Financial Daily from THE HINDU group of publications
Saturday, December 14, 2002
Markets (Dec. 13)
BL 2501122.80 (+8.82)
BSE Sensex3342.97 (+18.49)
S&P CNX Nifty1086.20 (+9.20)
Dollar (Buy/Sell)48.13/48.26
Gold Std (10 gm)5450 (+110)

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Mico yet to decide on future investments
MICO Ltd is yet to decide on its investment corpus for the next financial year, according to its Managing Director, Mr Andreas Nobis. The company had earlier halved its proposed Rs 500-crore investment plan for the current financial year, ... More

Aventis CropScience gets new name
AVENTIS CropScience India Ltd will now be known as Bayer CropScience India Ltd following the acquisition of the former's global cropscience business by the Bayer group, Germany. In a notification to the stock exchanges, Aventis CropScience said ... More

COMPANY LAW


Group to study lacunae in corporate laws
THE committee on auditor-management relationship is expected to submit its consultation paper next week. "The Naresh Chandra committee is expected to submit its report within a week and this will be made public," Mr Vinod Dhall, Secretary, ... More

RESTRUCTURING


Indo Rama shareholders okay spun yarn demerger
THE Rs 1,900-crore Indo Rama Synthetics (I) Ltd (IRSL) has come a step closer towards segregating the spun yarn business of the company into Indo Rama Textiles Ltd (IRTL). The shareholders of IRSL, who met at Indore to consider and approve the ... More

NTN Bearing to relocate units to China — Plans tie-up with C.K. Birla group co
According to the NEI Deputy General Manager, Mr Sanjeev Taparia, NTN has shown interest in making India as its production hub in the region and export the bearings from the Indian facility. More

MERGERS & ACQUISITIONS


L&T to increase stake in Oman joint venture
LARSEN & Toubro Ltd (L&T) is set to increase its stake in a joint venture in Oman, L&T Oman LLC, which is into turnkey construction projects. With the increased stake, the Oman company will become a subsidiary of L&T. At present, L&T has a 49 ... More

FIPB proposes, DEA opposes — KK Birla group's plans for Chambal Agri hit roadblock
THE Foreign Investment Promotion Board (FIPB) and Department of Economic Affairs (DEA) are at loggerheads over approving a K.K Birla Group plan to transfer ownership of a group company, Chambal Agritech Ltd (CAL), from India to Singapore. The ... More

NEW PROJECTS


Shalimar Paints plans Rs 12-cr unit in North
SHALIMAR Paints Ltd (SPL), jointly controlled by the Ratan Jindal group and S.S. Jhunjhnunwala of Hong Kong, has planned to set up a greenfield unit in the northern region with an investment of around Rs 12 crore. Mr Ratan Jindal, Director of ... More

ALLIANCES & JOINT VENTURES


ABN-Amro Lease, UK Paints in pact
ABN-Amro Lease Holding has entered into a new joint venture agreement with UK Paints (India) Pvt Ltd. The new partner will own 49 per cent of shares in LeasePlan India. This new agreement has been a consequence of the put and call option that ... More

OUTLOOK


Ivega expects business from US, Europe — Plans to add 100 more to payroll
IT consulting and software services firm Ivega Corporation will soon be awarded with a PCMM Level 5 certification. Speaking to Business Line, Mr Giri Devanur, Chairman and CEO, Ivega Corporation said, ``We have always worked within the ... More
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