The Hindu Business Line : Friday, July 01, 2005

Grasim sells 7.39 pc stake in Century Enka
MUMBAI: Century Enka Ltd has informed the stock exchanges that Grasim Industries Ltd has sold 21.17 lakh shares aggregating 7.39 per cent of the total paid-up capital of Century Enka on Thursday. The stake has been sold to TGS ... More

Aurobindo Pharma gets WHO okay for anti-retroviral unit
AUROBINDO Pharma Ltd (APL) has obtained the compliance of the World Health Organisation (WHO) for its facility manufacturing anti-retroviral (ARV) drugs. The WHO approval is an important prerequisite for several global sourcing programmes. In a ... More

Linc Pens offers 17 pc dividend
LINC Pen & Plastics Ltd has declared 17 per cent dividend (Rs 1.7 on each equity share of Rs 10 face value) for the year ended March 31, 2005. In 2003-04, it had declared a 12 per cent dividend. According to the company, its turnover stood at ... More

Indraprastha hikes CNG price
Indraprastha Gas Ltd (IGL) today announced the revised selling price of compressed natural gas (CNG). The new price of Rs 18 per kg would take effect from Thursday midnight. According the company communiqué, the revision in prices would result ... More

COURTS/LEGAL ISSUES

HC sets aside orders restraining Tata Tea from transferring lands
THE Kerala High Court on Thursday set aside the orders of the Sub-Collector, Devikulam, restraining Tata Tea from transferring 24 acres of lands spread over the banks of Nallatanny, Kanniar, Munnar and Kundala rivers to various persons. The ... More

RESTRUCTURING

Suraj Industries may hive off Himachal unit
SURAJ Industries Ltd is considering a proposal to hive off its manufacturing unit located at Sansarpur Terrace in Himachal Pradesh. The company is also considering other options such as going in for long-term lease, selling off and disposing ... More

Kesoram Ind to hive off heavy chemicals unit
THE Rs 1,759-crore Kesoram Industries Ltd, the flagship company of the B.K. Birla Group, has decided to hive off its loss-making heavy chemicals business. This was stated by Mr B.K. Birla, Chairman of the company, on Thursday while talking to ... More

Dabur decides to exit Dabon — We're in expansion mode, says Dabon CEO
EVEN as Dabur India Ltd (DIL) has decided to exit from joint venture company Dabon International Pvt Ltd, the latter has decided to continue with its expansion plans. While neither company is willing to divulge details of the imminent deal, the ... More

MERGERS & ACQUISITIONS

Reliance Capital to buy 51% in Adlabs Films
TWO weeks after he took charge of a section of the Reliance Group, Mr Anil Ambani is already in acquisition mode. Reliance Land Ltd, a part of Reliance Capital Group, on Thursday announced that it proposes to acquire 51 per cent stake in Adlabs ... More

IOC board seeks Govt nod for merger of Bongaigaon Refinery
INDIAN Oil Corporation Ltd (IOC) on Thursday said that its board of directors has recommended that the Government approve the merger of its subsidiary company Bongaigaon Refinery & Petrochemicals Ltd (BRPL) with itself . After deliberations, ... More

Kesoram Industries increases stake in Mangalam Timber — Acquires 5.35 pc stake from Orissa Govt unit
KESORAM Industries Ltd has increased its holding in Mangalam Timber Products Ltd by acquiring 5.35 per cent from an Orissa Government outfit for Rs 2 crore. Both Kesoram Industries and Mangalam Timber are B.K. Birla group companies. The former ... More

Merger of IOBL with IOC cleared
THE Government on Thursday approved the merger of Indian Oil Blending Ltd (IOBL) with the Indian Oil Corporation (IOC). A wholly-owned subsidiary of IOC, Indian Oil Blending manufactures over 450 grades of SERVO brand of lubricants and ... More

McLeod Russel to begin Williamson Tea (Assam) integration with itself
MCLEOD Russel India Ltd (MRIL), the tea company of the B.M. Khaitan group, will begin physical integration of Williamson Tea (Assam) Ltd (WTA) with itself. MRIL announced the acquisition of WTA early this month from the UK-based Magor group. ... More

Shoppers' Stop to acquire remaining stake in Crossword
SHOPPERS' Stop Ltd has decided to purchase the remaining 49 per cent stake in bookstore retail chain Crossword Bookstores Ltd from ICICI Emerging Sectors Fund for Rs 14.21 crore. It already owns majority 51 per cent stake in Crossword. In a ... More

NEW PROJECTS

Yash Papers launches public issue to shore up operations
YASH Papers Ltd, manufacturer of brown wrapping paper, plans to set up a 70-tonnes per day plant to manufacture MG poster paper at its factory at Faizabad in Uttar Pradesh. The company also plans to install a 130-tonnes per day bagasse and ... More

Essar Steel expands capacity of Hazira mill
ESSAR Steel has increased the capacity of its hot rolled pickled and oiled products (HRPO) mill at its Hazira steel complex to a combined annual production of 1.3 million tonnes. A press release said this facility would enable the company to ... More

InduSSPray opens new unit
BANGALORE: The city-based InduSSPray has opened a new facility for manufacturing and packaging liquid and paste products for all industries. The facility would also have a commercial line for the manufacture of metered dose ... More

OVERSEAS INVESTMENTS

Investment by Indian cos in UK up 30 pc
INVESTMENT from Indian businesses in the UK jumped nearly 30 per cent during last fiscal, to reach a record level. Indian companies invested in 36 new projects in the UK in 2004-05 against 28 in the previous fiscal. This is the highest-ever ... More

ALLIANCES & JOINT VENTURES

Visteon to invest $12.5 m in tie-ups with Tata Auto
AUTOMOTIVE supplier Visteon Corporation will invest $12.5 million in two 50:50 joint ventures that it has set up with Tata Automotive Components (TACO) in the fields of automotive products and engineering in Pune. TACO Visteon Automotive ... More

OUTLOOK

Taiwanese firm Optomo plans assembly line in India
THE Taiwanese electronics manufacturer Optomo Corporation, part of the Chinese major Coretronics, is evaluating the possibility of establishing a local assembly line for digital light processing (DLP) projectors in the country through the ... More

PEOPLE

Pawan Goenka to head M&M automotive unit
MUMBAI: Dr Pawan Goenka, Chief Operating Officer (Automotive Sector), Mahindra & Mahindra Ltd (M&M), will take over from Mr Alan Durante as the President of the sector and member of the company's management board with effect from ... More

Coffee Day CEO joins Royal Orchid board
ROYAL Orchid Group has announced the appointment of Mr Naresh Malhotra, CEO of Café Coffee Day, in its Board of Directors. "Mr Malhotra's background in retail, finance, strategic management and marketing will make him a key contributor to ... More

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