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Bombay High Court clears Reliance Industries demerger
Mumbai: The Bombay High Court has approved Reliance Industries Ltd`s demerger scheme. The scheme sought to make changes in the company`s shareholding pattern as part of a settlement between the Ambani brothers, Mukesh and Anil.

RIL had earlier filed a petition before the court seeking its sanction for demerger of the company`s power, telecom and energy businesses. A minority shareholder who opposed the arrangement, alleged that the demerger was more in the nature of a family arrangement than a business separation. The petitioner argued that the demerger scheme contained some discrepancies.

Replying to these arguments, RIL counsel Iqbal Chagla had admitted that the company observed some kind of `typographical errors` existing in the text of its scheme submitted to the court. However, he completely refuted Mankad's allegations that the demerger scheme was unfair to the shareholders.
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SAIL to invest Rs.11,000 crore in West Bengal
Kolkota: Steel Authority of India Ltd (SAIL) has decided to invest Rs11,000 crore in the next five to six years by way of increasing production capacity at its three production units in West Bengal, according to media reports. These will include the Durgapur steel plant (DSP) and the Indian Iron and Steel Company (IISCO).

According to reports, the investment is slated to increase the hot metal production capacity of DSP from the present level of 2mt to 3.2mt by 2011-12, while IISCO`s capacity would go up to 2.5mt by 2011-12 from the existing 0.8mt.

SAIL`s corporate plan envisages the raising of its total hot metal capacity from the current level of 14mt to 22.5mt by 2011-12. The proportion of semis in the overall production would drastically come down from the current level of 55 per cent to less than 10 per cent in the next six years, the report quotes officials as saying.
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Polaris Software is Microsoft's launch partner in India
Bangalore: Polaris Software Lab Ltd has been chosen as a launch partner by Microsoft for the launch of Visual Studio 2005 and SQL Server 2005.

The company has developed a Customer Delinquency Management System, Collect.NET, based on one of the products available in its end-to-end Banking suite.

Intellect.Collect.NET has been developed on ASP.NET 2.0 and C#, taking advantage of the newer features available in the new version of .NET like Master Pages, Themes and Membership API. The system uses the new SQL Server 2005 as the backend.

Collect.NET has been tested for performance and scalability at the Intel Labs, Bangalore where it has scored heavily on many performance metrics.
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Turbomeca sets up Indian subsidiary at Bangalore
Bangalore: French engineering major, Turbomeca, a leader in design, production, sale and repair of gas turbines, has launched its Indian Subsidiary, Turbomeca Turbochargers Industrial India (TTII), with an installed capacity of over 250 Turbochargers, used to boost several hundreds of large diesel engines.

According to Turbomeca chairman and CEO Emerioc d'Arcimoles the new facility, set up in Peenya Industrial Area in the city, marked an important step forward in the company's achievement of its strategy for international expansion through new sites.

He said the new facility would source components and assemble and test Turbomeca HS5800 NGT, the next generation turbocharger destined for domestic sales in India and for the international market. It would also offer after sales support to Indian customers, he added.

According to company executives, growth prospects were bright for Turbomeca in India and the new facility would serve as a base for its expansion in the region.
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Singapore's CapitaLand targets India
Singapore: CapitaLand Ltd., Southeast Asia's biggest developer, plans to make its first move into India in coming months, its chief said on Friday. CapitaLand was the owner of the landmark Raffles Hotel, which it sold in July for S$362.4 million (US$214.3mn).

CapitaLand, 46-per cent is owned by Singapore state investor Temasek Holdings, is a substantial investor in China, where it generates a third of its sales from projects ranging from residential apartments to office buildings to shopping malls.

The group has no major projects in India, but is in talks with Indian partners for its maiden venture there. Company officials have said that Mumbai will be their first foray into India, with a residential project.
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Hitachi Construction to up stake in Tata Motors JV to 40 per cent
Mumbai: Tata Motors Ltd and Hitachi Construction Machinery Co. said on Friday that they had signed an agreement that will allow the Japanese firm to increase its stake in their joint venture to 40 per cent from the current 20 per cent.

Under the new agreement, Tata Motors' stake in Telco Construction Equipment Co. Ltd. (Telcon) would drop to 60 per cent, the Indian company has said in a statement.

Tata Motors have not revealed how much Hitachi would pay for the additional 20 per cent equity.
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Samsung Electronics to set up mobile handset plant in India
Mumbai: Samsung Electronics Co. Ltd said on Friday it would invest US$15mn to set up a mobile handset unit in India with an initial capacity of 1 million units a year.

The capacity of the handset manufacturing unit, to be built at Manesar in the state of Haryana, would rise to 20 million by 2010, a company spokesperson said.
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GAIL and Norway's NGH in tie up for development of technology
New Delhi: Gas utility GAIL (India) Ltd has entered into a memorandum of cooperation (MoC) with Natural Gas Hydrate-AS (NGH) of Norway for developing and commercialising synthetic natural gas hydrate storage and transportation technology.

"The scope of the MoC includes feasibility studies of natural gas hydrate transport as an alternative to conventional pipeline and LNG transport," a GAIL press release said here.

In its efforts for pursuing new technology developments, GAIL has identified storage and transportation of natural gas in hydrate form for monetizing stranded gas fields as priority area.

Natural gas hydrate is a solid ice-like compound composed of natural gas and water. Natural gas hydrate has been identified as a promising non-pipeline gas transport method for reasonable volumes and transport distances.
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Welspun to transfer retail business to subsidiary
Mumbai: Welspun India Ltd said Friday that it would transfer its entire retail business to a subsidiary company.

The board of directors have decided in-principle to transfer its entire retail business to a subsidiary, so as to focus on growth of retail business in India, the company informed the Bombay Stock Exchange.

Welspun India, the flagship company of Welspun group, is a leading manufacturer and exporter of terry towels and bed linens.
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Usha Martin to merge subsidiary with itself
Mumbai: Usha Martin Ltd`s board of directors has decided to amalgamate Usha Martin Holdings Ltd (UMHL),100 per cent subsidiary of the company, with itself through a scheme of amalgamation.
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Ashok Leyland Nov. sales down three per cent
Mumbai: Ashok Leyland Ltd. India's second-biggest bus and truck maker, said on Friday vehicle sales in November fell 3 per cent to 4,213 units from 4,349 units a year ago.

Domestic sales fell more than 1 per cent to 4,033 units from 4,088 units a year earlier, while exports fell 31 per cent to 180 units.
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