CORPORATE
ANNOUNCEMENTS
Hyundai plans Elantra launch this month; to hike Accent prices
HYUNDAI Motor India Ltd (HMIL) on Friday said that it has plans to introduce its sedan, Elantra, by the end of this month and the compact car, Getz, in the second quarter of the current fiscal. "We will introduce the Elantra this month. The big ...
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OVERSEAS BORROWINGS
RBI says no ECBs for working capital
THE Reserve Bank of India has clarified that external commercial borrowings (ECB) cannot be raised for working capital, general corporate purpose and repayment of existing rupee loan purposes. The central bank has also clarified that the ...
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OUTSOURCING
Hero Motors may source parts for US co
HERO Motors, part of the Rs 7,800-crore Hero group, is all set to sign up as the sourcing base of parts for a $22 billion Fortune 50 company based in America and an announcement to this effect will be made in three weeks from now. Mr Pankaj ...
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MERGERS & ACQUISITIONS
Two foreign cos invest in IVRCL
CITICORP International Finance Corporation (CIFC), a unit of Citigroup Global Investments of USA and ChrysCapital II, LLC of Mauritius, have invested Rs 78 crore in IVRCL Infrastructures & Projects Ltd. The entry of the two companies would be .
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NEW PROJECTS
Liners India to set up EOU in Chennai
LINERS India Ltd, engaged in the manufacture of cylinder liners, is setting up a 100 per cent export oriented unit in Chennai involving an investment of Rs 10 crore. The new plant is meant for exporting its products to the US. The company is ...
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Matrix Bio plant goes on stream
MATRIX Biosciences Ltd has announced that its shrimp feed plant at Rajanagaram, near Rajahmundry in East Godavari district, has gone on stream during the second half of March. Matrix has set up a feed mill with total capacity of 20,000 million ...
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`Indica successor in final stages of design'
TATA Motors is working on the Indica's successor that is planned for launch in 2007. The car is in the final stages of design now and will take approximately three more years to be productionised. The Chairman of Tata Motors, Mr Ratan Tata, ...
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Wockhardt plans 225-bed hospital in Delhi
WOCKHARDT Hospitals Ltd looks set to break into the backyard of the Delhi-based Fortis Healthcare Ltd and Max Healthcare, with its plans to set up an estimated 225-bed hospital in the Capital. This would complete Wockhardt Hospitals' presence ...
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REGULATORY BODIES & RULINGS
BIFR approval for ICVL divestment
The Bench directed that the proceeds of the sale of disinvestment of ICVL be kept in a `no-lien' account with the IDBI.
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Torrent Cables out of BIFR net
TORRENT Cables Ltd (TCL) has come out of the Board for Industrial and Financial Reconstruction (BIFR) net. Satisfied that the sanctioned scheme for the revival of the company has been substantially implemented, the Board discharged TCL from the ...
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ALLIANCES & JOINT VENTURES
EIH, Hilton International enter pact
The present tie-up will include the Trident hotels at Gurgaon, Agra, Jaipur, Udaipur, Bhubaneshwar, Chennai and Kochi, all of which will now be known as Trident Hilton hotels.
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Glenmark acquires Brazilian firm for Rs 22 crore
GLENMARK Pharmaceuticals Ltd has acquired the Brazil-based Laboratorios Klinger for $ 5.2 million (about Rs 22.7 crore). The acquisition was made through Glenmark's wholly-owned subsidiary Glenmark Farmaceutica Ltda (GFL). The last couple of ...
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Cobra in pact with Mount Shivalik
COBRA Beer, one of the UK's fastest growing beer brands, has announced its technical collaboration with Mount Shivalik Group, the largest independent brewing company in India. Under the agreement, Mount Shivalik will brew Cobra under licence ...
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HLL ties up with CESC to promote new Pepsodent
HINDUSTAN Lever Ltd tied up with the private sector power utility, CESC Ltd, for sampling of Pepsodent toothpaste.Mr Rishen Mukherjee, Head of CESC's `Touchbase with Kolkata' project said that with its April bills CESC would be sending out 14.1 ...
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OUTLOOK
Apollo Tyres hopes to post 18 pc growth in sales
IN line with its 18 per cent compounded annual growth rate (CAGR) in sales over the last five years, Apollo Tyres Ltd (ATL) hopes to close fiscal year 2003-04 with a net sales growth of about 18 per cent on a year-on-year basis. For the year ...
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RINL signs MoU with Steel Ministry
RASHTRIYA Ispat Nigam Ltd (RINL) here and the Union Steel Ministry have signed an MoU for the financial year, 2004-2005, setting the target for hot metal production at 4.2 million tonnes, according to a press release issued by the plant. This ...
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PERFORMANCE
Bhilai Steel output up 13 pc, despite coking coal crisis
The plant was successful in bettering the results due to enhanced techno-economic factors and increase in average productivity.
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UB group edges out Bacardi as fourth largest spirit marketer
THIS is surely a big leap for Mr Vijay Mallya's spirits empire. The UB Spirits Division (UBSPD) comprising McDowell & Co and Herbertsons has edged out Bermuda-based Bacardi, an eponymous rum maker, to emerge as the fourth largest spirits marketer
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BHEL net up 38 pc in 2003-04
BHARAT Heavy Electricals Ltd (BHEL) has recorded a net profit of Rs 615 crore on a turnover of Rs 8,610 crore during fiscal 2003-04, registering a 38 per cent rise in net profits and a 15 per cent rise in turnover over the previous year's ...
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ONGC project surpasses target
THE Krishna-Godavari (K-G) project of ONGC has surpassed targets during 2003-2004. According to a press release , crude production during the year was 2.80 lakh tonnes against the target of 2.32 lakh tonnes and natural gas production ...
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PEOPLE
Former UB head to advise Jumbo Group on spirits biz
THE Jumbo Group Chairperson, Ms Vidya Manohar Chhabria, has roped in the service of a former president of United Breweries (UB) group, Mr J.S. Damija, as an advisor for the spirits business. The $2-billion Dubai-based Jumbo Group controls Shaw ...
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Homi Khusrokhan made Tata Chem ED
TATA Chemicals Ltd has appointed Mr Homi Khusrokhan as an Executive Director of the company with effect from April 1. Mr Khusrokhan was until recently the Managing Director of Tata Tea Ltd. According to a senior Tata Chemicals official, Mr ...
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A.K. Puri is new Director on BHEL board
MR A.K. Puri has assumed charge as Director (Power) on the board of Bharat Heavy Electricals Ltd (BHEL), the `Navratna' engineering and power equipment major. During his tenure as Executive Director, Power Sector (Marketing), an all-time high ...
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