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Business Line Twenty Years Ago Today

february 9 | Updated on March 09, 2018 Published on February 08, 2015

Split likely in Cadila group

A parting of ways seems imminent in the Rs.360-core Cadila group, with the two promoters, Mr. I. A. Modi and Mr. Ramanbhai B. Patel, deciding to divide the company on the basis of the assets and turnover of the entire group. A company spokesman said: “We have only begun examining some possibilities for corporate restructuring. The restructuring would be done quite amicably between the promoters of the group - i. e. the Modis and Patels who have equal holding and interest in the group companies.” However, sources close to the group have specified that a formal split is imminent towards the end of March.

SFCs can invest in primary markets

State Financial Corporations (SFCs) have been allowed to invest their surplus funds in primary market offerings. The relaxation, approved by the IDBI, will allow SFCs to put their investible surplus in primary market issues on a long-term basis. Hitherto, under the SFC Act, 1954, they had to park their excess funds in State and Central Government bonds. The easing of investment norms will help some SFCs, with stronger balance sheets, to post better returns on their funds.

Titan acquires Fauvre-Leuba line of alarm clocks

Titan Industries has acquired the Fauvre Leuba & Cifco manufacturing lines for table top alarm clocks from Consolidated Coffee. Titan will use the capacity to launch nationally a new range of table top alarm clocks. The acquisition started with Tata Tea buying over Consolidated Coffee, which owned a watch-making unit selling table-top clocks under the Cifco and Fauvre-Leuba brands. Titan made a selective purchase of machinery from the company at Rs. 2.6 crores for making alarm clocks.

Published on February 08, 2015
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