Ranbaxy to hike stake in Vorin Laboratories
New Delhi: Ranbaxy Laboratories will acquire a majority stake in Hyderabad's Vorin Laboratories by increasing its holding from 36 per cent to 51 per cent through a preferential allotment. Vorin will become a subsidiary of Ranbaxy.

The company has a paid-up capital of Rs 6.2 crore. This will go up to Rs 8.1 crore. Besides Ranbaxy, the other major shareholders in Vorin are a group of non-resident Indians, who hold about 36 per cent stake, and the public, which holds 21 per cent.

Ranbaxy bought its stake from the NRI group through its wholly-owned subsidiary Vidyut Investments in 1996.
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Fiat dealers are online
Calcutta: Fiat India's dealers have been connected to the company's headquarters in Mumbai through the internet so that they can ascertain the availability of cars and spares at the website and make online bookings.

Under the scheme, a dealer can see the latest stock position of each model of vehicle under various parameters -- including colour and other specifications. Apart from making bookings, the dealers can also check stock positions for each spare part and place orders.
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Ikon by year-end
Bangalore: Ikon from the Ford India stable will roll out by the year-end, Philip Spender, managing director of the company, has announced. The model will be priced between Rs 5.5 lakh and Rs 6 lakh.

Ikon is built on the Fiesta platform. The company will export a part of the Ikon production to Mexico, South East Asian countries and South Africa, Mr Spender said.
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Delphi sets up joint venture in Malaysia
Kuala Lumpur: Delphi's Packard Electric Systems division has joined hands with Hasu Industries Sdn in Kuala Terengganu. The joint venture will supply wiring harnesses to the Asean region's top two automotive manufacturers.

According to Majdi Abulaban, managing director, Delphi Packard Electric Asean, the new company will operate under the name Delphi Packard Electric Malaysia Sdn Bhd, and the US parent, Delphi Automotive Systems, will have 60 per cent controlling interest.

Delphi's Packard Electric Systems division will manage the joint venture and consolidate its Kota Bharu operation. The project will support the design and manufacture of power and signal distribution systems for automotive manufacturers in Malaysia and the Asean region, states a company press release.
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Daewoo group companies file for receivership
Seoul: Three companies formerly affiliated to the Daewoo group have filed for court receivership due to a cash crunch resulting from the group's financial problems, the Korea Stock Exchange said. The companies are Segye Corporation, Shinhan Engineering & Construction Company and Shinsung Tong Sang, the exchange said.

Trading in these companies' shares will be halted.
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Microsoft denies alliance with government
Washington: Microsoft said it did not insert a secret backdoor in its Windows software for the US government to snoop on sensitive data. The assurance came in response to a sensational charge of a quiet alliance between Microsoft and America's National Security Agency.

This charge was made by a Canadian programmer who claims to have stumbled across an obscure digital signing key that had been labelled "the NSA key". Microsoft clarified that it called its function an NSA key because the federal agency reviews technical details for the export of powerful data scrambling software.
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EU imposes duty on Indian PET exporters
Brussels: The European Commission has imposed countervailing duty up to 40 per cent on polyethylene terepthalate, or PET, film imported from India. The move comes close on the heels of anti-dumping and anti-subsidy investigations against a number of Indian PET film exporters following complaints from EU manufacturers.

The EC said that following complaints from Du Pont and Hoechst, along with several other EU manufacturers, it had initiated the anti-subsidy and anti-dumping proceedings against Garware Polyesters, Jindal Polyester, Flex Industries, MTZ Polyesters and Polyplox Corporation.
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