Marico serves notice to Recon
Mumbai: According to a report in The Economic Times, Marico Industries Ltd., which had entered into an understanding with Recon Oil Industries for the Cococare brand, has served a notice on the latter.

Marico claims that any sale of the Cococare brand by Recon will be in violation of an earlier understanding between Marico and Recon. It says that it had come into this understanding so as to prevent prospective buyers such as HLL from buying Cococare.

Hindustan Lever, which recently acquired the brand, says that it is the "one and only beneficial owner" of Cococare. It has already paid for the brand and is not aware of any understanding between Recon and any other party.
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SRF buys DuPont Fibers
New Delhi: The Arun Bharat Ram group flagship, SRF Ltd., has taken over DuPont Fibers Ltd., by offering a 5 per cent stake to DuPont in SRF. DuPont Fibers is a wholly-owned subsidiary of DuPont of the US. DuPont Fibers employees have been taken over by SRF.

The agreement between the two companies states that DuPont will have the right to buy back up to 50 per cent in DuPont Fibers. SRF has also sold its 69 per cent SRF Bearings holding to P C Sen, former chairman, Peerless General Finance & Investment Company.
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Skoda to buy 30 per cent in IMP
Mumbai:  German  utility  and  automobile   company Skoda  will  take  a  30  per  cent   stake  in IMP Power, formerly   Industrial   Meters,   in  the  price range  of Rs.150-Rs.175 per share. The current market price of the company is around Rs.120. The deal is expected to be concluded by March 2000.

IMP  Power  had  a   technological  and   buyback arrangement with Skoda in 1998. The promoter’s stake in IMP currently is 70 per cent.
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Lever-Johnson may buy ‘Cycle’
Mumbai: According to a report in the Business Standard, Lever Johnson, the 50-50 joint venture between Hindustan Lever Ltd. and S C Johnson, may buy the Cycle agarbatti brand from N Ranga Rao & Sons. The price is not known.

There are about 25 variants of the Cycle brand, which is reported to have a 30 per cent share of the organised agarbatti market. Company officials refused to confirm the deal.
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HAL in technical agreement with Airbus
Mumbai: According to a report in the Business Standard, Europe's Airbus Industrie will design and manufacture cargo planes in the 20-tonne category for Hindustan Aeronautics Ltd. Airbus may even pick up a stake in the venture. The venture would require an investment of about Rs.450 crore.

In Asia, this is the first time Airbus has entered into an alliance for the manufacture of cargo planes. It is also expected to build a base in China to make 100-seater aircraft.

Airbus says that 95 out of 105 aircraft currently in use in India will be replaced in the next 20 years. This will involve an investment of $9.3 billion. It predicts an average growth in air traffic of about 5.3 per cent per annum for Indian air operators.
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Will HCL Tech float?
Mumbai: HCL Technologies, which was supposed to come out with a public issue offering only 10 per cent of the equity to the general public may face certain hurdles. Under the current issue norms laid down by the Securities and Exchange Board of India, a minimum of 25 per cent of the equity has to be offered to the general public.

Sebi had earlier said it would relax the guidelines for the information technology sector. But this move has been questioned by the finance ministry, which has asked for an opinion from the law ministry.
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Birla Corp performing well this year
Calcutta: Birla Corporation Ltd. has said that its cement and clinker production have increased by 24 per cent to 15.78 lakh tonnes and 23 per cent to 10.76 lakh tonnes respectively, during the period April to August 1999. It has also seen a 24 per cent increase in cement despatches during the period.

K C Mittal, managing director of the company says that this performance is significant, though the company’s Satna unit is still facing lower demand.
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Indocean Chase takes up 26 per cent in Domino’s
Mumbai: According to a report in The Economic Times, Chase Capital Partners’ Indian associate, Indocean Chase Capital Advisors, will take a 26 per cent stake in the Domino’s Pizza Inc’s Indian subsidiary, Domino’s Pizza India Ltd.

Dominos Pizza India is owned by the Bhartiyas of Vam Organics. The stake may be increased later to 32 per cent. The Indian outfit will expand the number of its outlets in the country from the current 34 to 150 in the next four years.
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SAIL’s Salem plant finds more bidders
New Delhi: Jindal Strips will compete with Nippon Metal Industries of Japan, Avesta Sheffield of the UK and the Nova group of Canada for buying the Salem stainless steel plant of the Steel Authority of India Ltd. Morgan Stanley is the merchant banker for the deal.

According to N C Mathur, director, corporate and international marketing, if the deal comes through, it will help Jindal become more cost effective.
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Siemens, Matsushita to float IPO
London: Epcos, the joint venture company floated by Siemens and Matsushita will come out with a 1.7 billion euro, or $1.78 billion, public issue. Epcos manufactures passive electronic components.

The issue will be the second largest in Germany. The biggest one made with the privatisation of Deutsche Telekom.
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Novartis to launch three drugs
Basle: Swiss drug giant Novartis will launch three new drugs in a move to boost sagging sales. The company’s growth has been lagging behind the industry average ever since it was formed from the merger of Sandoz and Ciba in 1996.
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Lock Heed Martin to focus on core areas
Los Angeles: US aviation company, Lockheed Martin, has put eight non-core areas for sale, will shed flab and decentralise. Lockheed’s F-22 planes, 300 of which the US Pentagon wants to buy, will give a big boost to Lockheed’s performance in the next fiscal.
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