The Hindu Business Line : Friday, October 07, 2005

ONGC extends loan to OAO Rosneft for Sakhalin-1 project
APART from paying its share of financial exposure in Sakhalin-1, Oil and Natural Gas Corporation Ltd (ONGC) has given a soft loan to Russian company, OAO Rosneft, to fund the latter's portion in the $12.8-billion project. Speaking to ... More

Adlabs strikes deal with Ram Gopal Varma
THREE months after it became majority-owned by Reliance Capital, Adlabs Films Ltd is understood to have signed a deal with the film-maker, Ram Gopal Varma, to direct a series of films that it plans to produce. When contacted, Varma, who ... More

Haldia to host investors' meeting on Nov 10
THE Haldia Development Authority, in partnership with the Confederation of Indian Industry, Eastern Region (CII-ER) will hold a one-day investors' meet at the industrial township on November 10. Around 50 big corporates are expected to ... More

DLF to invest Rs 600 cr in IT park, township
DLF Universal Ltd., the real estate developer, has announced its plans to develop a Rs 600-crore integrated township at Hyderabad spread over 26.3 acre site. This project has envisaged four million square feet of integrated township including ... More

Sai Rayalaseema Paper to restart operations
The mill, located near Kurnool town, has a capacity to produce over one-lakh tonnes per annum of all varieties of paper. More

Shree Renuka Sugars keen to expand into coastal States
KARNATAKA-based Shree Renuka Sugars Ltd is open to expanding into any of the coastal States - with a a mix of own and leased sugar milling capacities, with flexibility in operations, said the Managing Director, Mr Narendra ... More

Control Risks sets up India operations
THE London-based consultancy company Control Risks launched its India operations here on Thursday. The company is said to be working with over 5,000 companies including 86 of the "Fortune 100" companies. "We bring with us more than three ... More

European nod for Aurobindo's antibiotic drug
AUROBINDO Pharma Ltd (APL) has announced that it received a European certification for its active pharmaceutical ingredient — flucloxacillin sodium. In a press release here on Thursday, the company said flucloxacillin sodium is an ... More

GAIL pays Rs 194-cr dividend
NEW DELHI: GAIL (India) Ltd on Thursday handed over a cheque of Rs 193.97 crore to the Union Petroleum Minister, Mr Mani Shankar Aiyar, towards final dividend payment for the financial year ended March 31, 2005. With this payment, GAIL ... More

OVERSEAS BORROWINGS

Himatsingka GDR issue
BANGALORE: Himatsingka Seide Ltd has said that it has decided to raise $60 million through issue of global depository receipts (GDRs) to fund its expansion plans. The exact amount to be raised, the number of shares to be issued, the ... More

INSIGHT

Who funds Indian industry, why it matters
In an analysis of the ownership structure of Indian firms, the author finds that promoters have been making hay with India's substantial corporate assets while their own financial contributions amount to less than 2 per cent, on average, of a company 's finances. This divorce of ownership from control is disturbing, says Sumit K. Majumdar, suggesting ways by which the stakeholders can monitor the performance of entrepreneurs and promoters and ensure they generate value. More

In the interest of filling corporate coffers
MARKET interest rates determine the extent to which existing investment opportunity will be utilised. In recent years, there has been a significant decline in the nominal interest rate. The cost of capital has been kept ... More

RESTRUCTURING

Small car project spells changes to Toyota structure
THE present structure of Toyota in the country is set for a change as it embarks on its small car project. Sources close to Toyota Kirloskar Motor Company (TKM) told Business Line that there could be three different entities in the country ... More

ONGC against hiving off OVL
ONGC today said that it was not in favour of the Government's plan to hive off its overseas arm, ONGC Videsh Ltd (OVL), into a separate corporate entity. Speaking to newspersons on the sidelines of an Assocham conference, the ONGC Chairman, Mr ... More

MERGERS & ACQUISITIONS

IOC plans to bid for Kenyan-Uganda pipeline project
INDIAN OIL Corporation plans to bid for a 320-km pipeline between the Kenyan port of Mombasa and Eldoret in Uganda. The Kenyan and Ugandan governments, which will hold 24.5 per cent stake each in the project, had invited the expressions of ... More

ITL to sell over 40% stake to three players
INTERNATIONAL Tractors Ltd (ITL), manufacturer of the Sonalika brand of tractors, is planning to offload upwards of 40 per cent stake to three players as it seeks to expand its operations both domestically and overseas. ITL is estimated to have ... More

SAIL moves Ministry on IISCO merger
STEEL Authority of India Ltd (SAIL) has initiated the first step to merge its subsidiary - Indian Iron and Steel Company (IISCO) - with itself. SAIL has moved the Ministry of Company Affairs to effect the transfer of assets owned by ... More

NEW PROJECTS

Powercap plans to shift to larger factory
POWERCAP Systems (Madras) Pvt Ltd, a manufacturer of transformers and coils that find application in electrical and electronic equipment, plans to shift to a larger factory as it diversifies its product portfolio. The company, which has a 7,000 ... More

Greenply to make global foray with new subsidiary
THE Green group, a laminates and plywood manufacturer, has decided to foray into the international market with the launch of its subsidiary, GIL Intercontinental PTE Ltd. (Greenply Industries Ltd is the flagship company of the group.) The move ... More

JSPL, Orissa to sign new MoU
NEW DELHI: Jindal Steel and Power Ltd (JSPL) will sign a memorandum of understanding (MoU) with the Orissa Government for increasing the size of its proposed steel plant in the State from two million tonnes to six million ... More

INTERVIEW

`Derived synergies present big opportunity for Videocon'
VIDEOCON is one of India's few companies to command the entire supply chain, from manufacturing glass from sand, production of guns and yokes, and converting them into colour picture tubes for sale in the market. The acquisition of Thomson SA ... More

SOCIETY & DEVELOPMENT

Madras Cements donation to AP Relief Fund
HYDERABAD: The Chairman and Managing Director of Madras Cements Ltd, Mr P.R. Ramasubrahmaneya Rajha, has handed over a cheque of Rs 25 lakh to the Chief Minister, Dr Y.S. Rajasekhara Reddy, here on Thursday in favour of CM's Relief Fund. ... More

GAIL to set up diagnostic centres in AP soon
HYDERABAD: Gas Authority of India Ltd (GAIL) set up an `Air Pollution-Related Disease Diagnostic Centre (APRDC) at the MNJ Institute of Oncology in the city soon. These centres would also come up at Rajahmundry and Vijayawada. The public ... More

RIGHTS ISSUE

Raasi Refractories plans rights
HYDERABAD: Raasi Refractories Ltd has informed the stock exchanges that its shareholders have approved the proposal of issue of shares on rights basis in the ratio of 1:1. The company plans to issue 39.42-lakh equity shares of Rs 10 ... More

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