Telco plans hi-end Safari
New Delhi: Tata Engineering is planning to launch a top-end version of its sports utility vehicle Safari, which will boast of a mobile refrigerator and a rear-view camera.

The vehicle will be produced in limited numbers and sport a price tag of close to Rs 12 lakh.

The new Safari will have a rear-view camera to facilitate reversing the vehicle. The vehicle would have a screen near the driver seat to view the rear of the vehicle.

Telco is in negotiations with Iran Khodro Company for marketing the 1,400cc small car. In addition, the firm is also in the process of finetuning plans to launch the car in Switzerland, Germany and France.
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Mahanagar Gas to invest Rs 50 cr
Mumbai: Mahanagar Gas Ltd (MGL) plans to invest more than Rs 50 crore in setting up and upgrading CNG distribution infrastructure during the fiscal.

The company plans to increase the number of online CNG dispensing stations and upgrade `daughter booster stations' in the city to 45 from the current 26, by March-end.

MGL, a 50:50 joint venture between British Gas India and Gas Authority of India, is currently in talks with oil marketing majors Indian Oil, Hindustan Petroleum Corporation and Bharat Petroleum for setting up CNG dispensing stations at retail outlets.
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Snecma sets up Indian arm
Bangalore: Snecma, the leading French aerospace company, has set up its Indian subsidiary and design and research centre at Bangalore.

The subsidiary, called Snecma Aerospace India (SAI), comes with an initial investment of Rs 20 crore.

SAI will perform studies and develop engine components, aircraft equipment and onboard software at its Bangalore centre.

SAI would conceive and later produce engines and aircraft equipment in co-operation with the Indian aerospace industry.

Snecma has ongoing collaborations with Hindustan Aeronautics Ltd and with Gas Turbine Research Establishment.

HAL has been in collaboration with Snecma group company, Turbomeca, for the engines of the recently launched Advanced Light Helicopter.

Snecma is already involved in the co-development of a more powerful engine for the ALH, called Shakti, along with HAL.
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ITC Hotels loss at Rs 3.12 cr
Mumbai: ITC Hotels has reported a net loss of Rs 3.12 crore in the fiscal 2002 when compared with a net profit of Rs 12.69 crore for 2001.

Total income fell 16% to Rs 113.41 crore from Rs 134.57 crore.
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Tisco to supply steel to MUL
New Delhi: Tata Iron and Steel Company (Tisco) is likely to forge a deal shortly with Maruti Udyog to supply high-grade automotive steel for vehicles.

The companys offer of supplying high-quality steel at lower prices as compared to imported steel would be the clinching factor in a possible deal with Maruti.

If the deal comes through, Tisco would become the first domestic company to supply automotive grade steel to the countrys largest carmaker.
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LG Electronics to float IPO
Kolkata: LG Electronics India would float its IPO within the next four to five months, according to company's vice-president (sales and marketing) Pradeep Tognatta.

LG also plans to export its products from India to Sri Lanka, UAE, Bangladesh and South Africa.

The company also launched a limited edition 'World cup soccer TV' in the 20 inch category.
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Bharti ties up Rs 500 cr debt
Mumbai: Telecom major Bharti Group has tied up Rs 500 crore debt from various banks and institutions over the past three months for new projects.

The current debt equity ratio is pegged at 0.3.
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Aptech Training gets Sebi nod for listing
Mumbai: Sebi has given the nod to Aptech Training for listing its shares on the BSE.

After receiving an in-principle approval from the stock exchange to list the scrip, ATL would allot shares to shareholders of Hexaware Technologies in the ratio of 5:3.
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Carrier open offer at Rs 100/share
Mumbai: Carrier Corp, Carrier International Mauritius and Carrier Singapore have made an open offer to buy up to 13.71% stake in Carrier Aircon at Rs 100 per share. This was stated in a release issued by DSP Merrill Lynch, which is acting as merchant bankers to the issue.

The offer, which is not conditional on any minimum level of acceptance, will open on 17 June and close on 16 July. Carrier Corp, the promoter of Carrier Aircon, currently holds 51% stake in Carrier Aircon while Carrier Mauritius holds 35.29%.

If the public shareholding falls to 10% or below after this open offer, Carrier Mauritius will make a second offer to buy out the remaining shares within three months from closure of this offer and apply for delisting, the release said.
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Jumbo Group ups stake in group cos
New Delhi: Jumbo Group has been steadily consolidating stakes in group companies, including Shaw Wallace and Falcon Tyres, over the last few months.

This was even before it sought the government's permission to take 100 per cent control of both these companies.

Besides, Chhabria laso increased his hold on the other two group companies - Hindustan Dorr-Oliver and Mather & PLatt India - during the last fiscal.

Promoter holding shot up by as much as 11 per cent in Falcon Tyres to touch 78.02 per cent; by more than 6 per cent in Mather & Platt (India) to 57.22 per cent and by close to 1 per cent in Shaw Wallace itself over the last few months ended.

Also, in Hindustan Dorr-Oliver, promoter stake was increased by just over one per cent in recent months, as per information available with the stock exchanges.
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Modiguard launches GMP tech mirror
New Delhi: Gujarat Guardian, a leading manufacturer of float glass and mirror in the country, has launched the environment friendly Modiguard GMP mirror for the first time in India manufactured in a state-of-the-art plant with latest mirror manufacturing technology from Klopper, Germany.

This new mirror will be corrosion resistant with a longer life and is ideal for hot and humid environments like India.

The Green Mirror Processing coating used in the Modiguard Mirror gives stronger protection to the silver film and does away with the traditional Copper coating.
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BOC India net up at Rs 2.58 cr
Kolkata: BOC India Ltd has reported profit before tax and extraordinary items of Rs 3.6 crore for the year ended 31 March 2002, up 100 per cent over last year.

The net profit after tax at Rs 2.58 crore showed an improvement of 44 per cent over the last year. The board of directors refrained from declaring dividend for the year under review, for the fourth year in succession.
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ABN-Amro is adviser in Nalco sell-off
Mumbai: ABN-Amro-Rothschild has been selected as global adviser for the strategic sale of the governments equity in Nalco.

The inter ministrial group will forward the proposal to the cabinet committee on disinvestment for approval.
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Sun Micro, PwC tie up
Bangalore: PriceWaterhouseCoopers, India (PwC) and Sun Microsystems India Pvt Ltd have formed an alliance to provide customer relationship management (CRM) solutions to Indian companies.

The tie-up in India is an extension of PwC and Sun's global alliance to jointly deliver end-to-end, cross-industry solutions to address critical business functions, said a press release from Sun.

Utilising PwC business strategy and integration services and Sun's pen Net Environment architecture that includes iPlanet Software as well as Sun Enterprise Servers and Sun StorEdge and complemented by select Sun consulting, training and support services, the alliance will capitalise on the respective strengths of the two companies and deliver differentiated services to Global 2000 enterprises.
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Karnataka picks up stake in Himkap
Bangalore: Himalayan Vegefruit Ltd, which recently acquired the Doddaballapur-based Sun Crush Fruits Pvt Ltd, is shedding 26 per cent of its stake in favour of the Karnataka State Agricultural Produce Processing and Export Corporation Ltd (Kappec).

Himalayan Vegefruit has roped in the Karnataka-Government agency to restart the sick unit through infusion of fresh funds and technology. Sun Crush Fruits was mainly processing tropical fruits such as mangoes.
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