Financial Daily from THE HINDU group of publications
Thursday, December 15, 2005
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CORPORATE

RESEARCH & DEVELOPMENT


`Corporates must invest more in R&D'
INDIA should take the lead in new technologies such as synthetic biology and embryonic stem cell research. The country, instead of waiting for someone to take the initiative, should make others come to India to learn something new," the ... More

ANNOUNCEMENTS


Cross industry building, a selling point for ECHC
CROSS industry building will be the major selling point for Enrich Customers with Human Capital (ECHC) Management Services — a company that provides recruitment services, according to Mr K.V. Ramesh, Chairman and Managing Director, ... More

E-City Ventures in expansion mode
E-CITY Ventures, the real estate and entertainment arm of the Essel Group, has chalked out aggressive expansion plans that includes development of commercial realty, increasing the number of multiplexes, providing mall management services and ... More

Tata Motors launches Novus tippers — Plans to double capacity for Ace
TATA Motors announced the launch of the `Novus' range of heavy commercial vehicles on Wednesday. The range currently has `tippers' and would later include tractor-trailers and other application vehicles. The tippers come in 25-tonne and 49-tonne ... More

IOC, Ashok Leyland ink pact for use of engine oils
INDIAN Oil Corporation has signed an agreement with Ashok Leyland for the use of approved engine oils, called Servo Premium ALT Oils, in Ashok Leyland vehicles. The oils will be made available through all Indian Oil channels of distribution ... More

Wockhardt plans to introduce new vaccines
WOCKHARDT Ltd plans to become a dominant player in the vaccines segment and introduce about five new vaccines in the country by the first quarter of 2007. It has initiated talks with pharma firms in China, South Korea and Switzerland for ... More

AstraZeneca set to acquire first brand soon
PHARMA multinational AstraZeneca is close to its first brand acquisition in the country. The acquisition, the number, therapy or value of which AstraZeneca Pharma India's (AZPI) Managing Director, Mr Bhasker Iyer, declined to share yet, would ... More

MeritTrac Services to set up integrated recruitment centres
ASSESSMENT company, MeritTrac Services will soon open integrated recruitment centres that are `recruitment friendly' and which promise to give superior `candidate experience'. Announcing this at a press conference here, Mr Madan Padaki, ... More

PRIVATE PLACEMENT


Spentex Ind raises Rs 81 cr through private placement
TEXTILE company Spentex Industries Ltd has succeeded in raising capital of Rs 81 crore from private equity investor Citigroup Venture Capital International Growth Partnership Mauritius Ltd. (CVCI). This is one of the largest placements of ... More

CORPORATE DISPUTES


`Comparative ads' need to be curtailed: HC
THE Madras High Court has expressed the view that in these days when MNCs marketed their products in the country, it was high time that the `comparative advertisement' (comparing one's product with that of the competitor) was to be curtailed. ... More

OVERSEAS BORROWINGS


Adlabs plans to raise authorised capital
ADLABS Films Ltd will be seeking members' approval for a variety of measures, through a postal ballot. This includes raising the company's authorised share capital from Rs 25 crore, divided into five crore equity shares of Rs 5 each, to Rs 30 ... More

AWARDS & HONOURS


ONGC Finance Director bags award
MR R. S. Sharma, Director (Finance) of ONGC, has bagged the `The India CFO Awards 2005' for `excellence in finance in a PSU.' The award was conferred by International Market Assessment India Pvt Ltd (IMA) along with BNP Paribas, Sun ... More

Nagarjuna Fertilisers bags award
NAGARJUNA Fertilisers and Chemicals Ltd has announced that its fertiliser facility at Kakinada was selected for the `Excellence in Natural Gas Conservation' award in the fertilisers category for its contribution to natural gas conservation in the ... More

TAXATION


Panel asks Govt not to tax ECS payments by companies
THE Parliamentary Standing Committee on Finance has suggested that the Government should make it clear in unambiguous terms in the income-tax framework that payments made by businesses through the electronic clearance systems (ECS) should be a ... More

RESTRUCTURING


Kerala HC approves GTN Textiles demerger scheme
THE Kerala High Court has approved the Scheme of Arrangement between GTN Textiles Ltd and GTN Industries Ltd with regard to its demerger, pursuant to Section 391 read with the Section 394 of the Companies Act, 1956. Accordingly a meeting of ... More

MERGERS & ACQUISITIONS


IOC awaits Govt nod to bid for Niko's assets
INDIAN Oil Corporation is waiting for the Centre's approval to make a final bid for Canadian oil major Niko Resource's Indian assets. Sources said the company had only placed an expression of interest and was yet to offer a final price. "So ... More

ACC acquires 98% stake in Tarmac India for Rs 12.4 crore
THE Associated Cement Companies Ltd has acquired a 98.84-per cent stake in Tarmac India Pvt Ltd at a cost of Rs 12.40 crore. Tarmac India has two ready-mix concrete (RMC) plants in Mumbai that will increase ACC's RMC capacity by 7-8 per cent, ... More

Three Murugappa Group cos divest stake in Parry Agro Industries
THREE Murugappa group companies — Carborundum Universal Ltd, EID Parry (India) Ltd and Tube Investments of India Ltd — have divested their stake in another group company, Parry Agro Industries Ltd, to other entities belonging to the ... More

NEW PROJECTS


KF Bio Plants sets up second facility in Pune
WITH an investment of Rs 22 crore, the Pune-based KF Bio Plants has set up a 30,000 sq ft laboratory for the production of gerbera, anthurium, lily, zanthedeschia, orchid and curcuma plants. This is the company's second such facility in the ... More

Riddhi Siddhi Gluco to expand capacity
RIDDHI Siddhi Gluco Biols Ltd, the country's largest starch and starch derivatives manufacturer, said it is enhancing its maize-crushing capacity to around 2,85,000 tonnes a year from 1,65,000 tonnes. This is estimated to cost Rs 30 crore and ... More

IFC may fund PSL's Rs 540-cr project
IFC, Washington, the World Bank arm for corporate funding, is considering "possible cooperation with the company to finance" part of PSL Ltd's Rs 540-crore, multiple location expansion projects. Asked for more information, Mr Ashok Punj, ... More

OVERSEAS INVESTMENTS


Indian Hotels buys Sydney's W Hotel for $27 million
THE Indian Hotels Company Ltd (IHCL), which runs the Taj group, has bought a property in Sydney for $27 million (about Rs 123 crore) from Harilela Group of Hong Kong, the company said on Wednesday. The acquisition of the 100-room property ... More

ALLIANCES & JOINT VENTURES


ONGC bids for fuel facility at new Bangalore airport
ONGC is set to expand its wings into the aviation sector. The company has tied up with a French oil major to bid for the aviation fuel facility coming up at the new greenfield airport in Bangalore. Sources told Business Line that ONGC, ... More

Infomedia in jt venture with US publisher Reed
SPECIAL interest and directory publishing company, Infomedia India Ltd, has announced a joint venture with Reed Business Information US, a division of the $8.5-billion Reed Elsevier Group plc. The American publisher would hold 51 per cent ... More

INTERVIEW


`We are looking at assets that fit our profile'
AFTER buying The Pierre Hotel in New York, the Taj Group is now entering Australia. It is acquiring The W, a 100-room luxury hotel in Sydney. Director of Finance at The Taj, Mr Anil Goel, says that the Taj group is looking at assets that ... More

`Policymakers must give topmost priority to wind energy'
HAVING set up the biggest wind company in India, Mr Tulsi Tanti, Chairman and Managing Director, Suzlon Energy Ltd, saw its IPO getting over subscribed 28 times recently. The Suzlon scrip closed at Rs 933.60 on Wednesday. In an interview with ... More

SOCIETY & DEVELOPMENT


Govt, pvt sector role crucial to improve social sector: Sonia
LONG-TERM partnerships between the Government, civil society and the corporate sector is key for upliftment of the social sector, the Congress President, Ms Sonia Gandhi, has said. "We will do well not to forget that the basic responsibility ... More
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In Depth

Gender Justice
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Looking back
Dec. 4-Dec. 10
Dunlop, Falcon acquisition — Cross-country holdings made it a complex deal, says Ruia

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Sumitomo group plans 3rd subsidiary in India

Bombay HC approves RIL demerger


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