The Hindu Business Line : Saturday, April 02, 2005

Tata Tea divests control in tea estates in Kerala
TATA Tea today divested management and control over 55,529 acres of tea estates in Kerala and transferred 12,770 workers to the newly formed company, Kannan Devan Hills Plantations Company Ltd. Mr T.V. Alexander, Managing Director of the new ... More

Drug pricing issue: Ranbaxy to pay £4.5 m to UK health service
RANBAXY (UK) Ltd, the wholly owned subsidiary of Ranbaxy Laboratories Ltd, has agreed to pay UK's National Health Service (NHS) £4.5 million (about Rs 37 crore) for settlement of claims brought against it for allegedly fixing high drug prices of ... More

Lakshmi Overseas to expand capacity
LAKSHMI Overseas Industries Ltd, an integrated processor of non-basmati long grain white rice, has announced a Rs 150-crore expansion plan. The company plans to increase its rice processing capacity by 1,000 tonnes per day to 3,100 tonnes per ... More

Ranbaxy gets USFDA nod for capsules to treat urinary infection
RANBAXY Laboratories Ltd has received approval from the US Food and Drug Administration (USFDA) to manufacture and market Nitrofurantoin Monohydrate/Macrocrystals capsules, 100 mg used for the treatment of urinary infection. The Ranbaxy ... More

Hero Honda hikes prices
HERO Honda on Friday announced its first price hike in five years and said it would increase the prices of all but two of its models by Rs 500 to Rs 1,175. The company's Rs 1001 off celebration offer too ceased from April 1. Mr Atul Sobti, ... More

CORPORATE DISPUTES

IRMA board begins search for new chief — Conspiracy to capture institute, says Kurien
THE daily engagements card on Dr Verghese Kurien's table said it all. The only entry for April 1 was: "10:30 - IRMA board meeting???" On a day marked by intense drama, the board of the Institute of Rural Management, Anand (IRMA) virtually ... More

`Present director would have to go'
DR V. Kurien on Friday vociferously defended his position as the chief of IRMA, an institution he had built 25 years ago. Instead of buckling under pressure, he said that the incumbent Director, Prof K. Prathap Reddy, would have to go. Excerpts ... More

MERGERS & ACQUISITIONS

Balsara Home, now Dabur India arm
THE board of Balsara Home Products Ltd on Friday approved transfer of shares from its erstwhile promoters, the Balsara family, to Dabur India Ltd. With this transfer, Balsara Home Products Ltd becomes a subsidiary of Dabur India Ltd, according ... More

NEW PROJECTS

Lord of the Rings producer to set up animation studio in India
MR Barrie M. Osborne, producer of well-known films such as Lord of the Rings and Matrix, plans to set up an animation studio in the country. This will be in partnership with Madhusudanan. N, a renowned Chennai-based visual effects ... More

ALLIANCES & JOINT VENTURES

Indoco Remedies in pact with Strategic Resources for US foray
INDOCO Remedies Ltd has tied up with consultant company Strategic Resources USA to support its foray into the US. Strategic Resources will be the "eyes and ears" for Indoco in the US, said Ms Aditi Kare Panandikar, Director-Business ... More

SICK UNITS

Chennai boiler plant to restart operations under new name
DEUTSCHE Babcock Borsig's boiler manufacturing plant at Poonamallee on the outskirts of Chennai is to restart operations in June — under a different management and a different name. The unit was shut down for nearly two-and-a-half years, ... More

OUTLOOK

SAIL turnover set to cross Rs 30,000 cr
STEEL Authority of India Ltd (SAIL) is all set to post a turnover of more than Rs 30,000 crore for fiscal 2004-05 with highest ever domestic sales of saleable steel at 10.3 million tonnes, according to an official release. The company has ... More

PowerGrid eyes Rs 3,000-cr turnover
POWERGRID Corporation of India (PGCIL) has set a target of achieving 15 per cent top line growth at over Rs 3,000 crore for 2005-06. As per the annual MoU signed with the Ministry of Power detailing the targets for 2005-06, PGCIL envisages an ... More

PERFORMANCE

Tata Steel production hits all-time high
TATA Steel has ended fiscal 2004-05 with a production of 4.11 million tonnes of saleable steel, an all-time high. "The initiative to enrich the product mix of Tata Steel continues to provide excellent results," the company said in a news ... More

Hero Honda sales jump 27%
HERO Honda has recorded a 27 per cent jump in sales to 26,21,400 motorcycles in the last financial year. The company had sold a total of 20,70,157 motorcycles in 2003-04. The company increased its exports by 63 per cent in the same period, ... More

Bajaj sales rise 17.8% in March
BAJAJ Auto Ltd (BAL) today reported a 17.8-per cent growth in total sales of two- and three-wheelers for March to 163,530 units, against the previous corresponding 138,819 units. Sale of 2-wheelers gained 22 per cent to 144,776 units (118,680 ... More

GM sales up 35%
GENERAL Motors India on Friday said its sales grew 35 per cent in the month of March 2005 to 3,516 units. The monthly sales is the highest ever volume since the company was formed, GMI said in a press release. The growth was aided by GMI's ... More

Midhani PBT at Rs 8.8 crore
MISHRA Dhatu Nigam Ltd (Midhani) has achieved a profit before tax (PBT) of Rs 8.8 crore on a sales turnover of Rs 131.29 crore during 2004-05. The Hyderabad-based defence public sector unit has also recorded a modest exports of Rs 80 lakh, ... More

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