BPL Communications files moves with plan for ADR issue
Bangalore: Having received approval from the cabinet committee on economic affairs for its ADR issue, BPL Communications is understood to have made a confidential filing with the Securities & Exchange Commission (SEC) of the US for the issue.

The company is said to have appointed Credit Suisse First Boston, Salomon Smith Barney and ABN Amro as joint lead managers to the issue, whose size is yet to be decided.
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Hind Motors' completes sale of earth-moving division
Calcutta: At a meeting held recently, the board of directors of Hindustan Motors approved the sale of the earth-moving equipment division to the US-based giant, Caterpillar Inc. for an estimated price of Rs 337.5 crore. The sale to Caterpillar was part of the restructuring plan to put the ailing company back on track.

The sale has, however, attracted attention because an aggrieved creditor has filed a case with the Calcutta High Court seeking injunction against any such move by the company. The board decision, however, is subject to the approval of shareholders, financial institutions, the government (as the deal involves foreign current transaction) and the high court.

Caterpillar, a leading manufacturer of construction and mining equipment, diesel and natural gas engines and industrial gas turbines, is also a collaborator to Hindustan Motors.
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Novartis to approach drug controller for cancer drug
Mumbai: Following global clinical trials that proved the drug to be more effective, Novartis India is planning to approach the Drug Controller of India (DCI) to seek permission for the use of Femara, an anti-cancer, letrozole-based formulation in the pre-operative treatment for breast cancer in post-menopausal women. The studies were conducted across 29 countries including India in 201 centres in a time span of two years.

Since a majority of breast cancer tumors in post-menopausal women is hormone-dependent for growth and responds to endocrine therapy, the company believes that letrozole, an aromatase inhibitor, will be successful in being used as a second-line therapy to treat breast cancer in post-menopausal women whose cancer has advanced while on first-line therapy.

Novartis has already reported the new findings to Switzerland's medical authorities and their sanction to use Femara in the pre-operative therapy is expected in the first quarter of 2001.
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Pentamedia scouting for buyouts in Canada, Australia
Mumbai: Leading animation company, Pentamedia Graphics, is said to be on the look-out for acquisitions and joint ventures in Canada and Australia as part of its expansion plan.

According to Mr. K Srinivasan, the chief operating officer, the company is already looking at acquiring animation and entertainment studios in Canada and Australia and is in the process of evaluating acquisitions.

The company recently finalised a deal to acquire 51 per cent stake in Film Roman Inc, a US-based television animation company, for $15 million in cash.
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Indal, under Birlas, reviews decision and scraps Hirakud spin-off
Mumbai: Following a review of the operations under the new management from the Aditya Birla group, Indian Aluminium, has decided to reverse the earlier decision of Alcan to hive off its captive power plant at its Hirakud smelter to Tata Electric Companies. Indal will now set up the proposed 67 mw additional capacity on its own.

The power plant was being envisaged due to the increase in capacity of the Hirakud smelter, which was being doubled. What has also influenced the decision is the recent award of rights to mine the coal in Orissa to Indal. This would ensure a steady flow of raw material for the proposed coal-fired power plant.

It is learnt that the other capital expenditure programs of Indal will continue as planned. This includes hiking the smelter capacity at Hirakud to 30,000 ton, alumina capacity at Belgaum, Karnataka, to 5.1 lakh ton, and Muri in Muri in Bihar to 3 lakh ton.
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Mafatlals exit from Nocil Petro
Mumbai: According to senior company officials, the Mafatlal family is planning a complete exit from Nocil's proposed petrochemicals joint venture, Nocil Petrochemicals, which will be formed after the demerger of the company. The family is said to be planning this exit over a period of five years.

The Mafatlals, who presently hold 42 per cent of the Rs 85-crore equity capital of Nocil Petrochemicals, will see their equity go down to 20 per cent with allotment of shares on a preferential basis to the joint venture partner Bashell. This preferential allotment will be in accordance with the joint venture agreement signed two years back.

The Mafatlals plan to abstain from subscribing to any further issue of capital, so as to gradually bring down their holding in the company to a minimum of four to five per cent.
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