From THE HINDU group of publications
Sunday, September 09, 2001


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Corporate Moves

Alstom Power India Ltd (APIL) has been awarded a contract for two new fume treatment plants by Indian Aluminium company (Indal). The contract, won against stiff global competition, is worth Rs 45 crore.

The Rs 1,450-crore turnover Apollo Tyres Ltd plans to delist the equity shares of the company from the stock exchanges in Ahmedabad, Calcutta, Delhi and Ludhiana at an appropriate time.

Dr. Reddys Laboratories has drawn up a detailed plan pertaining to revenue mix for its strategic business units (SBUs). The blueprint was prepared with an eye on the substantially expanding global generics formulations market, where products worth $53 billion were expected to go off patent by 2008.

The board of Finolex Cables has decided to put through a share buyback programme at Rs 200 per share through the tender offer route.

Great Eastern Shipping, which recently announced its second share buyback with a Rs 100 crore budget, plans to go for an issue of preference shares to raise Rs 95 crore.

Himachal Futuristics Communications Ltd (HFCL) is in default of quarterly interest payment of over Rs 7 crore that fell due in June 2001 on a Rs 200 crore loan taken from Global Trust Bank (GTB).

Indian Oil Corporation (IOC) has offered 26 per cent stake in its Rs 9,000-crore Paradip Refinery to Malaysia's state-owned Petronas.

ITC Ltd proposes to amalgamate its subsidiary, ITC Bhadrachalam Paperboards Ltd with the company. The board of ITC will be meeting on September 21, 2001 to consider the proposal.

Ranbaxy Pharmaceuticals Inc, a wholly-owned subsidiary of Ranbaxy Labs, announced that it has received the US Food and Drug Administration approval for the drug, Lorazepam tablets.

Shree Cement Ltd of the B. G. Bangur group has shelved its plans for roping in a multinational cement producer as a strategic partner because all such companies have wanted a complete buy-out.

Tata Power Company has decided to sell its stake consisting of 45 lakh shares in Tata Liebert Ltd to Emerson Electric (Mauritius) at Rs 170 per share.

Tata Steel has proposed to make a second open offer to shareholders of Tata SSL to mop up the remaining 16.97 per cent of equity at Rs 27 per share.

TVS Suzuki will beef up its product profile in the four-stroke motorcycle market by having at least five vehicles in that segment in the next one year.

Wockhardt has bought out its joint venture partner Rhein Biotech GmBH in its joint venture with the latter. The joint venture has been manufacturing Biovac B, a Hepatitis B vaccine. The technical collaboration is to continue.

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