The Hindu Business Line : Friday, April 25, 2003

Haldia Petro begins export of finished goods
HALDIA Petrochemicals Ltd (HPL), the three-way joint venture between the West Bengal Government, Mr Purnendu Chatterjee, and the Tatas, has begun exports of finished products. Sources said the initiative, which was launched through `job works' ... More

OVERSEAS BORROWINGS

Banks wary of ECB prepayment loans
Banks already have large direct exposures to FIs through subscription of bonds and provision of support in the form of credit lines. Consequently, refinancing ECBs supported by guarantees would mean an increase in their respective exposures, sources said. Moreover, bankers said, they had already reached some of the group exposure limits and were not prepared to breach them. More

COURTS/LEGAL ISSUES

Scheme of arrangement for Essar Oil debenture holders
THE delay in completion of the refinery project has compelled Essar Oil to go back on its commitment on payment of interest to its debenture holders. The company has since filed an application with the High Court of Gujarat in Ahmedabad, ... More

FINANCIAL PERFORMANCE

Raymond: A flat performance
RAYMOND'S numbers for the recently concluded quarter (January-March 2003) indicate a rather flat performance with net sales of Rs 263.1 crore vis-à-vis Rs 270.6 crore for the same quarter in the previous year, which represents a fall of about 2.8 ... More

RESTRUCTURING

Eveready shelves bifurcation plan
THE proposal to bifurcate the battery and tea business of the Rs 1,000-crore Eveready Industries India Ltd has been shelved for the time being. On the other hand, the company has been successful in striking an agreement with an education trust ... More

MERGERS & ACQUISITIONS

Grasim sets May 7 for L&T open offer
GRASIM Industries has announced May 7, as the date of its open offer for 20 per cent stake in Larsen & Toubro. The offer will open six months after its originally scheduled date of December 9, 2002. Grasim on Thursday issued an announcement to ... More

Ashok Minda group acquires Sylea facilities
THE Ashok Minda Group, an Rs 150-crore auto ancillary major, has announced the acquisition of the Rs 50-crore Sylea Automotive India Ltd from Valeo. Valeo is ranked among the world's top 10 automotive component suppliers, with a turnover of ... More

Pharmacia becomes `subsidiary' of Pfizer
PHARMACIA Healthcare, the erstwhile Abbott India, will now be an `indirect' subsidiary of Pfizer Inc, US as a result of the completion of a merger of Pharmacia Corporation, which holds majority stake in Pharmacia Healthcare and Pilsner ... More

Godrej Foods' stake change
MUMBAI: Godrej & Boyce Mfg Co Ltd has become a holding company of Godrej Foods Ltd. Following the scheme of arrangement between Godrej Appliances Ltd, Godrej Capital and Godrej & Boyce Mfg Co , all shares of Godrej Foods Ltd held by ... More

SICK UNITS

Non-compliance of orders — BIFR pulls up IFB Ind
IFB Industries Ltd, its promoters and directors, came in for a stick from the Board for Industrial and Financial Reconstruction (BIFR), with the board directing issuance of a show-cause notice (SCN) to the company for non-compliance of its ... More

OUTLOOK

SARS spurs order for Opto thermometers — To offer 9 pc equity to FII
CALAMITIES could add to the coffers of some. Sensors-maker Opto Circuits Ltd has won an order from the Singapore Government to supply as much as "one to two million" digital thermometers as the city-state unleashed a slew of precautionary ... More

Whirlpool hopes to clock 15 pc growth
CONFIDENT about clocking a growth of 15 per cent this year, Whirlpool of India Ltd on Thursday unveiled its new range of direct cool refrigerators and air-conditioners. Speaking at the launch, Mr Ashok Bhasin, Vice-President Marketing, ... More

Whirlpool's export target
Whirlpool of India Ltd is not only consolidating its position in the domestic market, but is also looking at strengthening its exports as well. The company proposes to increase its exports by almost 50 per cent by the end of this year, Mr Raj ... More

PERFORMANCE

13 pc rise in Keltron operating profit
THE Kerala State Electronics Development Corporation (Keltron) has, for the third time in a row, bettered its year-on-year performance with the public sector electronics major achieving a 13 per cent growth in operating profit for 2002-03. ... More

PEOPLE

New marketing head at Ashok Leyland
MR Arun Pande, an engineer with "over two decades of varied experience in the automotive industry", has taken over as Executive Director - Marketing, at Ashok Leyland, says a press release from the company. Mr Pande will be responsible for the ... More

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