CORPORATE
ANNOUNCEMENTS
Essar Shipping to sell 5 tankers for Rs 1,150 cr
IN a move that took the Indian shipping industry by surprise, Essar Shipping Ltd (ESL) has decided to sell its fleet of five Suezmax tankers to a Greek company for a deal worth Rs 1,150 crore. Following the sale, Essar would be left with a ...
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Jay Shree Tea seeks hike in subsidy on super phospates
JAY Shree Tea & Industries Ltd, a B.K Birla Group company, is waiting for the Union Government to increase the subsidy on super phospates to improve its profitability. According to Mr R.K. Ganeriwala, President (Finance & Corporate Affairs),
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Ford Fusion priced at Rs 6.2 lakh
FORD Motor India today announced the price of its new urban activity vehicle `Fusion' at Rs 6.20 lakh (ex-showroom, Delhi) and said that it would wipe out accumulated losses in the next three to five years. The premium variant of the Fusion ...
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Posco may relocate steel project if Orissa deal fails
KOREAN steel major Posco may reconsider its decision of setting up a 10-million tonnes (mt) per annum steel plant in Orissa, if the State Government further delays in giving the necessary clearances. This was stated by Mr Chang-Oh Kang, President ...
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ITC launches Sunfeast biscuit in Kochi market
ITC Ltd's Foods Division has forayed into the competitive organised milk biscuit segment in Kerala with the launch of Sunfeast Milky Magic. The company is aiming at a 15 per cent market share in the first year.. The total biscuits sales in the ...
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OVERSEAS BORROWINGS
Firms raise $1.5 b through ECBs in Sept
INDIAN companies took in $1.5 billion through external commercial borrowings (ECBs) in September, according to the latest figures put out by the Reserve Bank of India. The total ECBs for the corporate sector have crossed $6.6 billion in the ...
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AUDITING
Lodha resigns as statutory auditor for Grasim
CHARTERED accountancy firm, Lodha & Co, is now out as statutory auditor of Grasim Industries and its business concerns. The chartered accountant, Mr R.S. Lodha, is locked in legal battle with the Birlas over the bequest of the M.P. Birla group .
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MERGERS & ACQUISITIONS
IDFC picks 20.6 pc stake in GSPL
In what may well be the first private sector equity investment in the country's gas transportation business, Infrastructure Development Finance Company Ltd (IDFC) has acquired 20.6 per cent equity in Gujarat State Petronet Ltd (GSPL). The ...
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NEW PROJECTS
Bengal promises full support for Jindal Steel project
Since West Bengal lacks iron ore deposits, attempts are being made to source the commodity from Jharkhand or from Orissa.
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Ashok Leyland mulls further capacity expansion
ASHOK Leyland is mulling the expansion ofits facilities even beyond the 75,000 units that its ongoing expansion programme will take its capacity to. Post 2005, the company may begin another project to increase its capacity to one lakh ...
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Inox Leisure plans to invest Rs 100 cr in phase II expansion
INOX Leisure Ltd plans to invest Rs 100 crore in the second phase of its expansion plan, which includes setting up multiplexes in cities like Bangalore, Chennai, Hyderabad, Kochi and Allahabad. In the first phase, Inox had made an initial ...
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ALLIANCES & JOINT VENTURES
Chinese co Lifan in talks for setting up bike unit in India
CHINESE mobike major Chongqing Lifan Industry is currently in negotiations with a few domestic companies to set up a joint venture to manufacture motorcycles in the country. According to sources, players in the fray include a leading domestic ...
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Meso America, Polar Ware tie up for food service industry products
TWO US-based companies, Meso America Inc and Polar Ware Company, on Thursday announced a joint venture to manufacture products for the food service industry at Manesar, Haryana. "India offers a unique platform as a manufacturing location due ...
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Tata Steel to tie up with Arcelor for flat products unit
TATA Steel is likely to sign a MoU with Arcelor of Europe this fiscal for setting up a 6 million-tonne flat products plant in Orissa. The Euro 26 billion Groupe Arcelor is currently the world's second largest steel producer (over 44 million ...
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SICK UNITS
Pennar Profiles to appeal against BIFR order
THE board of directors Pennar Profiles Ltd (PPL) has decided to appeal to the Appellate Authority for Industries and Financial Reconstruction (AAIFR) against the recently passed order of the Board for Industrial and Financial Reconstruction ...
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OUTLOOK
Alstom plans to expand Indian operations
ALSTOM, the France-based energy and transportation major, is drawing up plans to further expand its Indian operations in order to be able to exploit the growing opportunities in the country's infrastructure sector. "We have ambitious plans to ...
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GE Shipping to focus on offshore biz
GREAT Eastern Shipping is planning to sharpen its focus on its offshore business in the light of the increasing oil exploration activities in India. The company is considering moving into the higher asset spectrum in this segment, like pipe-lay ...
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PERFORMANCE
Tecumseh India's exports touch 4 lakh units
TECUMSEH Products India Ltd (TPIL) reached a milestone on Wednesday by exporting its 400,000th compressor in the current year (January 1-November 3, 2004). Mr Todd W. Herrick, Chairman and CEO of Tecumseh Products Company USA, which owns TPIL, ...
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