CORPORATE
ANNOUNCEMENTS
LG switches off Webel tie-up for making CTVs
FACED with ground-level bottlenecks, the Korean consumer electronics major LG Electronics India Pvt Ltd has called off its plans to strike a partnership with the West Bengal Electronics Development Corporation Ltd (Webel) for manufacturing colour ...
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Deutz to step up auto component purchases
DEUTZ AG of Germany, one of the world's leading manufacturers of industrial engines, is close to signing up with a number of Indian suppliers of engine components, for long-term supply orders. Sundram Fasteners, Pricol, Chennai-based Susira ...
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INSIGHT
Negotiating between cross-cultural corporates
MARKETS are becoming global at an astonishing pace. As sellers look for new outlets with less competition and better margin, buyers are looking for enhanced quality and price advantage. People in developing countries ...
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ACCOUNTANCY
Autonomy of ICAI must: Bhardwaj
THE 55th foundation day (July 1, 2004) of the Institute of Chartered Accountants of India (ICAI) is a day that all chartered accountants would surely remember for years to come. A large number of chartered accountants saw Thursday as a ...
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MERGERS & ACQUISITIONS
Escorts Auto acquired by 8 employees
IN a rare move in the corporate world, Escorts Auto Components Ltd (EACL), a subsidiary of Escorts Ltd, has been acquired by eight employees. The CEO of EACL along with seven other employees have acquired Escorts Ltd's 78 per cent stake in the ...
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Bharti Telesoft eyes telecom software buys
BHARTI Telesoft, the software company of the Bharti group, is looking at acquisitions in the telecom software products space as part of its growth strategy and is in talks with 2-3 companies in this regard. "As part of our growth strategy we ...
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MRF looking for acquisitions in China
TYRE manufacturer MRF may acquire a manufacturing unit in China. In response to a question, the company's Chairman and Managing Director, Mr K.M. Mammen, told journalists on Thursday that the company was sending a team to "sniff around." Asked ...
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NEW PROJECTS
Kesoram likely to forge ahead with cement biz expansion
KESORAM Industries, the B.K. Birla flagship, is likely to move ahead with the expansion plan of its cement business. Mr S.K. Parik, Director and Secretary, told Business Line that issues like product and raw material prices, growth ...
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Dadri project: Reliance Energy may appoint ICICI Bank as lead manager
"State Bank of India, Industrial Development Bank of India, Bank of Baroda, Punjab National Bank, Bank of India and institutions such as Power Finance Corporation are all interested in financing this project."
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Anchor sets up joint venture co with British General
ANCHOR Electronics and Electricals Pvt Ltd (AEE) has set up a new business unit with British General of UK as joint venture partner to launch premium British General accessories. The new company, Anchor Woods Pvt Ltd, plans set up two ...
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Tata Steel board okays capacity expansion plan
TATA Steel has informed that its board has approved the company's 2.4-million-tonne capacity expansion programme at an estimated cost of Rs 7,800 crore. This would be financed through internal accruals and long-term borrowings. The project is ...
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Wheels India to invest Rs 85 cr in capacity expansion
WHEELS India Ltd, a TVS group company, plans to invest Rs 85 crore during 2004-05 to increase capacity at its three plants. Half of the investment will be on products for the export markets and the balance for increasing capacity for the ...
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ALLIANCES & JOINT VENTURES
Voltas to provide after-sales service to Siemens appliances
VOLTAS Ltd of Tata group would provide after-sales service to the home appliance products of the German major, Siemens, through a network of 640 service centres across the country. RBS Home Appliances, the sole distributor of Siemens' home ...
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SICK UNITS
Kothari Sugars to implement rehab package
KOTHARI Sugars & Chemicals Ltd is set to implement a rehabilitation package involving a promoters' contribution of about Rs 50 crore, according to sources. The company has informed stock exchanges that its rehabilitation package was approved by .
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PERFORMANCE
Hero Honda sales up 25 pc in June
HERO Honda has announced a 25 per cent growth in sales in June 2004 to 2,00,922 bikes. The company had sold 1,60,889 units bikes in June 2003. It is currently taking forward its campaign to introduce the Hero Honda SBI Credit Card in 60 ...
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Bajaj Auto records 11% rise in June sales
BAJAJ Auto Ltd (BAL) on Thursday reported an 11.1 per cent rise in total sale of two and three-wheelers to 1,34,397 units for June against the 1,20,996 units sold in the previous corresponding period. Export was up 38.9 per cent to 16,383 ...
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TVS motorcycle sales down 15 pc
TVS Motor Company sold 48,159 motorcycles in June, 15 per cent lower than 56,444 it did in the same month last year. "The two-stroke motorcycles continued to contribute to the decline of the total motorcycle growth," says a press release from ...
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Maruti sales up 10 pc
MARUTI Udyog Ltd has announced a 10 per cent increase in sales in June this year. The company sold 39,574 vehicles in June (including 3,159 units of exports) as compared to 36,038 vehicle units in June 2003. Maruti's volume in the domestic ...
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