The Hindu Business Line : Friday, February 21, 2003

Coromandel Fert plans interim
COROMANDEL Fertilisers Ltd (CFL) is seriously considering a proposal to reward its shareholders with an interim dividend. The CFL board is scheduled to meet on March 18 to consider the declaration of interim dividend. In a communiqué to ... More

Gujarat Alkalies board meet on March 1
A MEETING of the board of directors of Gujarat Alkalies and Chemicals Ltd has been convened on March 1, 2003 for considering a rights issue of equity shares. The company has sent a communiqué to this effect to the Bombay Stock Exchange ... More

Apollo Hospitals board renews appointments of three EDs
THE board of Apollo Hospitals Enterprise Ltd has approved the renewal of appointment of three of its Executive Directors. At its meeting held on January 28, the board approved a resolution to this effect. The appointment of the Executive ... More

AWARDS & HONOURS

Export award for Granules India
GRANULES India Ltd (GIL), the city-based pharmaceutical company specialising in granulated formulation intermediates, has bagged the first prize for the best export from Andhra Pradesh. In a statement here on Wednesday, the company said several ... More

AUDITING

ICAI peer review board gets 1,900 applications

CORPORATE BONDS

Crisil downgrades Sterlite NCD programmes
CRISIL today downgraded the outstanding long-term rating of Sterlite Industries (India) Ltd, covering non-convertible debenture (NCD) programmes totalling Rs 400 crore, from the earlier `AA' to `AA-'. Alongside, the rating was removed from ... More

Indian Rayon rating reaffirmed
ICRA has reaffirmed the highest rating of LAAA assigned to the various non-convertible debenture (NCD) programmes of Indian Rayon and Industries Ltd (IRIL), amounting to Rs 130 crore. ICRA has also retained the A1+ rating, indicating highest ... More

MERGERS & ACQUISITIONS

L&T-Grasim — Valuation issue sidelined
THE fate of India's biggest cement producer remains in the balance after its failure to agree on the sale of a minority stake to CDC Capital Partners, a UK-based private equity investor. A lot has been said and written about the takeover ... More

CCEA nod for ONGC to buy stake in MRPL
THE Cabinet Committee on Economic Affairs (CCEA) has approved the proposal facilitating the acquisition of entire shareholding of Indian Rayon & Industries in Mangalore Refinery & Petrochemicals Ltd (MRPL) by the Oil and Natural Gas Corporation ... More

Siemens to acquire 100 pc stake in building arm
SIEMENS Ltd has decided to acquire 100 per cent stake in Siemens Buildings Technologies Pvt. Ltd (SBT), the building technology arm of Siemens AG in India, from Siemens Building Technologies AG, Switzerland, for Rs 4.79 crore. The transaction ... More

NEW PROJECTS

Alfa Laval to set up total alcohol plant in Vietnam
THE Pune-based Alfa Laval Ltd, the process engineering company is setting up a total alcohol plant in Vietnam. The company had closed the year 2002 with an export turnover of Rs 85 crore. It targets Rs 100-crore turnover from exports. Talking ... More

REGULATORY BODIES & RULINGS

DGFT serves notice on Metal Box management
THE Directorate General of Foreign Trade (DGFT) has served a show cause notice on the management of Metal Box India Ltd (MBIL) under Section 11 of the Foreign Trade (Development & Regulation) Act 1992. According to the notice issued by DGFT's ... More

INTERVIEW

`Debt recast was a step in the right direction' — Mr Prashant Ruia, Director, Essar Group
HAVING got caught in a bind in steel for a while the Essar group feels it is ready to move on, thanks to the corporate debt restructuring (CDR) scheme. Once the necessary sanctions come through, on cards is a buyback of foreign debt worth Rs ... More

OUTLOOK

Kinetic hopes to double exports
KINETIC Engineering Ltd., hopes to more than double its exports of motorcycles and mopeds in the near future, the company Chairman, Mr Arun Firodia, has said. "Today, exports account for 5-10 per cent of our sales. This would go up to 10-20 per ... More

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