The Hindu Business Line : Thursday, February 16, 2006

Resil, Dow Corning tie up for product development
RESIL Chemicals and Dow Corning Corporation have announced a collaboration for development and research of products for the textile industry. The Resil Chemicals Managing Director, Mr M.S. Mohan, told newspersons on Wednesday that the focus of ... More

ANNOUNCEMENTS

Aban rig for ONGC
CHENNAI: Aban Loyd Chiles Offshore Ltd has informed BSE that it has received a letter of intent from ONGC for a Rs 400-crore contract for three years for the Rig Aban II. The operations will commence after completing the existing contract, ... More

GE Shipping signs contract to acquire crude carrier
GREAT Eastern Shipping has signed a contract to buy a January-built, 1.10 lakh DWT Aframax crude carrier. The double hull tanker will join the company's fleet in the current fiscal. The company's decision to induct this vessel is part of its ... More

BEML pays 30 pc interim
BANGALORE: Bharat Earth Movers Ltd has declared 30 per cent interim dividend for the financial year 2005-06. The BEML Chairman & Managing Director, Mr V.R.S. Natarajan, presented the dividend warrant for Rs 6.75 crore to the Defence ... More

Sical to invest Rs 350 cr in container train operations
SOUTH India Corporation (Agencies) Ltd on Wednesday announced plans to invest Rs 350 crore in container train operations. "The investment will go towards developing container train operations connecting the Jawaharlal Nehru Port Trust (JNPT) at ... More

GAIL to call EoIs for transporting CNG from Myanmar
GAIL (India) Ltd, which is eyeing Myanmar gas, is set to invite expressions of interest to select a firm or consortium through international competitive bidding for transporting compressed natural gas (CNG) from Myanmar to India. According to ... More

Nalco opens stockyard in Himachal
NATIONAL Aluminium Company Ltd (Nalco) has opened a stockyard of its products at Baddi in Himachal Pradesh, according to a press release. The stockyard was opened on Tuesday by the Chairman and Managing Director, Mr C.R. Pradhan, in the ... More

Transgene Biotek says it's debt-free
HYDERABAD: Transgene Biotek Ltd has informed the stock exchanges that it has cleared all its dues to Industrial Development Bank of India (IDBI) and has obtained a `No Dues Certificate' from the bank vide letter dated February 14. The ... More

RESTRUCTURING

NRL poised for equity restructuring
NUMALIGARH Refinery Ltd (NRL) may be in for equity capital restructuring. According to NRL sources, a firm proposal for awarding the entire 12.34 per cent stake of Oil Industry Development Board (OIDB) and 1.31 per cent (out of 62.96 per cent) of ... More

MERGERS & ACQUISITIONS

Stake sale in ONGC, GAIL: JM Morgan, Citi Financials IOC's merchant bankers
INDIAN Oil Corporation (IndianOil) has nominated JM Morgan and Citi Financials as merchant bankers for sale of part of its shareholding in Oil and Natural Gas Corporation and GAIL (India) Ltd. Both the merchant bankers would advise the company ... More

Ranbaxy bids to acquire German co
IN line with its earlier stated strategy of expanding through acquisitions, Ranbaxy Laboratories Ltd today confirmed that it has bid for a German generic pharmaceutical company called Betapharm. Dr Reddy's Ltd is the other Indian firm in the race ... More

NEW PROJECTS

MRPL board recommends Rs 12,800 cr investment plan
THE Mangalore Refinery and Petrochemicals Ltd (MRPL) board that met here on Wednesday has recommended to Oil and Natural Gas Corporation a capital expenditure plan of Rs 12,800 crore for its integrated refinery upgrade project. The project, to ... More

Radha Madhav gets board nod for PVC plant in Uttaranchal
RADHA Madhav Corporation Ltd (RMCL) has said that its board has approved setting up a project at Pantnagar, Uttaranchal for manufacturing of pharmaceutical grade PVC sheets and coating of PVC and similar substances on the sheets. The project cost ... More

Reliance Petro raises $1.5 b loan for Jamnagar refinery project
The loan facility will be used to finance the setting up of a new refinery having an installed capacity of approximately 27 million tonnes and a 0.9-mt polypropylene complex.
The total cost of the project is expected to be $6 billion, making it b y far the single largest single petrochemical/refinery project investment ever in Asia.
More

Endemol NV sets up subsidiary in India
RECOGNISING the potential of the entertainment sector in India, the Netherlands-based Endemol NV has set up its first Asian subsidiary here. Endemol India plans to leverage its intellectual properties in the Indian sub-continent as part of its ... More

Salim group's 2-wheler plant — Bengal CM lays foundation stone
WORK ON eastern India's first two-wheeler project was flagged off on Wednesday with the West Bengal Chief Minister, Mr Buddhadeb Bhattacharjee, laying the foundation stone of a motorcycle factory that would be set up by the Salim Group of ... More

Volkswagen may drive to Vizag; MoU likely soon
VOLKSWAGEN AG, the German automotive major, is likely to enter into a memorandum of understanding (MoU) with the Andhra Pradesh Government on the greenfield Rs 5,400-crore automotive assembly line. The MoU, detailing the concessionaire, is ... More

ALLIANCES & JOINT VENTURES

Reliance rolls out food outlets to fuel petrol sales on highways — Signs pact with US hospitality service provider
DOES having a fast food counter and other related sorties at a petrol pump help the volume of fuel sold go up a notch or two... or, is it a case of the food shop getting more customers than it would otherwise? Surely, it must a case for the cash ... More

Sarovar ties up with Sahil Spa to manage Lonavala Property
In addition to the spa, the resort will also have other features such as hydromatic bath tub, and an advanced version of Jacuzzi. More

Raymond plans denim tie-up with Belgium co
The company's board has approved a memorandum of understanding (MoU) with the Belgium company, to create a global denim company. The proposed joint venture will own the denim business of Raymond (40 million metres) and denim/flat business of ... More

EVENTS

Contest for managers at Coimbatore
COIMBATORE: A corporate management game for managers is to be held on Friday at Coimbatore. Dr G.R. Damodaran Institute of Management is organising the event in association with Coimbatore Management Association. Dr D. Padmanabhan, ... More

OUTLOOK

Lower crude supplies may affect Numaligarh Refinery output
NUMALIGARH Refinery Ltd (NRL), which is suffering from low capacity utilisation, is set to end the year with production lower than the targeted 2.2 million tonnes (mt). The BPCL subsidiary has a capacity to refine three mt of light sweet ... More

TRENDS

Banks halt deposit-based lending to corporates
BANKS have closed ranks in a bid to thwart corporates from arbitraging between bulk deposit rates and short-term loans. High-level banking officials said they had stopped lending to the corporates that place bulk deposits. The banks resorted ... More

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Reliance Petro raises $1.5 b loan for Jamnagar refinery project

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`Service tax inflow may touch Rs 23,000 crore'

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