Hoechst to introduce new anti-bacterial drug
Calcutta: Hoechst Marion Roussel is about to introduce an anti-bacterial drug, levofloxacin,  for the treatment of respiratory tract infections.  The broad spectrum drug, with the brand name Tavanic, is the latest generation molecule, active against all atypical bacteria and is available in oral as well as intravenous dosages. It needs to be administered only once a day and is absorbed directly from the digestive tract.

Hoechst Marion Roussel claims that levofloxacin has proven efficacy and safety standards compared to other anti-infective drugs, which are either not effective against atypical bacteria or are too toxic to be administered to control severe infections. The drug has been found to be effective in the treatment of bronchitis, pneumonia, influenza and sinusitis and in infections caused by the deadly streptococcus pneumoniae.
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Lafarge takes over Tisco cement unit
Mumbai: French construction materials major Lafarge’s Indian subsidiary, Lafarge India, has formally taken over the operations of Tata Iron and Steel Company’s cement division in India. The company has acquired the 1.1 million tonne per annum capacity clinker unit at Sonadih in Madhya Pradesh and the 1.4 million tonne cement grinding unit at Jojobera in Bihar at a cost of Rs 550 crore. Lafarge said besides the land and mining leases, it has also concluded an agreement for continued supply of slag from Tata Steel.
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Maruti to up car prices
New Delhi: Maruti Udyog is all set to increase its car prices. The company says it is not able to absorb the costs involved in complying with the emission norms and will pass these costs on to the customers.

Maruti Udyog has advised its dealers that they should plan for such a price increase in the year ahead. It claims its efforts to meet the emission norms will mean an additional impact of about Rs 25,000 to Rs 30,000 per vehicle. The company had in September 1999 effected a price hike of up to Rs 10,000 and the proposed increase is "due to lack of profit margin".

Meanwhile, the company has posted a 24 per cent increase in car sales in October 1999, in spite of the week-long strike by transporters in the country.
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M&M plans second call for FCCBs
Mumbai: Mahindra & Mahindra is planning to make a second call to buy back the outstanding $28 million of foreign currency convertible bonds and has sought the finance ministry’s permission. The company is entitled to make a call any time after 1 September 1999. The bonds carry a coupon rate of 5.5 per cent. The company had raised $115 million in the bonds in 1996 with tenure of five years. It has already converted $52 million into global depository receipts, while another $18 million had been   converted in the normal course.
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Skoda to divest 10% stake in Indian arm
New Delhi: Skoda Auto, which has been given approval to set up a 100 per cent subsidiary in India, will divest 8 to 10 per cent stake in the company after two years of operations. The company has informed the government that it is in negotiations with Indian companies and financial institutions for the sale of equity.

Skoda says it will bring in a capital of $10 million in the first year, $16 million in the second and $30 million in the third year. It is proposing to set up a plant with a capacity of 10,000 units a year and the capacity is not likely to be expanded for about five years.
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Principal Pharma plans sourcing deals
Mumbai: Principal Pharmaceuticals & Chemicals, a bulk drugs and intermediates manufacturer, is planning to have sourcing arrangements with multinational companies abroad. The company expects to tie up supply contracts for bulk drugs and intermediates in the cardiovascular and central nervous system therapeutic segments with at least four Japanese and German firms. Under this arrangement, Principal will be the only supplier for bulk or intermediate products from India. The company makes cardiovascular drugs like beta-blockers.
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Accel to restructure operations
New Delhi: Accel group is restructuring its operations after its acquisition of the systems and services business of Fujitsu ICIM. Accel will now have four companies: Accel ICIM Systems and Services looking after IT hardware services integration and facilities management services; Accel, managing the software and telecom products; Accel Technologies focusing on VLSI designs and embedded systems; and Accel USA, a software services provider.

Accel chairman N.R. Panicker said the company will aim to be in the top slot in the information technology services business in India. It expects to have a turnover of Rs 150 crore for the year 1999-2000.
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Origin India gets SEI-CMM Level IV
Mumbai: Origin India, an information technology consulting company, has achieved SEI-CMM Level IV on the basis of an assessment by COMPITA, a provider of business process management products and services based in the UK. The intensive assessment took two weeks for completion and covered a diverse range of operations of the company.

Origin India is part of Origin BV, a member of the Royal Philips Electronics group of companies. It provides ERP packages, besides usual software engineering tools.
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Sahara gives up TV Mauritius stake plan
New Delhi: The Sahara group has given up plans to pick up a controlling stake in TV Mauritius, the company running Home TV satellite channel in India. Home TV has been off the air for some time and The Hindustan Times, the second largest stake holder in the venture, is scouting for an investment partner.

Sahara group officials say the company’s shareholding pattern is complicated and as such it has decided to give up the plan.
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Iridium, BPL launch global roaming service
Mumbai: Iridium India and BPL Mobile Communications have jointly launched a world roaming service. The department of telecommunications had recently cleared Iridium India’s proposal for international automatic roaming for Iridium satellite telephone subscribers into cellular networks and vice-versa. BPL Mobile will be the first operator in the India to offer the Iridium world roaming service to its subscribers.

The facility will offer existing Indian cellular subscribers true global roaming whereby with a single number, subscribers can call international destinations, previously unavailable due to incompatibilities in networks.
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BSES, Gail propose power complex in Delhi
New Delhi: BSES, the power supply company providing electricity in suburban Mumbai, has made a proposal to develop a power complex in the capital in association with the Gas Authority of India. The proposal includes development of a generating station and taking up distribution of power in at least one zone. There is also   provision for the Delhi Vidyut Board, the current power supply company in Delhi, to pick up a stake in the project.

The proposal is being considered by the Delhi government. BSES is at present working on three distribution networks in Orissa.
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Volvo, Mazda proposals get okay
New Delhi: The Foreign Investment Promotion Board has cleared automobile company Volvo’s proposal to infuse $22 million in its Indian venture and Mazda Motor’s new technology commitment to joint venture Swaraj Mazda.

Volvo will issue preference shares to Volvo Truck Corporation at a price of Rs 90 per share. These shares can be converted into equity shares at any given time. In the case of Swaraj Mazda, the technical service agreement with Mazda Motors had ended in October 1999 and it is proposed to be revived to keep the joint venture going. The new agreement will have a five-year term and will offer research and development support for Euro-II norms and enlargement of the four-wheel drive vehicles into bulletproof versions.
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SAP to price MySAP.com differently
Singapore: SAP of Germany is to make multiple mySAP.com pricing models for critical markets like India and China, where the internet subscriber base is among the highest. The models will be role-based – for managers, professionals or employees of a company. The company is also planning a rental model for clients who do not want to pay upfront.

MySAP.com will be available across SAP’s Asia-Pacific markets in English, German and Japanese by December end.
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Foster’s buys Seagram assets
Melbourne: Foster’s Brewing Group has purchased some Australasian assets of Seagram Company at a cost of Australian $87 million thus consolidating its position in the non-beer beverages. It has also forged a strategic alliance with the spirits major. The agreement includes production, inventory and distribution rights for spirit brands such as Black Douglas Scotch whisky and Cougar Bourbon.
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Creditors to buy stake in Daewoo company
Seoul: South Korean creditors of Daewoo Electronic Components Company agreed to let the company issue convertible bonds worth of five billion won and the creditors will buy all the bonds in cash. The company’s main creditor, the Hanvit Bank, said the agreement was reached at a meeting of the bank and 16 other local financial institutions. The plan is expected to help creditors secure a stable controlling stake in Daewoo Electronic Components as well as providing it with fresh cash.
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