Auditing
KPMG to be choosy in taking equity in start-ups
KPMG is open to the idea of taking equity on a `selective basis' in start-up companies in consideration for the consultancy and other financial and tax advisory services offered by it for these ventures.
Automobiles
Delphi Automotive to set up software centre in Bangalore
DELPHI Automotive Systems of the US has announced the establishment of a software technical centre in Bangalore. The new technical centre which is expected to open later this year would meet the increasing demand for vehicle software to be applied in Del
phi's worldwide vehicle applications.
Hyundai plans third shift to meet demand
HYUNDAI Motor India Ltd is planning to introduce a third shift at its plant by August 2000, in a bid to increase car capacity to 10,000 cars per month.
Corporate
Corporate briefs
CHENNAI: The board of Sheveroy Estates Ltd has announced a dividend of Rs. 2.50 per share of Rs. 10 for the year ended March 2000, according to a company press release.
PWC to value Topsgrup as prelude to expansion
TO keep pace with the changing face of crime, security-solutions provider the Mumbai-based Topsgrup has recently signed on PricewaterhouseCoopers (PWC) as financial advisors, to undertake the valuation of the company, before it looks to the market for fu
nding its expansion plans.
Residency chain to expand
RESIDENCY, a chain of hotels promoted by the Appaswamy group in Chennai and Coimbatore, is gearing up to expand and consolidate.
Cauvery Sugars, EID Parry merger imminent
THE merger of Cauvery Sugars and Chemicals with Murugappa group's EID Parry has become ``imminent'' following the de-registration of the former from the Board for Industrial and Financial Reconstruction (BIFR). The move, which the Murugappa group has bee
n contemplating ever since it took over Cauvery Sugars in 1998, now only awaits the shareholders and the Court's clearance.
BIFR unhappy over delay in JK Cotton Spinning revival
THE Board for Industrial and Financial Reconstruction (BIFR) has expressed disappointment that despite J.K.Cotton Spinning & Weaving Mills Company Ltd being with the Board for over 10 years, no acceptable rehabilitation scheme had been formulated so far.
Beacon Weir lock-out may be lifted soon
THE lock-out at Beacon Weir Ltd (BWL), a subsidiary of the Best and Crompton Engineering group, is likely to be lifted shortly with the management and the workers coming to an agreement on production incentives, according to union sources.
Miscellaneous
Thanjavur Tex Agoor unit to be shut
CHENNAI: Operations at the Agoor unit in Tamil Nadu of Thanjavur Textiles Ltd would be stopped with effect from June 1 and the machinery at the plant would be shifted to Thanjavur.
Paper/Packaging
Paper Products chalks out Rs. 30-cr expansion plan
PAPER Products Ltd (PPL), a subsidiary of the Finland-based Huhtamaki Van Leer (HVL), has chalked out a Rs. 30-crore expansion plan aimed at creating additional manufacturing capacities for flexibles and labelling materials.
Power
Security for power trade -- PTC to offer only a month's bill
IN its role as a broker between the power generator and the purchasing entities, the Power Trading Corporation (PTC) has decided to offer only a month's power bill as payment security cover to the generator. The generator will have to mitigate the remain
ing payment risk cover based on the security offered by the buyers, according to the Power Trading Corporation Chairman and Managing Director, Mr. R.K. Madan.
Textiles
Centre to review textile EOUs' deals under DTA
THE Centre has sought to review sale transactions made under domestic tariff area (DTA) by export-oriented units/units involved in textile manufacture coming under export processing zones (EOUs/EPZ) to see if they have violated the norms set for availing
the 50 per cent DTA sale entitlement allowed a year ago.
