Government proposes new Petronet equity plan
New Delhi: The government is reworking the equity pattern of the controversial Petronet LNG. It is now understood that the government intends to give the five contenders -- Indian Oil Corporation, Bharat Petroleum Corporation, Gas Authority of India, Oil and Natural Gas Corporation and the National Thermal Power Corporation -- an equal share of 10 per cent each, and thus making them equal partners in the company.

Petronet LNG has been formed with equity participation by the four oil companies. However, NTPC, which came in later, wanted a sizable -- 26 per cent -- stake in the company and the government agreed to restructure the shareholding pattern. But this was stoutly resisted by the oil companies.
Back to News Review index page

Subhash Chandra targeting Iridium
Mumbai: After his failed attempt to acquire global satellite phone company, ICO Global Communications, Zee Telefilms chief Subhash Chandra is now understood to be in the race to acquire yet another ailing satphone company. This time it is Iridium. Pitted against him for control of the company is Craig McCaw of the Teledisc group, who beat him in the ICO Global race.

Like ICO Global, Iridium has also filed for bankruptcy in a US court. Both Mr Chandra and Mr McCaw are learnt to have expressed their interest in the company. Iridium will need nearly $1.5 billion to ward off lenders initiating liquidation proceedings.
Back to News Review index page

Jadeja to set up JV for sportswear
Mumbai: Cricketer Ajay Jadeja is setting up a joint venture for sportswear. He is allying with Pantaloon Retail (India) to luanch a yet unnamed company in which he will hold a 49 per cent stake. The rest will be held by the Biyanis of Pantaloon.

It is expected that the new company’s products will be pitted against foreign brands like Nike, Adidas and Reebok.
Back to News Review index page

Best Western to develop properties
New Delhi: Best Western International, a global  membership association of independently-owned and operated hotels, is planning to develop 15 properties in India in the next five years. The hotel chain also intends to focus on Asian countries, including Vietnam, Japan and Thailand.

James P. Evans, president and chief executive officer of Best Western International, says the company plans to focus on metros when developing the properties. At present, the company has seven properties in India  -- in Calcutta, Ahmedabad, Varanasi, Chennai, Kochi and Mathura. It had a licensing arrangement with Surya Hotel in New Delhi, which was terminated last year.

Best Western is the largest lodging brand in the world, with nearly 4,000 hotels in 83 countries.
Back to News Review index page

Maruti offers discounts on Esteem, 800
Mumbai: Maruti Udyog will offer higher discounts on its Esteem model in order to secure a better market share for the model. The company is already offering Rs 30,000 off on Esteem cars, and now the dealers have been persuaded to offer Rs 20,000 on cash purchases. The offer is valid till 31 December. The company is offering a discount of Rs 5,000 on its entry-level Maruti 800.
Back to News Review index page

Goodyear introduces 9 tyre products
New Delhi: Goodyear India is launching nine new tyre products catering to tractors, cars, vans, light commercial vehicles, light trucks and heavy vehicles. With its alliance with Sumitomo, Goodyear is now the largest tyre company in the world. India is its largest investment destination in Asia.
Back to News Review index page

Prabhat, new Marathi channel, set up
Mumbai: A new free-to-air, 24-hour Marathi entertainment satellite channel named Prabhat is coming into existence. The channel, promoted by AU Media, a US-based non-resident Indian group, will be launched on 28 November. The channel will be operated by Needs Media, an India-registered company.

The company has roped in Deepak Aggarwala, previously director, distribution, of MTV, as managing director, and Ravi Aggarwala, a cable operator, as chief of programming. Ramesh Deo, a Marathi film personality, is an executive director of the company.
Back to News Review index page

USIT plans US subsidiary
New Delhi: UEC Sail Information Technology, a joint venture between USX Engineers and Consultants, a division of US Steel, and the Steel Authority of India Ltd, is setting up a wholly-owned subsidiary in the US. The subsidiary will initially act as a marketing arm for USIT but will later support offshore and onshore development work. The company plans to invest about Rs 1 crore in setting up the subsidiary.
Back to News Review index page

Vodafone seeks bank loan
London: Vodafone AirTouch is seeking a record $37.20 billion loan to help it in the new 124 billion euro hostile bid for Mannesmann. Vodafone declined to comment on the loan amount. Bankers said the British cellphone company is breaking new ground in Europe, and are upbeat about its ability to raise the full amount.

The loan is expected to be used to refinance Mannesmann’s 23 billion euro in debt.
Back to News Review index page

Gateway, Nickelodeon in PC pact
New York: Gateway and Nickelodeon are joining to market computers for children and featuring the famous Rug Rats and Blue’s Clues characters. The Gateway Astro PCs will be retailed at $898. The system will incorporate Rug Rats and Blue’s Clues designs on mouse pads, the mouse and a border around the monitor.

The computer will come with five educational and entertainment software titles.
Back to News Review index page

Safety probe into DaimlerChrysler, GM cars
Detroit: US regulators have upgraded separate investigations into steering problems in DaimlerChrysler cars and airbags in General Motors cars. The US National Highway Traffic Safety Administration said it has upgraded its DaimlerChrysler probe from a preliminary analysis. The agency can either drop the analysis or ask the automaker to recall all or some of the vehicles in question.

The authority has also upgraded its probe of over-sensitive bag deployments in some 50,000 General Motors cars. It said the air bags can deploy from a minor front impact, something hitting the undercarriage of the car or merely from travel on very rough roads.
Back to News Review index page

Abbot allows Alza shareholders to revote: merger
Chicago: Abbott Laboratories has agreed to allow Alza shareholders to vote again on the planned $6 billion-plus merger of the two drug companies. A re-vote could mean that Alza, the California-based drug maker, will ask for a better offer from Abbott. Abbott is facing troubles with the US Food and Drug Administration and its share prices are falling.

Alza shareholders had voted to approve the merger on 21 September without knowledge of Abbott’s problems.
Back to News Review index page