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Friday, December 03, 2004

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CORPORATE

ANNOUNCEMENTS
REL to bid for coal-based project in UP
RELIANCE Energy Ltd on Thursday said it would bid for setting up a 1,000-MW coal-based power project in Uttar Pradesh. The board of directors of REL, which has already committed itself to building the 3,740-MW gas-based Dadri project in the ... More

Charak Pharma to set up ayurvedic clinics
KERALA'S popular Arya Vaidya Sala model of dispensing ayurvedic treatment and medicines seems to be catching on. The Mumbai-based Charak Pharma has ventured into setting up ayurvedic clinics "to dispense holistic treatment", particularly for ... More

2 Lupin drugs enter clinical trials
LUPIN Ltd today announced that it has received approval from the Drug Controller-General of India (DCGI) for conducting phase I clinical trials for two of its Investigational New Drug (IND) candidates, LL4858 (Sudoterb) and LL 4218 ... More

Strides arm to develop drug for US co Able
STRIDES Arcolab's US subsidiary Strides Inc and Able Laboratories Inc have announced the signing of a development agreement for a specialty prescription generic drug product. The New Jersey-based Able Laboratories is a developer and ... More

CORPORATE DISPUTES
HC reserves verdict in caveat discharge plea by Lodha
HEARING on the application filed by Mr R.S. Lodha, executor of the will of Priyamvada Devi Birla, seeking discharge of caveats filed by the four Birlas, came up before Mr Justice K.J. Sengupta of the Calcutta High Court on Thursday. The court, ... More

Reliance Info contests DoT penalty
RELIANCE Infocomm has contested the penalty imposed by the Department of Telecom for alleged violation of the international long-distance licence conditions. The company has sent its reply to the DoT notice pleading compliance to all licence ... More

COURTS/LEGAL ISSUES
Court nod for Maharashtra Apex repayment scheme
THE Karnataka High Court has allowed a petition by the Maharashtra Apex Corporation (Pvt) Ltd (MAC) and sanctioned its scheme of compromise and arrangement between it and its creditors, share, bond and deposit holders. According to Mr Justice ... More

SOCIAL WELFARE
Online directory to aid disabled kids
SATYAM Alambana Foundation, the corporate social responsibility arm of Satyam Computer, along with V-Excel Educational Trust, an NGO working for the rehabilitation of disabled children in Chennai, on Thursday announced plans to build an online ... More

CORPORATE BONDS
Govt puts $500-m cap on FII investments in corporate debt
PERHAPS jolted by the sudden surge in trading in commercial paper and corporate bonds over the past couple of days, the Finance Ministry on Thursday put a ceiling of $500 million on investments by foreign institutional investors (FII) in ... More

MERGERS & ACQUISITIONS
IOC eyes stake in three Nigerian refineries
INDIAN Oil Corporation (IOC) has expressed interest for acquiring a stake in three refineries in Nigeria and is eyeing refinery turnaround jobs in other African and West Asian countries. "IOC has submitted an Expression of Interest (EoI) for ... More

Monnet Ispat keen to acquire manganese ore mine abroad
The company has already started lifting coal from its captive mine and is planning to meet its total requirement of coal through captive mining from January onwards. More

NEW PROJECTS
Kerala petrochem project — GAIL to conduct feasibility study
GAIL (India) Ltd is in the process of selecting a consultant to undertake a feasibility and market study on its proposed petrochemical complex in Kasargod district of Kerala. The company has received expressions of interest from a dozen ... More

ALLIANCES & JOINT VENTURES
India Inc makes inroads into Africa — Auto majors, pharma cos join the fray
INDIA Inc is clearly upbeat on prospects in Africa. Domestic companies, including Tata Motors, Mahindra & Mahindra, Kirloskar, Candico, Dr Reddy's and Dabur, are among those headed in droves to capitalise on the business opportunities in the ... More

VENTURE CAPITAL
Asian Venture Forum from Dec 6
THE sixth consecutive Asian Venture Forum/India will be held this year in Mumbai from December 6 to 8. "The topics covered in the conference will highlight increasing interest from venture capitalists in consumer goods, micro finance, ... More

SICK UNITS
Ester Industries out of BIFR's purview
ESTER Industries Ltd (EIL), a manufacturer of polyester chips, has come out of the Board for Industrial and Financial Reconstruction's (BIFR) fold. At a recent hearing, the bench noted the company's net worth has turned positive as on March ... More

OUTLOOK
Aluflouride plans to repay debts
ALUFLOURIDE Ltd, a local unit manufacturing aluminium flouride used in smelters, is planning to wipe out its debts within a couple of years and then diversify into related chemicals, according to Mr V.S. Prasad, its Managing Director. He said ... More

Bata targets 12 pc rise in sales, plans another VRS
BATA India Ltd — the country's largest manufacturer of footwear products — is targeting a 12 per cent jump in turnover at Rs 840 crore in 2005, against estimates of Rs 750 crore for the current year. The company is planning to ... More


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