Mcleod Russel, the B. M. Khaitan group company, has been forced to make an open offer to the minority shareholders of Union Carbide India Ltd (UCIL) as the SEBI has turned down its request for exemption. The company had made out a strong case for exemption from complying with Clause 40 A and B of the Listing Agreement with the stock exchanges saying that the acquisition of UCIL’s 50.9 per cent holding could not be construed strictly as an active takeover bid.

Escorts elevated tram services for Delhi

The Delhi-based Escorts group has evinced interest in introducing high-speed elevated tram services here. Surface Transport Ministry sources said the group was bidding for the 17-km Ballabhgarh-Faridabad-Ashram Chowk corridor in south Delhi. According to official project estimates, Escorts has to spend around Rs. 300 crores to lay the track and operate trams. According to the Surface Transport Ministry’s project report, the cost of laying one km of the elevated track has been estimated at Rs. 17 crores. This is substantially cheaper than the Rs. 200-crore estimated cost of laying underground rail tracks.

Lakshmi Machine eyeing telecom

Lakshmi Machine Works Ltd. (LMW) is planning a major foray into the telecommunication sector and would finalise its strategy after the details of the new telecom policy are spelt out. LMW has roped in the Swiss telecom company, Ascom, for manufacture of card-telephone instruments. Entry into telecom equipment manufacture is a logical step for the company since it already has a solid engineering base.

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