Zuari Cement to have Italian flavour
New Delhi: Zuari Industries controlled by the KK Birla group is offloading its 50 per cent stake in Zuari Cement to Italcementi for Rs500 crore. The deal is expected to be finalised by the company's board in its meeting on Saturday. At present KK Birla group and Italcementi each hold 50 per cent stake in Zuari Cement.

The two companies entered into a JV in 2001 when Zuari was a single-plant company with a capacity to produce 1.5m tonnes of cement per annum. Later on, it acquired Andhra Pradesh-based Shri Vishnu Cement.

This is the third time a European cement major has gained management control of a cement company in India. Last year, Holcim gained management control of ACC, followed by Gujarat Ambuja. Prior to this, Lafarge acquired the cement business of Raymonds and Tata Steel. With two plants under its fold, Zuari Cement has a total capacity of 5.5m tones making it a leading player in South India.
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Praxair to build DSP oxygen plant for SAIL
Kolkata: Fortune 500 company Praxair Inc, making industrial gases, has won the race to set up a 700-tonnes-a-day capacity oxygen plant at the Durgapur Steel Plant (DSP) a unit of the Steel Authority of India (Sail). Praxair India the company's subsidiary in India is likely to sign an agreement with Sail in two weeks.

SAIL would not have any financial involvement in this project; the plant would be set up and run by Praxair on a build-own-operate basis.

Praxair will also be allowed to sell a portion of its gas to other units apart from DSP but after meeting Sail's total requirements. Sail will provide the land for the plant. It is learnt that Praxair was selected from among three bidders, of whom one was Goyal Gases.
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Wockhardt obtains FDA nod for plant
Mumbai: Wockhardt has obtains approval from the US FDA for its manufacturing facility that makes cephalosporin injectables at Waluj in Aurangabad. The Waluj facility is the sixth plant from Wockhardt to receive the US regulatory approval. Wockhardt also expects to get a regulatory clearance on three cephalosporin ANDAs (abbreviated new drug application) soon, as the plant approval has come through, the company said in a communication. At present, the company sells 11 formulations in the US, compared to five last year. Wockhardt shares were marginally up on the B SE at Rs445.60.
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Mico workers at Bangalore unit threaten strike
Bangalore: Mico workers of a Bangalore plant that makes key parts for common rail systems have served a strike notice to the company stating that they will go on strike from May 16 if their demands are not met immediately.

Over 2,000 workers belonging to Mico Employees' Association have demanded certain temporary workmen to be made permanent, resolution of inter plant disparity in prospective benefit and incentive rates and customary gift to employees.

The company management said that it not hesitate to resort to lock-out of the factory, if necessary and have asked the union to withdraw the strike notice. The official said the talks were on with the employees' association and on May 12, there will be a conciliation meeting by the additional labour commissioner.

Mico's parent Bosch is investing up to Rs1,800 crore till 2008 including Rs550 crore in series production of high-pressure common-rail systems in its Indian plants. Mico recorded an 8.5 per cent decline in net profit to Rs343 crore in 2005 while the company's total turnover including other income rose 27 per cent to around Rs3,103 crore during the same period.
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RIL raises petrol price by Rs.2 per litre
Mumbai: Reliance Industries (RIL) plans to increase the price of petrol by Rs2 per litre from midnight of May 11. The new price comes into effect at over 1,200 retail outlets of RIL across the country.

The price increase is likely to be Rs2.52- 2.92 per litre. Today's price of petrol in Mumbai is Rs49.16 per litre. RIL sells about 2.5 times more fuel per outlet than its public sector competitors.

According to RIL executives, the company has at the same time upgraded the quality of motor spirit with a few additives enabling it to give better mileage and performance to the vehicle.

RIL, the private major in petroleum retail sector, is coming out with premium quality petrol for the first time.

RIL is losing close to Rs450 crore per month on retail sales of petrol and diesel due to spiraling petrol prices. The company has lost roughly Rs11 per litre on diesel sales and over Rs10 on petrol.

Recently Indian Oil Corporation, Bharath Petroleum Corporation and Hindustan Petroleum Corporation in the country had requested to the central government to increase the price of fuels.

The Rangarajan committee had also recommended the government to reduce the subsidy to save oil companies from loss. But the government has not taken any decision. Reliance has obtained approvals for setting up 5.849 outlets.
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