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Saturday, December 04, 2004

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ANNOUNCEMENTS
Asian Paints to exit Mauritius — Plans plant in Maharashtra
ASIAN Paints (India) Ltd today announced that it plans to exit Mauritius as the paint market in that country has been stagnant over the last five years. Asian Paints will be divesting its shareholding in the Mauritius subsidiary, Asian Paints ... More

KEC Intl gets Rs 295-cr orders
MUMBAI: ENGINEERING and power company KEC International Ltd on Friday said it has received new orders worth Rs 295 crore in India and abroad. KEC has been awarded a new order worth Rs 120 crore by the Abu Dhabi Water and Electricity ... More

WAPCOS bags Rs 351-cr order
NEW DELHI: Water & Power Consultancy Services (India) Ltd has won a Rs 351-crore order for reconstruction and completion of Salma Dam project in Afghanistan's Herat Province. The contract has been awarded by the Ministry of External ... More

PREFERENTIAL ALLOTMENTS
Jain Irrigation board okays pref issue to FII
MUMBAI: The board of directors of Jain Irrigation Systems Ltd on Friday approved a preferential issue of 40 lakh equity shares at a price of Rs 112.50 a share to Aranda Investments (Mauritius) Pte Ltd, an affiliate of Temasek Group. ... More

OVERSEAS BORROWINGS
Sify mulls sponsored ADR
SIFY Ltd, the Chennai-based Internet and eCommerce firm listed on Nasdaq, plans a sponsored ADR (American Depository Receipt). An agreement to this effect was signed on November 10 among its major investors, Satyam Computer Services (SCS), SAIF ... More

AUDITING
Plan to improve auditing practices
THE Governing Board of the 39-member Asian Organisation of Supreme Audit Institutions (ASOSAI) has adopted a Strategic Plan for 2005-09 at a three-day conference that concluded in the capital today. The aim of the plan is to improve auditing ... More

FIXED DEPOSITS
Public deposits: CARO compliance norms for private firms altered
PRIVATE companies would no longer be tested against public deposits criterion for deciding whether the Companies (Auditor's Report) Order (CARO) would be applicable to them. This is part of the fine-tuning that the Ministry of Company Affairs ... More

MERGERS & ACQUISITIONS
ONGC bids for EnCana oilfields in Ecuador
STATE-owned Oil and Natural Gas Corporation has bid for acquiring Canadian firm EnCana's stake in a cluster of oilfields in Ecuador. ONGC has also unveiled plans to hike capacity at its subsidiary, Mangalore Refinery and Petrochemicals Ltd ... More

NEW PROJECTS
Festo to set up design centre in Bangalore
THE 1.2-billion euro pneumatic component maker, Festo has said it is setting up a small back-office operation and a spatial design centre in Bangalore. The Festo India Managing Director, Mr R. Joshi, told newspersons here that the facilities ... More

Asahi to invest Rs 600 cr in new glass plant at Roorkee
ASAHI India Glass (AIS) on Friday announced it plans to set up its single largest integrated glass plant at Roorkee in Uttaranchal at a cost of Rs 600 crore. The AIS board approved, in principle, the estimated investment at its meeting held ... More

Volvo plans more workshops in N-E
KOLKATA: VOLVO India, which recently upgraded its workshop in Kolkata, is now planning to set up more satellite workshops in the eastern and north-eastern States to meet the needs of increasing customer base for trucks in the eastern ... More

REGULATORY BODIES & RULINGS
`Misappropriation and mismanagement of funds' — Ministry to prosecute Daewoo Motors
DAEWOO Motors India Ltd's (DMIL) troubles seem to be far from over. Based on the recommendations of a high-powered team, the Ministry of Company Affairs is initiating prosecution against DMIL after following due process of law. The Ministry ... More

ALLIANCES & JOINT VENTURES
TVS Automotive ties up with Spanish co for logistics biz
TVS Automotive Europe Ltd has tied up with Transcoma group of Spain to form a new company, TVS Logistics Iberia, S.L., which will provide a complete range of logistics and supply chain management services in Spain and Portugal. TVS Automotive ... More

OUTLOOK
NMDC eyes gold exploration in Tanzania
THE Central public sector unit, National Mineral Development Corporation Ltd (NDMC), is actively considering going on a gold exploratory mission in Tanzania. However, this is not the first venture of NMDC in the African continent. It has ... More


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Top Stories
ONGC bids for EnCana oilfields in Ecuador


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