Financial Daily from THE HINDU group of publications
Friday, June 17, 2005
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ANNOUNCEMENTS


M&M to produce Renault's Logan at Nashik plant
MAHINDRA & Mahindra Ltd (M&M), which has a 51:49 joint venture with French auto major Renault, announced on Thursday that it will produce Renault's `Logan,' an entry-level C segment car, at its Nashik facility. A Rs 550-crore MoU was signed More

McDowell to cut SWC debt by Rs 460 cr
The UB Group had raised about $180 million by way of sale of non-spirits assets. More

CORPORATE DISPUTES


Maruti cries foul over Hyundai brochure
IN the cutthroat world of small cars, marketing gimmicks are getting uncomfortably personal. From staid comparison advertisements, which at times even made the competitor's car look better, recent ones have taken on the tenor of a no-holds ... More

F.L. Smidth accuses L&T of breach of pact
F.L. SMIDTH Ltd, a leading supplier of cement production technology, has accused Larsen & Toubro Ltd of violating a licencing agreement the two companies had till recently. In a release, F.L. Smidth said it has informed L&T that it will "take More

OVERSEAS BORROWINGS


Jindal Saw raises $40 m from ECBs
JINDAL Saw Ltd today said that it has raised $40 million (about Rs 175 crore) through external commercial borrowings (ECBs) from a nine-bank syndicate to finance its capital expenditure programmes. The company initially wanted to raise a term ... More

Reva aims to raise $15 m for expansion plans
REVA Motors hopes to raise $15 million this year for its expansion plans, which includes strengthening distribution network to 10 more cities, stepping up exports and achieving full manufacturing capacity of its electric passenger vehicle. The ... More

COMPANY LAW


Committee set up to study Irani panel proposals on independent directors
THE Finance Ministry has set up a three-member panel to examine the suggestions of the J.J. Irani Committee on Company Law and specifically on the composition of corporate board of directors. Independent director representation on company ... More

AWARDS & HONOURS


FICCI wants flexibility in 'independent directors' norm
THE new Companies Bill should be flexible in allowing the boardrooms to decide the number of independent directors they require for corporate governance, is one of the suggestions put out by the Federation of Indian Chambers of Commerce and ... More

RESTRUCTURING


Kinetic Motor to restructure group
KINETIC Motor Company (KMC) plans to restructure its entire group in another couple of years and expects to post revenues of over Rs 1,000 crore in three years. The KMC Joint Managing Director, Ms Sulajja Firodia Motwani, said that KMC is ... More

Cabinet approves revamp package for BBJ Construction
THE Government has approved the financial restructuring package for state-owned Braithwaite Burn and Jessop (BBJ) Construction Company. The package, which was earlier cleared by the Board for Reconstruction of Public Sector Enterprises, got the ... More

MERGERS & ACQUISITIONS


IISCO-SAIL merger gets Cabinet nod
THE Centre on Thursday paved the way for a merger between state-owned Indian Iron and Steel Company and Steel Authority of India, with the Cabinet authorising the Ministry of Steel to initiate the process after taking approval of the Board for ... More

REGULATORY BODIES & RULINGS


`RoCs must act as facilitators of corporate sector'
THE Company Affairs Minister, Mr Prem Chand Gupta, has asked the Registrar of Companies (RoCs) to take on the role of facilitators rather than be the regulators of the corporate sector. Inaugurating a workshop on `Simplification of procedural ... More

OUTLOOK


Safran group bullish on India
INDIA and China are the future markets of aviation, and as Snecma has had an enduring relationship with India, "we have no doubt that we will work closely, both for Indian and third markets," says Mr Francois Courtot, Senior Vice-President, ... More

TotalFinaElf to double market share by 2010
TOTALFINAELF India Ltd, a wholly owned unit of France's Total S.A., said it plans to double its market share in the domestic lubricants market by 2010. The company has announced a business strategy for India which entails strengthening of ... More

SABMiller prefers incremental market growth — Not `egoistic' about pushing for the top slot
SABMILLER, the world's second largest brewer , is not `egoistic' about pushing for the top slot in the Indian beer market. The global beer giant, which effected the full takeover of the country's second largest brewer Shaw Wallace Breweries Ltd ... More

Nissan sees `big potential' in India
JAPANESE auto major Nissan, has yet to firm up its India strategy. But clarity on it should emerge during the company's current mid-term growth plan due for completion by 2007. "We see big potential for the Indian market. Now is the ... More


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