FIPB to reconsider approval given to Pfizer
New Delhi: The Foreign Investment Promotion Board is reconsidering the clearance it had earlier given to US drug major Pfizer to set up a wholly-owned subsidiary in India. The FIPB had cleared the proposal on 23 August 1999 and had recommended it for approval to the industry ministry.

The decision to reconsider the proposal is understood to have been taken following representations from minority shareholders and institutional investors in Pfizer India, the Indian subsidiary, which is a listed company and in which the parent company has a majority shareholding. This majority shareholding enabled Pfizer to circumvent the requirement of a no-objection certificate from the domestic joint venture in the case of setting up of another wholly-owned subsidiary in the country.
Back to News Review index page

Sail plans JV in Salem
Calcutta: The Steel Authority of India Ltd has rejected McKinsey's recommendation that it hive off or sell its loss-making Salem Steel Plant. The SAIL management now wants to set up a joint venture in Salem. It is scouting for a  strategic partner and has   invited international bids for the purpose. The proposed joint venture will supply stainless steel slabs to Salem and the chosen partner will also handle the international marketing of the plant’s stainless steel products.
Back to News Review index page

NTPC board to meet in December
New Delhi: The board of the National Thermal Power Corporation will meet in early December 1999 to discuss the plans for buying the National Hydel Power Corporation. NTPC has a proposal to use a mix of market borrowings and securitisation of outstanding dues from sate electricity boards to meet the funding requirements of the deal. The company is expected to realise around Rs 5,500 crore through securitisation of dues of the state electricity boards, NTPC may also consider issue of bonds by a special purpose vehicle to get the tax benefits.
Back to News Review index page

25 in shortlist for Delhi metro
New Delhi: Siemens and Adtranz of Germany, Alstom of France, Cobra of Spain, Marubeni of Japan, and Bharat Heavy Electricals are among the 25 companies short-listed for the Rs 1,500-crore signalling and traction power project for the construction of the metro rail system in Delhi.

Railway ministry sources said three consortia, led by Siemens, Adtranz and Alstom, have been short-listed for the signalling and train control systems.. Similarly, for the traction power and power distribution systems, five consortia, led by Bhel, Ircon International, Adtranz and Alstom, have been selected.
Back to News Review index page

Sandvik plans modernisation
Mumbai: Sandvik Asia of Pune is investing Rs 60 crore in modernising and upgrading its manufacturing facilities in the next three years. The company makes cutting tools. It will introduce a number of new products to capitalise on the market for these products. Sandvik’s products have applications in automobile, general engineering and die and mould industries.

Sandvik Asia’s managing director Hans C. Gass said on an average the company will invest Rs 20 crore a year in modernising the plant in Pune.
Back to News Review index page

Shaw Wallace gets court order to sell assets
Calcutta: Shaw Wallace and Company has got permission from the Calcutta High Court to sell its agro-chemicals division and pay off its creditors. BDA of Kishore Chhabria did not oppose the company’s application.

The expected proceeds of Rs 40 crore from the sale will be deposited with the court-appointed special officer, who will oversee the disbursement among creditors. BDA had earlier obtained an order from the court restraining Shaw Wallace from selling its fixed assets.
Back to News Review index page

Gravs to supply heaters with Moulinex name
New Delhi: Gravs Appliances, distributors of French appliances company Moulinex, is talking to the French company to market its radiant heaters with a Moulinex brand name in the international markets.

The company said it is also exploring possibilities of other world companies taking up distribution of its products. It has received enquiries from two German appliances companies. The radiant heaters of the company have passed the relevant quality tests and have received approval in quality standards in Europe.
Back to News Review index page

Wahl hair grooming products now in India
New Delhi: US-based $1-billion Wahl Clipper Corporation, maker of hair grooming products, has concluded a marketing alliance with Brushman International. The world leader is expected to launch its premium hair grooming products like clippers, trimmers, shavers and massagers for the first time in India. The products are likely to be priced between Rs 500 and Rs 5,000.
Back to News Review index page

Maruti to introduce Wagon R
New Delhi: Maruti Udyog will introduce Wagon R as a 1,100cc car in India instead of the original 660cc car as it is sold in Japan. The company also intends to bring in Alto, another Suzuki model, in two variants and it will be priced between the Zen and Maruti 800.

Wagon-R is Suzuki’s star performer and the largest selling car in Japan. In India, the modified version is to be introduced to take on Hyundai’s Santro and Daewoo’s Matiz.

Both Wagon R and Alto are intended to be in the Indian market early next year.
Back to News Review index page

Parke Davis sells   Mumbai property
Mumbai: Parke Davis India, a subsidiary of Warner-Lambert of the US, is understood to have sold its 13-acre property and factory at Andheri in Mumbai for a consideration of around Rs 60 crore. The property, earlier earmarked for industrial use, has now been converted for commercial use. This will mean that office premises can be developed on this property. Parke Davis has been trying to sell this property in a bid to finance its restructuring, which includes a voluntary retirement scheme.
Back to News Review index page

Kingfisher for Malaysia
Kuala Lumpur: Kingfisher beer of United Breweries is entering Malaysia. The country's Agate group is about to finalise a deal with the UB group to import 30,000 litres of beer a year from January 2000. Kingfisher beer is now available in select pubs in Kuala Lumpur and is expected to be a hit once it is freely available. The Malaysian beer market is estimated to be worth about $320 million and at present two global brands, Tiger and Calsberg, are the leaders in the market.
Back to News Review index page

Vodafone makes record bid
London: Vodafone AirTouch has come out with the largest ever hostile bid for its European partner Mannesmann of Germany with a revised 124 billion euro ($128.5 billion) all-stock offer, which amounts to 240 euros per Mannesmann share. The mobile phone major has made an initial offer of 203 euro per share, which the German telecom and engineering company had rejected.

The offer, however, has disappointed many, as no cash transaction is involved. Vodafone has appealed to Mannesmann shareholders directly.
Back to News Review index page

Mannesmann workers plan stir
Ratingen (Germany): Workers of Mannesmann’s mobile phone unit plan a 10 minute strike to protest against the Vodafone bid to acquire the company. "We want to show that not just the workers of the classic Mannesmann business, but the relatively new mobile phone section is opposed to a takeover," chairman of Mannesmann’s workers’ council Manfred Waczynsi sad.
Back to News Review index page

C&W, Compaq in net venture
New York: Cable & Wireless and Compaq Computer Corporation are joining hands to create web business links for small and medium-sized companies. The two companies said they will become a one-shop e-business problem solver by offering a complete set of computers, software, services and network links to firms so that they can get online and manage internet businesses.
Back to News Review index page

IBM’s new product launch on November 30
Singapore: IBM is releasing its Enterprise Information Portal on 30 November. The product allows users to access, search, integrate and manage a variety of information sources. It is designed to help companies leverage the vast and growing amount of information that supports e-business applications.
Back to News Review index page

BAT hikes bid for Imasco
Montreal: British American Tobacco raised its bid for Canadian company Imasco saying it agreed to sell the Montreal company’s Shoppers Drug Mart pharmacy chain to a group led by Kohlberg Kravis Roberts & Co of the US. BAT said it is raising its offer for the 58 per cent stake in Imasco it does not already own to Canadian $41.60 a share from a minimum price of Canadian $40 per share agreed when the deal was announced in August.

BAT said it will also sell Toronto-based Shoppers, Canada’s largest drug store chain, for Canadian $2.55 billion. The British group will pay a total of Canadian $10.68 billion for the rest of Imasco.
Back to News Review index page

Asians control 42 fastest growing US cos
New York: Accounting firm Deloitte & Touche of the US says 42 companies controlled by people of South Asian origin are among the 500 fastest growing companies in the US. The Deloitte & Touche Technology Fast 500 ranking showed that the 42 companies reported a total revenue of about $1.86 billion in 1998 and posted average growth rate of 2,410 per cent over a five year period. Leading the 42 companies are Software Associates headed by Shaleen Gupta, International, NetGuru Systems headed by Bharat Manglani, and Rose International headed by Himanshu Bhatia.
Back to News Review index page

Swissair in new link with American Air
Zurich: Swissair said it has signed a code-sharing agreement with American Airlines and will ask for US approval to expand its new alliance. The alliance replaces Swissair’s relations with Delta Airlines. However, Swissair clarified that this alliance is not a step towards joining the global OneWorld airline alliance proposed by American and British Airways.
Back to News Review index page