The Hindu Business Line : Saturday, April 20, 2002

Hindustan Lever puts off AGM to June 26
HINDUSTAN Lever Ltd has postponed its annual general meeting to June 26 from its earlier planned date of May 10 primarily to allow for the passing of the Finance Bill 2002-2003. HLL said it was postponing its AGM to enable it to place the ... More

DRL board to meet on June 4

Sterlite `scheme'

RESTRUCTURING

DVC plans restructuring
THE Damodar Valley Corporation, keen on evolving as a vibrant and growing entity in the new millenium, has chalked out a slew of organisational and operational restructuring plans. On the organisational side, the over-50-year-old multi-purpose ... More

MERGERS & ACQUISITIONS

Caltex gets buy-out okay with 5-yr rider
THE Government has permitted the US-based Caltex to buy out the 49 per cent stake held by Indian shareholders in the company's joint venture Indian subsidiary for a consideration of Rs 175 crore with a mandatory disinvestment clause. The ... More

HC okays merger scheme of Mahindra group cos
MAHINDRA & Mahindra Ltd (M&M) has informed the Bombay Stock Exchange that the Bombay High Court has approved the scheme of arrangement involving, inter alia, amalgamation of e-Mahindra Solutions Ltd, Mahindra Auto Specialities Ltd and Mahindra ... More

FIPB decision on Hind Lever holding deferred
THE Foreign Investment Promotion Board (FIPB) has deferred a decision on Hindustan Lever Ltd's (HLL) application to raise FII shareholding in the company from the existing 24 per cent to 49 per cent. A decision on whether the company will be ... More

IAPL merger with Nalco notified
THE Department of Company Affairs (DCA) has issued a notification approving amalgamation of International Aluminium Products Ltd (IAPL) and National Aluminium Company Ltd (Nalco), both Government companies incorporated under the Companies Act, ... More

NEW PROJECTS

Skoda to expand assembly operations
SKODA Auto India, the subsidiary of Czech Skoda Auto, is expanding the assembly operations at its Aurangabad plant that makes the Octavia car, its Chairman, Mr Karl-Guenter Bausching, has said. From June the company will assemble engine, gear ... More

Essel Propack to put up US plant to serve P&G
ESSEL Propack Ltd (EPL), pursuing its targeted 50 per cent share of the global market for laminated tubes by 2005, today said it would set up a plant in the US to service the needs of FMCG major, Procter & Gamble. The five-year contract was ... More

Lurgi setting up PET plant for Aspet
LURGI India Company Ltd, the Indian subsidiary of the German major Lurgi Oil-Gas Chemie GmbH, has just initiated the process of setting up a PET plant for South Asian Petrochem Ltd at Haldia. The Dhunseri group-promoted Rs 450-crore PET plant ... More

Travancore Titanium plans to hike capacity
IN a twin-pronged strategy aimed at consolidating its market presence, Travancore Titanium Products Ltd (TTP), a public sector undertaking under the Kerala Government, has decided to hike capacity by 30 per cent and tone up its product offerings. ... More

Intrex mulls trade platforms abroad
INTREX India Ltd, the country's first cashless trade exchange, and member of the Essel group, is planning to set up trade exchanges abroad. Mr Ashok Goel, Managing Director of Intrex, told presspersons here that the company was currently weighing ... More

REGULATORY BODIES & RULINGS

Bid to ensure compliance of co secy norms
IN a bid to ensure proper compliance of the Companies Act provisions, the Department of Company Affairs (DCA) is contemplating further relaxation in the norms for appointment of company secretaries. The department is looking into a proposal to ... More

ALLIANCES & JOINT VENTURES

ONGC, IPCL sign price pact for ethane, propane
OIL and Natural Gas Corporation Ltd (ONGC) and Indian Petrochemicals Corporation Ltd (IPCL) have signed a price agreement for ethane (C2) and propane (C3), thus, removing one of the stumbling blocks in the privatisation of IPCL. According to ... More

Tata Power keen on venture with DVC
TATA Power Ltd (TPL) has shown keenness to partner Damodar Valley Corporation (DVC) for setting up a power plant. Sources said that informal talks had already been held in this regard. "The Tatas have shown interest in tying up with DVC for ... More

SICK UNITS

Days numbered for Fertiliser Corpn units
UNCERTAINTY stares nearly 7,000 employees of Fertiliser Corporation of India as the Appellate Authority for Industrial & Financial Reconstruction (AAIFR) has ordered the winding up of all the five units of the public sector fertiliser ... More

7 non-operational Cement Corpn units to be closed
THE Union Cabinet has permitted Cement Corporation of India (CCI) to shut down its seven non-operational units. "The Cabinet on Thursday permitted CCI to take advance action to close seven non-operational units under the Industrial Disputes Act ... More

OUTLOOK

Top Telemedia eyes 3-fold jump in profit
TOP Telemedia Ltd is expecting a three-fold increase in net profit at Rs 21.5 crore for the year 2002-2003 fiscal, mainly on account of a substantial expansion of its business portfolio. The company had ended the 2001-2002 fiscal with a net ... More

Decision cycles shrinking: Wipro
WIPRO Ltd sees immediate traction from new clients as decision cycles shrink while pricing pressure is likely to continue for the first half of the current financial year. ``Decisions are being taken now,'' the Chief Financial Officer, Mr ... More

PEOPLE

New GM for KIOCL
BANGALORE: Mr H. Guruprasad has assumed charge as General Manager (Technical Services), Kudremukh Iron Ore Company (KIOCL). Mr Guruprasad, who had worked in various capacities in companies such as Siemens, Mumbai, and Kirloskar ... More

Nagarjuna Oil top brass quit
THE six-million-tonne per annum refinery project of the Nagarjuna group has run into rough weather, with the company's Managing Director and CEO, Mr V. Shyam Sundar, and a number of senior officials putting in their papers. Mr Sundar could not be ... More

BHPV gets new chief

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