Madhucon to acquire German hot mix plants
Hyderabad: Infrastructure company Madhucon Projects (MPL), has announced that it will buy six modern computerised hot mix plants from the German company Lintec GmbH for Rs28 crore. The company said it has released a letter of intent in favour of Lintec. It already has three such hot mix plants of Lintec, the release said.
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ONGC gets DNA approval for carbon credits
New Delhi: Six clean development mechanism (CDM) projects of Oil and Natural Gas Corporation Ltd (ONGC) have received approval from the Designated National Authority (DNA) on March 24, said a release. ONGC now needs to get the UN approval to earn carbon credits and be able to trade them.

ONGC is the first Government organisation to receive the DNA approval (from Government of India) for CDM initiatives under the Kyoto Protocol, it claimed.

These projects are the gas flaring reduction projects pertaining to its various assets in Mumbai High, Neelam and Heera, Ankleshwar, Ahmedabad, Mehsana and Cauvery Assets. Three more projects are expected to receive approval of DNA, shortly.
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Godrej plans expansion strategy for soaps
New Delhi: FMCG major Godrej Consumer Products (GCPL) is planning to expand its soaps business and is planning to invest around Rs75 crore for this. This includes investing Rs20 to Rs25 crore in adding to its fatty acid and soap noodling capacity in Malanpur in rteh state.

Hoshedar K. Press, executive director and president of GCPL, said: "A large part of the investment is for a new soap factory in Himachal Pradesh which will enjoy both income tax and excise benefits."

The capital investment in the soap business would take place over the next 12 months, and cater to the capacity requirements for at least three years, industry observers said.
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ITL looks for acquisitions in Eastern Europe, China
New Delhi: International Tractors (ITL), which sells tractors under the Sonalika brand, is looking for acquisitions in Eastern Europe and China. According to L.D. Mittal, chairman, the company is likely to spend Rs300-400 crore for the acquisition, the first of which will be in Eastern Europe.

Mittal said setting up a manufacturing base in Eastern Europe has become advantageous after most countries in the region have joined the European Union, and can now be utilised as a low-cost export base for all of Europe. Last year Escorts bought 100 per stake in its Polish subsidiary, while Mahindra & Mahindra is also keen to acquire a unit in the region.

According to Mittal, the acquisition would be finalised in two months. ITL is also in talks to pick up a stake in a Chinese tractor firm run by the local Government.
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Oberoi group to run luxury trains in tie up with Railways
New Delhi: The rail authorities of India are currently examining proposals to introduce at least three luxury trains of which two are for Rajasthan and the third one is for Karnataka.

Happily for the Railways private players have shown willingness to put their money into these initiatives.

The Oberoi group of hotels has expressed its keenness to run a luxury train in the Rajasthan circuit. The train will be on the lines of Palace-on-Wheels and will cost around Rs30 crore.

Rail ministry sources said the Oberoi group will take up 52 per cent stake in the JV, while the balance will be retained by the Railways to be split up equally between the Rajasthan Tourism Development Corporation (RTDC) and Indian Railway Catering and Tourism Corporation (IRCTC).
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Hetero buys Lyka JV pie
Mumbai: Hyderabad based pharma company Hetero Drugs, has acquired its joint venture partner's entire holding in Lyka Hetero Healthcare a 51:49 joint venture between Lyka Labs and Hetero Drugs.

The Mumbai-based investment banker First Call India, advisors in the deal, had valued Lyka Hetero Healthcare's corporate enterprise value at Rs49 crore.

Lyka Labs sources said the company would invest the proceeds of the disinvestment of Lyka Hetero Healthcare in new avenues in the domestic market. Lyka Labs floated the joint venture with Hetero Drugs to market its products in the domestic market a couple of years ago.
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General Motors mulls launch of 'mini car'
Mumbai: General Motors India is planning to launch a mini car that would be 'competitively priced' and would aim to get a market share of 10 per cent, said company officials.

The mini car would compete with Alto, Santro and Maruti, General Motors India, vice president (corporate affairs), P Balendran, said.

The company has recently launched the Aveo in Mumbai and Chennai and this is the first of the three new Chevrolet products to be launched in the first six months of this year. The company intends to launch the Aveo U-VA and Optra SRV by June-July.
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Daimler unveils Merc S-class, M-class for south India
Chennai: Daimler Chrysler has launched the latest edition of the Mercedes-Benz S-class and M-Class vehicles for the southern markets.

According to Wilfried Aubur, MD and CEO, Daimler Chrysler India, "The new S-class launched today is parallel to the US market launch and clearly demonstrates Daimler Chrysler's seriousness about the Indian market," said.

The new Mercedes-Benz M-Class comes with seven-speed automatic transmission 7G-TRONIC fitted as standard, a more effective four-wheel drive system 4-ETS, AIRMATIC air suspension and the anticipatory occupant protection system PRE-SAFE.

Aubur said the new S-Class will have agile handling and even more effortless driving experience. While the new S-Class will cost Rs81 lakh for the basic model, the M-Class will cost Rs56 lakh. Maybach, the luxury car from the company is priced at a whopping Rs5.20 crore.

Daimler Chrysler has sold about 137 units till February this year and 2019 cars in 2005. While 35 per cent of the total sales for the company came from the North, 30 per cent was from West, 25 from South and 10 per cent from the East, he said.
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Amul to continue sales in Gujarat markets
Ahmedabad: Gujarat Co-operative Milk Manufacturers Federation (GCMMF) said it does not plan to withdraw the popular 'Amul' brand or any of the products of Amul from the Ahmedabad or Saurashtra markets. In fact, the expansion of Mother Dairy, Gandhinagar, from a current capacity of 18 lakh litres per day to 28 lakh litres per day is going on to cater to growing demands, the release said.

Reports of Amul being withdrawn from Ahmedabad markets began after the unceremonious exit of Verghese Kurien, pioneer of the milk revolution, as chairman of GCMMF.
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Max Retail opens first store in India
Indore: International retail chain, Max Retail has opened its first store here and plans to open ten outlets in India at an investment of Rs3 crore each.

The store would target the growing middle class segment in the country and offer international fashion garments ranging between Rs99-599, the retail stores president, Vasant Kumar told reporters. The other stores would come up in Lucknow, Hyderabad, Mumbai and Delhi, he said.
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Vogue magazine to come to India
New Delhi: The Conde Nast group of the US, which publishes top end lifestyle publications, has decided to bring two of its best-known magazines, Vogue and Glamour, to India through a 100 per cent subsidiary.

Conde Nast Asia Pacific, through which the investment into India will be routed, plans to acquire BVA Publishers Private, an Indian printing house, from Bahram N Vakil and Alka Nalavadi.

Conde Nast, which posted a $2 billion turnover in 2004, will initially invest about $5 million, either directly or through affiliates in the Indian company. It also plans to pump in additional equity in the Indian operation when required.

The government's media policy permits 100 per cent foreign equity in non-news and non-current affairs specialty magazines. About 50 specialty publications have already been given permission to set up shop in India.

Conde Nast plans to localize its editorial content to meet local requirements.
At present, Advance Magazine Publisher Inc, the parent company of Conde Nast, has a licensing agreement with Aroon Purie's Living Media to print and publish Indian editions of Golf Digest and Golf World.

Conde Nast Group, founded in early 20 century, launched its flagship magazine, Vogue, in the US in 1892. Since then, it has launched over 100 magazines and 63 websites.
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