) has taken up a major expansion project worth around Rs500 crore to build 16 more specialty hospitals in the country. WHL has already set up nine hospitals - a cluster of six in Mumbai and one each in Kolkata, Bangalore and Nagpur - with a total of more than 400 beds.

In Mumbai, WHL would set up another cluster of four hospitals (200 beds) at Juhu. The projected fresh investments in Mumbai have been placed at around Rs200 crore.

The expansion project would also see the company step into the Capital with a cluster of three hospitals. The New Delhi hospitals would have a total 220 beds. The new hospitals will have end-to-end health care services in the areas of cardiology, orthopaedics, neurology, ophthalmology, gynaecology and minimal access surgery.
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LG to inaugurate Pune plant next month
Mumbai: The new manufacturing facility of LG Electronics India at Ranjangaon near Pune will be inaugurated in the first week of October.

Though the plant is designed to make LG India's entire range of products, initially it will manufacture only colour TVs and refrigerators, a company official said.

A significant portion of the production from the Pune plant will be exported. The company hopes to increase its export revenue to 20 per cent of its turnover by 2006, from five per cent now.

This is the second manufacturing facility of the company in India. The plant has commenced trial runs a month ago. LG's existing plant, set up in 1997, is located at greater Noida.
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Ranbaxy: FDA nod for respiratory drug
New Delhi: Ranbaxy has received approval from the US Food and Drug Administration (FDA) to manufacture and market its combination drug - Loratadine and Pseudoephedrine Sulfate extended-release tablets, 10 mg/240 mg (24-Hour Formulation).

Loratadine and Pseudoephedrine Sulfate extended-release tablets are indicated for the temporary relief of symptoms due to hay fever or other upper respiratory allergies, runny nose, sneezing, itchy and watery eyes, itching of the nose or throat. The combination also reduces swelling of nasal passages, temporarily relieves sinus congestion and pressure and temporarily restores freer breathing through the nose.
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Glenmark signs $190 million pact with Forest Labs
Mumbai: Glenmark Pharmaceuticals SA (Switzerland), a wholly owned subsidiary of Glenmark Pharmaceuticals India (GPL), has entered into a collaboration agreement with Forest Laboratories Inc, USA, for the development and commercialisation of PDE4 (phosphodiesterase 4) inhibitor GRC 3886 for chronic obstructive pulmonary disorder (COPD) and asthma.

As per the agreement, Forest will develop, register and commercialise GRC 3886 for the North American market. The deal is worth $190 million to the Indian company, provided the development and commercialisation of the product is successfully completed by 2009.

Glenmark retains commercialisation rights for the rest of the world as this deal covers only the $10-million North American market for COPD and asthma. The Indian company would also earn `mid-teens' royalty from Forest on net sales after the commercial launch and would supply active pharmaceutical ingredients (API) for sale by Forest.

The number of COPD patients in the US is put at 24 million and that of asthma at 20 million.

The company has said that this was easily the largest licensing deal concluded by an Indian company till date.
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Third Lufthansa deal for Hexaware
Bangalore: Hexaware Technologies Ltd has bagged a three-year contract from Lufthansa Systems for providing maintenance services to its check-in, inventory and ticketing applications. The company informed the exchange that the deal includes maintenance of important mainframe-based applications.

For Lufthansa, Hexaware would provide CRM services like passenger reservation, frequent flyer programmes, ticketing applications and other processes related to customer check-ins. The contract is upwards of $5 million, according to sources.

Besides Lufthansa, the software service provider has bagged projects from Air Canada and some Japanese airlines, according to sources.
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i-flex ties up with PeopleSoft
Bangalore: BFSI software vendor i-flex Solutions Ltd has entered into an alliance with PeopleSoft to develop and market an integrated solution for the banking industry. According to a company release, the announcement was made on Thursday at the Connect 2004 User Conference in San Francisco.

The new combined solution will provide integration between Flexcube, the corebanking suite from the Indian BFSI software provider and PeopleSoft's financial management and customer relationship management applications. The integrated application would allow banks to streamline the processing of all financial transactions such as customer deposits and withdrawals, security trades, loan payments and teller transactions from the core banking system to the bank's financial systems.
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Pepsi introduces new Mirinda variants in Tamil Nadu
Chennai: Mirinda has launched three flavours - Mirinda Mango Tingle (a blend of orange and mango), Mirinda Strawberry and Mirinda Apple - for the Tamil Nadu market. Tamil film actor Vivekh will endorse these products.

Pepsi Foods said that the company decided to launch these flavours in Tamil Nadu because it was a large consumer of carbonated soft drinks and fresh fruit juices.

The new drinks are available in two pack sizes - 200 ml returnable glass bottles and 600 ml PET - at Rs6 and Rs18 respectively.
These products have been launched in time for the festive season, he added.
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