The Hindu Business Line : Tuesday, July 05, 2005

Reliance Ind acquires 1.36 cr shares of REL
RELIANCE Industries (RIL) has acquired 1.36 crore equity shares of Reliance Energy Ltd (REL) from Reliance Industrial Investments and Holdings, a wholly owned subsidiary of Reliance Industries Ltd. This is an "Inter se transfer of ... More

Deal with Sudanese co only for non-combat vehicles: Ashok Leyland
ASHOK Leyland Ltd has clarified that the deal it signed with a Sudanese company was to supply 4x4 logistics trucks designed for passenger and goods transportation in off-road situations and not for combat applications. Further, the company has ... More

Ranbaxy gets FDA nod for anti-diabetic drug
RANBAXY Laboratories Ltd (RLL) has reached a landmark of sorts by receiving its 100th abbreviated new drug approval (ANDA) from the US Food and Drug Administration (FDA) for its anti-diabetic drug, Metformin Hydrochloride extended-release ... More

Pidilite share split
MUMBAI: Pidilite Industries Ltd has informed the BSE that the company's board of directors, at its meeting on July 02,, approved the sub-division of the existing equity share of nominal value of Rs 10 each into 10 equity shares of Re 1 ... More

Era Constructions gets cable order
MUMBAI: Era Constructions Ltd has bagged an Rs 79-crore order from Aksh Broadband Ltd for laying of cables in Andhra Pradesh, as part of the broadband project being implemented in the State to provide time convergence. A company press ... More

ACCOUNTING STANDARDS

ICAI council to discuss new standards at July 6-8 meeting
THE Central Council of the Institute of Chartered Accountants of India (ICAI) is to meet from July 6-8 in which it may take up for discussion and approval two new accounting standard interpretations (ASIs). According to sources, they are the ... More

CORPORATE DISPUTES

Priyamvada Birla will: Tapuria, Khaitan move HC to become parties to suit
MR KASHI NATH TAPURIA and Mr Pradip Khaitan on Monday filed a petition in the High Court asking to be added as party to the Testamentory suit for grant of probate of the will of Priyamvada Birla, made in 1999. The probate application was filed by ... More

INSIGHT

The Corporation: In relentless pursuit of self-interest
THE Corporation — Pathological Pursuit of Profit and Power by Joel Bakan (Constable, London 2004) follows a rich array of books such as Captive State: The Corporate Takeover of Britain by ... More

COURTS/LEGAL ISSUES

Bechtel to go ahead with arbitration on Dabhol
BECHTEL Corporation could emerge as the stumbling block in the ongoing efforts to restart the $2.9-billion Dabhol power project. Even as GE has announced a "comprehensive settlement" of its Dabhol-related disputes, Bechtel — the other major ... More

MERGERS & ACQUISITIONS

Gujarat NRE jt venture acquires coal mining leases in Australia
GUJARAT NRE Coke Ltd has announced that its Australian joint venture company, Gujarat NRE FCGL Pty Ltd, has entered into an agreement to acquire the coal mining leases in the whole of old Avondale Colliery and part of Huntley Colliery in the ... More

NEW PROJECTS

Essar to sign MoU with Chhattisgarh for steel plant
THE Essar group will sign a memorandum of understanding (MoU) with the Chhattisgarh Government on Tuesday for setting up a 3.2-million-tonne greenfield steel plant in the State, according to official sources. The plant would be set up in Bastar ... More

Macmillan India in expansion mode
IN a bid to become a global leader in typesetting and allied services to publishers, Macmillan India plans to acquire other verticals in the next five years, Mr Rajiv Beri, Managing Director, Macmillan India Ltd, has said. The company has major ... More

Shri Ramrupai Balaji Steels IPO on Friday
SHRI Ramrupai Balaji Steels Ltd, part of Rs 500-crore Kolkata based Jai Balaji Group, is entering the capital market on July 8 with an IPO of 2 crore shares of Rs 10 each through a 100 per cent book building route to part-finance its Rs 285-crore ... More

Suryalata Spinning plans expansion
WITH the elimination of quota restrictions under the multi-fibre agreement providing major business opportunities for the textile players, Suryalata Spinning Mills Ltd (SSML) has decided to take advantage of the favourable market ... More

OVERSEAS INVESTMENTS

M&M plans to bid for tractor company in Romania
INDIA'S largest tractor manufacturer Mahindra & Mahindra is eyeing the Romania based Universal Tractors Ltd as part of its global expansion plans. The company will be submitting a bid for acquiring control of Universal Tractors, which is owned . More

Micromatic Machine Tools plans office in China
MICROMATIC Machine Tools Pvt Ltd (MMTPL), a prominent manufacturer of CNC machines, is considering opening an office in China to capitalise on China's drive to become a major manufacturing source for global clients. The company, which sold over ... More

M&M begins China operations; hands over first tractor
MAHINDRA & Mahindra Ltd (M&M) announced on Monday that Mahindra (China) Tractor Co has formally commenced operations in China. According to an official statement, Mr Anand Mahindra, Vice-Chairman & Managing Director, M&M, handed over More

ALLIANCES & JOINT VENTURES

Tecpro ties up with German co for pipe conveyor belts tech
TECPRO Systems Pvt Ltd, manufacturer of conveyor belts and industrial equipment, has tied up with KOCH of Germany, for technical know-how for the manufacture of pipe conveyor belts. Eyeing a major share of the approximate Rs 200-crore market ... More

Bosch in pact with German co for filter systems
BOSCH Group and Germany's MANN & Hummel GmbH have entered a joint venture to set up a manufacturing facility to produce fuel filter systems as well as oil, fuel, air and cabin filters for the Indian as well as export markets. The two ... More

OUTLOOK

Volvo wants to make a big push in India
Volvo aims for Asia to contribute about 20 per cent of its total sales by the year 2010 and sees India and China as central to this strategy. More

`Final decision on independent directors issue by next month'
THE Minister of State for Company Affairs, Mr Prem Chand Gupta, on Monday said that a final decision on the number of independent directors on a company's board could be expected by August. The Ministry is hoping to come out with a basic ... More

BHEL to spend Rs 1,000 cr on capacity-building
BHEL intends to spend Rs 1,000 crore on capacity building over the next two-and-a-half years, the company's Chairman and Managing Director, Mr A.K. Puri, told journalists here on Monday. He said that the money would be spent on enlarging the ... More

Yamaha gearing up product line; scooter launch on cards
YAMAHA Motor India is gearing up to put back the zing in its Indian operations. Work is underway on new engines and technologies for future motorcycles that will make Yamaha a key player in the premium segment. The company is also studying the ... More

PERFORMANCE

South accounts for 37 pc of Toyota Innova sales
TOYOTA Kirloskar Motor has received over 25,000 bookings for Innova with a chunk of it coming from the southern region. This has forced the company to rework its production mix. The Deputy General Manager of Toyota Kirloskar, Mr Sailesh ... More

TRENDS

Gujarat industry on road to normalcy
WITH flood waters receding and lesser rainfall reported in the last two days, industrial units shut down since June 29 have started resuming normal operations. The Ahmedabad-Mumbai rail link will, however, take another couple of days to ... More

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BHEL Disinvestment

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