Zee pays Star TV is advance of schedule
Mumbai: Zee Telefilms, which owed Star TV $148 m which represented 50 per cent of the total amount payable to the Hong Kong-based media giant as a result of a equity buy-out deal, has paid the total amount well in advance of the scheduled date.

Zee had purchased the Star TV holding in the former for a consideration of $296m, which was to be settled by way of $148 in shares of Zee Telefilms and the balance $148 in cash. While the shares would give Star TV a four per cent stake in Zee Telefilms, the cash was to be paid in two equal instalments on March 31, 2000 and September 30, 2000.

Zee, however, paid the entire amount due, together with interest thereon, to Star TV well before the due date.
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Gesco plans to expand overseas
Mumbai: Gesco Corporation, formed out of the erstwhile property development division of the Great Eastern Shipping Company, is actively looking for an overseas joint venture partner who can bring in funds and expertise that can leverage Gesco Corp’s marketing presence in areas like the Middle East.

The company, which was formed in early 2000, has plans to list on the Indian bourses b end-April. The property division has been hived off to a separate company to give both companies focus in their respective core competency areas.

The company, which has over 2.5 lakh square feet of leased properties in the four cities of Mumbai, Delhi, Pune and Bangalore, is planning to develop several residential and commercial complexes.
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Bisleri plans huge distribution network
Mumbai: In a bid to recreate in mineral water, what he created in soft drinks, the Ramesh Chauhan-controlled Parle Bisleri, market leaders in mineral water, is planning a huge push in the distribution of the product by setting up a Rs. 200 crore network over the next two years.

Despite it being expensive, the company has decided to have a largely company-owned network instead of opting for the generally preferred route of franchisees. The company is ensuring that the product is available at every possible outlet through this large network.

The company is also setting up two recycling plants for used PET bottles that are commonly used for mineral water. The material so generated is proposed to be sold in bulk to polyester yarn manufacturers. The investment in each of these two plants is Rs. 5 crore.
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Pidilite completes acquisition of M-seal
Mumbai: Pidilite Industries, most well known for its adhesive under the brand name, Fevicol, completed the formalities for the acquisition of the M-seal brand of sealants from Mahindra Engineering and Chemical Products, a subsidiary of Mahindra & Mahindra.

Pidilite, which already owns strong brands like Fevicol (in the adhesives segment), Fevicryl (in the fabric painting segment) and Ranipal (an optical whitener for the household segment), plans to aggressively expand the market for M-seal as well as introduce brand extensions.
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Xerox Corporation plans cut in workforce
Stamford: In an attempt to boost profits, office equipment giant, Xerox Corporation, is planning to prune its current global workforce by 5,200 jobs, representing 5.5 per cent of the workforce. The company will take a pre-tax first quarter charge of $625m on this account on its books.

The company, which is synonymous with photocopying, is making aggressive moves to transform itself from a company that manufactures stand-alone copying machines, to a company that sells digital printers and copiers connected to computer networks. The company is attempting to becoming a faster, leaner and more flexible enterprise, and as such is eliminating all such jobs and activities not associated with the core business.
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Microsoft increases focus on net, reshuffles staff
Seattle: In its attempt to increase its stranglehold on the internet software arena and introduce a new suite of internet-based programs and services. In this respect the company has combined some operations of its Windows platform and software development groups. The new structure was aimed at speedier development of the Next Generation Windows Services that will use the company’s Windows 2000 operating system as a springboard to a new set of web-based products.
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