Singer plans revival
New Delhi: The loss-making Singer India is chalking out aggressive revamp plans. Singers US-based parent company is infusing funds via a rights issue. The company is revamping product portfolio, routing part of its outsourcing to China and looking at exports as a growth strategy.

The 1:1 rights issue will bring in approximately Rs 8 crore. The National Small Industries Corporation (NSIC), which holds 26 per cent stake in Singer India, is not likely to subscribe to the issue. The public, which holds the balance equity, will be made the offer at Rs 10 per share.

Part of the funds will be used to restructure the debt and the rest will meet the working capital requirements.

Singer will begin import of many small appliances from China like toasters, hand-blenders, irons and food processors. Some new products like microwaves will be added. Some existing products may be trimmed.
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Luxor to set up offices in US and Dubai
New Delhi: Luxor Writing Instruments plans to invest up to Rs 10 crore this fiscal in product development and is scouting for partners to open two more offices in the US and Dubai.

The company has earmarked Rs 5-10 crore for product development during this fiscal. After opening Luxor Euro GMBH in Germany, the company is looking for partners to open two such companies in the US and Dubai.

The US and Dubai companies would take care of the markets of North and South America while the Dubai base would cater to the Middle East and Africa.

At present, export accounts for 20 per cent of the company's revenue while 80 per cent of the revenue is generated from the domestic market.

Luxor exports writing instruments to 50 countries, including the US and European countries, and has got brand registration in 80 countries.
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Ranbaxy enters China for biotech
New Delhi:  Ranbaxy Laboratories has signed licensing agreements for three biotechnology products with two Chinese and a Korean company.

While interferon-alpha2b and G-CSF have been licensed to two Chinese companies, erythropoietin has been licensed to a Korean company for those markets. Ranbaxy has, however, retained exclusive marketing rights for these products for India which it plans to launch later this year.

The agreements with Chinese and Korean companies are likely to be extended to other global markets as well after the launch in domestic market.
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GIC offers to buy out Soros 21%
Mumbai: General Insurance Corporation (GIC) has decided to buy out the entire 21 per cent stake of the United States-based Soros in GIC Mutual Fund.

GIC has appointed an evaluator to fix pricing of the Soros stake as also of other stakeholders. Apart from Soros, the four erstwhile GIC subsidiaries - New India Assurance, United India, National Insurance, Oriental Insurance and National Insurance - are the other shareholders of GIC MF.

Soros, whose 40 per cent stake came down to around 21 per cent following a preferential issue, was the principal investment advisor to Quantum Group of Funds, which then represented over $12 billion in assets.
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ICICI Infotech bags $20 million US projects
Hyderabad:  ICICI Infotech Services Limited has bagged projects worth $20 million recently from two US companies for customised software solutions.

A major order worth close to $18 million had been received from CSGI, a research institute engaged in the field of the healthcare sector. Another order had come from the New York City Police Department.

While the CSGI order would be executed over a period of three years, the New York City Police Department order would be for a years period.
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ICICI Bank plans commodities foray
Mumbai:  ICICI Bank is soon expected to introduce over the counter or exotic treasury products involving both bullion and US dollar, in its forthcoming foray into commodities. The bank has sought RBI clearance to offer rupee - dollar swap options and interest rate options.

Currently, the bank is awaiting RBIs green signal for its merger with parent ICICI Ltd. It plans to offer plain vanilla gold-related products to its existing and prospective clients, mainly from the jewellery exporting community by this month-end.

Bullion hedging is part of the banks planned foray into commodities trading and hedging, including bullion and other precious metals, energy and petroleum and softs including vegoils, oilseeds, coffee, tea and sugar.
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Asianet to offer Net telephony
Thiruvananthapuram: Asianet Dataline, the broadband Internet service arm of Asianet Satellite Communications Ltd, is poised to bring to Kerala the full benefits of its broadband fibre optic-coaxial hybrid cable network.

The company's entry into voice services is expected to bring to its Internet customers the benefits of Net telephony and a relief from high international long-distance tariffs that are now applicable for calls through the existing telephone networks.

The company has arranged a free demonstration of Net telephony at the Asianet Cybermall in Kochi and the Asianet Area Office in Thiruvananthapuram.
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Philips unveils high-end products
Bangkok: Philips has unveiled its latest range of high-end digital TV sets, displays, audios and phones that will hit India and the Asia-Pacific region in the coming months.

The dozen-odd gadgets are aimed at the tech-savvy buyer for home, office and personal use.

Among them are high definition, high resolution versions of the flat TV; interactive digital TV and Pixel Plus based Matchline TV sets; the 8-cm mini `eXpanium' MP3 CD; the first personalised broadband Internet audio system Streamium MC-i200; a new range of Fisio GPRS mobile phones and DECT phones.
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Sterlite eyes Hind Copper
Mumbai: Sterlite Industries has trained its sights on Hindustan Copper. The company would be interested in bidding for the government stake in the one lakh tonne copper unit.

The central government intends to divest the entire 98.95 per cent stake in HCL. As per the official notification, the government has invited expressions of interest (EOI) to acquire the stake and all interested parties are to submit their EOIs by 30 April.
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US firm buys 80% stake in Net Brahma
New Delhi: Microland is selling off its 80 per cent stake in Net Brahma Technologies Pvt Ltd. to US-based Metro OptiX Inc for Rs 2.35 crore.

The Pradeep Kar-promoted Microland had launched Net Brahma with a great deal of fanfare in 2000, and the company was branded as a creator of next-generation communication technologies products.

Besides Microland, Indocean Networking Software Holdings Limited holds around 20 per cent stake in Net Brahma. Indocean will continue to hold on to its stake in the company.
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Kodak to set up 15 digital imaging centres
Pune: Kodak India Ltd plans to set up 15 digital imaging centres across the country.

KIL is also introducing its loyalty programme in the city through the new digital imaging centre. Foto World, the franchisee for the digital imaging centre, has invested Rs 1.5 crore in setting it up.

Kodak recently severed its four-year old relationship with Foto Fast, its Pune master franchisee for Kodak Express, following the franchisees use of non-Kodak chemicals and paper.
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