Shareholders okay RPL, RIL merger
Mumbai: The Reliance Industries Ltd (RIL) shareholders have approved the merger of Reliance Petroleum Ltd (RPL) with itself.

The resolution was passed with an overwhelming majority representing 99.95 per cent in value of members present and voting, said a Reliance release. The resolution was supported by all categories of shareholders, including international and domestic institutional investors and retail investors.

At the extra-ordinary general meeting (EGM) convened under the orders of the high court of Mumbai here on 8 April, RIL chairman Dhirubhai Ambani said the merger would result in increased financial strength and flexibility for the company.

It would enhance the companys ability to participate in future growth opportunities, particularly, in the context of its own initiatives in exploration and production (E&P) and infocom sectors, and the governments approach towards hydrocarbon sector reforms, deregulation of marketing of petroleum products, and the privatisation of public sector enterprises.

The company has received proxy for 63 crore share, representing 60 per cent of the equity capital of the company.
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i2i link commissioned
Singapore:  The monopoly of Videsh Sanchar Nigam Ltd (VSNL) in international long distance (ILD) calls ended on 8 April with the commissioning of the Singapore-Chennai submarine cable link of Network i2i, a 50:50 venture between Bharti and SingTel.

The commercial launch of ILD will happen in the next few days.

The 3,200-kilometre 8.4 terabits capacity cable allows over 100 million phone conversations to be conducted simultaneously. The Chennai-Singapore link, in which $250 million has been invested, will start carrying commercial traffic in the next four weeks.

Bharti Aquanet Ltd, a 51:49 venture between Bharti and SingTel will manage and operate the cable landing system in India. In Singapore, the i2i cable will link SingTels cable network infrastructure to the rest of the world.
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Madura Garments eyes Russian market
Bangalore: Madura Garments is all set to expand its export reach to Russia. Currently, 20 per cent of the companys revenues come in from exports. While exports to the Middle East have been operational for a while now, Russia is currently a new test market for the company.

Madura Garments has taken a decision to cut back on all outsourcing in the suit segment and has opted to set up a company-owned dedicated suit manufacturing unit in Bangalore.
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M&M forays into agri-sector
Mumbai: Mahindra and Mahindra has forayed into the agri-sector through its 100 per cent subsidiaries Mahindra Subhlabh Services Ltd (MSSL), Mega One Stop Farm Services and Mriyalguda Farm Solution.

MSSL would utilise M&Ms existing network of dealers of farm equipment sector that focuses on tractors and other farm utility vehicles.

MSSL has set up farmer service centres in 12 districts of Tamil Nadu, Andhra Pradesh, Rajasthan, Gujarat and Uttaranchal.

MSSL plans to set up 14 more centres on a franchisee basis during the current fiscal. About 10 Internet-based kiosks would also be set up around each centre to cover a district.
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Shriram group plans low-cost housing units
Chennai: Shriram Properties Private Ltd is planning to come out with housing for the low and middle-income groups.

The apartments will be in the range of Rs 4-7 lakh. The company plans to come out with 2,000 units each in Chennai, Hyderabad and Bangalore. The construction is expected to start in a year.

The company is promoting Rs 120-crore residential township with two and three bedroom apartments in Bangalore. Each apartment would cost Rs 1,300 per square foot. This township will have a swimming pool, clubhouse, badminton courts, 24 hours security, maintenance services, Internet connectivity, and back-up power.
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William M. Mercer changes name
Chennai: Human resource consulting firm William M. Mercer will henceforth be known as Mercer Human Resource Consulting.

According to a press release from the company, the new name will apply to the company's worldwide operations.

The company has also announced the appointment of R. Sankar as its country head for India. He was formerly with PricewaterhouseCoopers, where he headed the supply chain consulting practice for the northern region.
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IBM launches ThinkPad A31p
Bangalore: IBM India Ltd has introduced the ThinkPad A31p, the mobile computer designed to meet specific, high performance needs of workstation users.

The new notebook combines the mobility of a ThinkPad with the power of a workstation, affording users high-speed graphical performance with wireless and manageability capabilities.

The ThinkPad offers a communications bay for flexible wireless and wired networking.
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ABN Amro eyes 26% in IDBI Bank
New Delhi: ABN Amro Bank is in an advanced stage of negotiations with IDBI for acquiring 26 per cent stake in IDBI Bank.

ABN Amro is in an acquisition mode following the liberalisation of the banking sector.

Initially, ABN will start as a strategic partner picking up 26 per cent stake in IDBI Bank.
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Reckitts top executives quit
New Delhi: Several support managers have quit Reckitt Benckiser India or taken early retirement in the last one year.

Several second-tier executives have also put in their papers. These include general manager (finance) and general manager (logistics). The commercial head opted for early retirement.

Some of the top company executives have been replaced by a new set of people. This include vice-president (supply), head of sales and head of marketing.
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Skoda to focus on diesel Octavia
Mumbai: Skoda Auto India (SAI) has decided to produce more diesel Octavias. The company, which started with a 50:50 product mix of petrol and diesel, has increased the share of diesel to 70 per cent over the last few months.

SAI has sold around 550 cars of which more than 80 per cent were of the diesel version. It plans to sell 6,000 cars by the end of the second quarter.

The company is likely to launch the Superb around Diwali this year, which will be powered by a 1984 cc petrol engine and a 1896 cc turbo charged diesel engine. The petrol variant will have a power of 115 bhp while the diesel a power of 131 bhp.
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Micro Labs acquires Eros Pharma
Mumbai: Micro Labs has acquired a Rs 22-crore pharma company, Eros Pharma, for Rs 18.5 crore.

The move is expected to bolster Micros presence in certain key therapy segments. Both are closely-held Bangalore-based pharmaceutical companies.

Micro Labs is part of the Micro Group which also includes pharma companies Brown & Burke and Micronova. Micro Labs also owns a strategic stake in Bal Pharma, a listed company.

Eros, promoted by a Bangalore-based family, has a presence in anti-microbials, non-steroidal anti-inflammatory drugs, vitamins, respiratory and cardiovascular therapy areas.
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LVMH to set up watches, jewellery arm
Basel: The Luis Vuitton Moet Hennessey (LVMH) group of France, which has brands such as Tag Heuer, Christian Dior, Zenith, Ebel and Chaumet in its portfolio, is entering the Indian watches and jewellery market on its own.

It is setting up a wholly owned subsidiary, to be called LVMH Watch & Jewellery India Pvt Ltd, in the country.

To begin with, the 100 per cent subsidiary will launch LVMHs best-selling brands, Tag Heuer and Christian Dior, in the Indian market.

The products will be imported from the groups manufacturing facilities in Switzerland, according to senior LVMH functionaries. Till now, LVMH has sold its watch brands in the country through its distributors.
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