Telco looks for global tie-ups for parts
Mumbai: The Tata Engineering and Locomotive Company is planning alliances with global automobile component manufacturers. The company feels these tie-ups will enhance its product range and bring it in line with international manufacturers.

Telco may even go for collaboration with car companies for models other than those at the low end, chairman Ratan Tata says in the company's annual report.

The company is expanding its auto manufacturing capacity at Pimpri and Chikali in Pune from 1.2 lakh vehicles to 4 lakh vehicles, for which  it has received the government's approval.

Says Mr Tata: "While it should be possible for the company to remain competitive at the low end of the car market, where its own engineering and product development capabilities will give it a tremendous cost advantage, it might be difficult for it to match newer model introductions or an expansion of its product range in line with international manufacturers. It may, therefore, conceivably be worthwhile at some stage to establish alliances with international component manufacturers and even car manufacturers to adopt specific new technologies for its products."

The company is designing variants of the Indica and other passenger vehicles and spinning off some of its sub-assemblies into joint ventures. It is also planning a new light commercial vehicle, which may be introduced in overseas market soon.
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Telco plans to delist from five exchanges
Mumbai: As part of its cost-reduction efforts, the Tata Engineering and Locomotive Company has proposed delisting of its stock from five stock exchanges -- Cochin, Hyderabad, Ludhiana, Madhya Pradesh and Uttar Pradesh.

This proposal is cited oin the company's annual report for the year ended 31 March 1999.
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Hindalco, Malco hike prices
Mumbai: Aluminium companies Hindalco Industries and Madras Aluminium Company, have increased their metal prices by Rs 3,400 a tonne and Rs 3,000 a tonne respectively. Hindalco has also raised the price of commercial grade ingots by Rs 3,250 a tonne.

Hindalco has, however, reduced the trade discount by Rs 1,500 a tonne, which makes the net price rise to be in the range of Rs 4,750-Rs 4,900 a tonne. The base price does not reflect the true market picture as both companies offer discounts on the listed prices.

The increase follows a rise in metal prices on the London Metal Exchange and the sharp depreciation of the rupee against the dollar. The public sector companies, National Aluminium Company and Bharat Aluminium Company have not increased their prices.
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HPCL-Total to study feasibility of LPG storage unit
Mumbai: HPCL-Total, the joint venture between Hindustan Petroleum Corporation and Total SA of France has commissioned Tata Energy Research Institute to ascertain the viability of its proposed underground storage facility for liquefied petroleum gas being planned in Visakhapatnam.

The company feels the entry of major players like Reliance Petroleum into LPG marketing may affect its prospects. The company's plan, which involved a total outlay of $70 million, had received clearance from the Foreign Investment Promotion Board.
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Sterlite to renew bid for Pennar
Mumbai: Sterlite Industries is to submit a new proposal to the Industrial Development Bank of India for acquiring the loss-making Pennar Aluminium of Hyderabad. The proposal is likely to include a reduced loan and interest repayment plan.

Financial institutions had earlier rejected Sterlite's proposal. Pennar Aluminium has accumulated losses of Rs 93 crore and accumulated debts of Rs 180 crore and is a sick company under the BIFR.
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Indian Airlines asks for extension on ATR-42 offer
New Delhi: Indian Airlines, which has expressed its reservations against the ATR-42 turbo jets, since it feels they are commercially non-viable, has written to the manufacturer, Aerospatiale, to extend the offer for the aircraft. 

The airline is understood to have written to Aerospatiale for an extension of the offer for six turbo props and the French aircraft manufacturer has recently confirmed the offer to Indian Airlines.

There have been allegations that the civil aviation ministry is forcing the aircraft on Indian Airlines even though the aircraft is not suitable for the airline's operations.
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Bokaro Steel Plant to cut costs by Rs 200 crore
Calcutta: The Bokaro Steel Plant of the Steel Authority of India Ltd has drawn up a Rs 200-crore cost reduction plan for the current financial year. The plant had reduced cost by Rs 215 crore   in 1998-99.

The Bokaro plant has recorded a 42.5 per cent growth in production in the first quarter of the current financial year in comparison with the corresponding period last year. The plant is exporting hot rolled coils to the US and South Africa.
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ACC's despatches up
Mumbai: The Associated Cement Companies'   cement despatches rose 22 per cent to 25.67 lakh tonnes in the April-June 1999 period against the corresponding quarter of the previous year. This was revealed by Pallonji Mistry, chairman, at the company's annual general meeting.

Mr Mistry said the company is making additional investments in the ready mix concrete business. This will help ACC double its existing RMC sites to 16 within a year and achieve a volume of 1 million cubic metres of concrete.
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Canal Plus to provide systems to Zee
Mumbai: Canal Plus Technologies of France will provide its conditional access system Media Guard and interactive software Media Highway to Zee Network for the latter's digital television service to cable operators.

Zee Network will be launching a digital package of seven channels on the Canal Plus system.
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Apollo Hospitals into telemedicine
Mumbai: Chennai-based Apollo Hospitals is planning foray into electronic commerce.

The corporate hospital group has floated Apollo Telemedicine, a wholly-owned subsidiary, for the purpose. The company will leverage the internet and reach medical advice to patients. The hospital group will launch a website, which will serve various communities, Pratap C Reddy, chairman of Apollo Hospitals, said
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Videocon Power to import coal
Chennai: Videocon Power has tied up with Shell Coal, Australia, and APR, Singapore, for supply of 6 million tonnes of coal over a two-year period. The coal is required for the company's 1,05-MW thermal power plant in north Chennai.

Videocon Power has already been allocated a coal linkage in Talcher, Orissa, where the company has to develop a mine.
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NeemTree acquires affiliate
Bangalore: NeemTree Technologies Inc, the Fitchburg, Massachusetts, based company, is to be acquired by its Indian affiliate, NeemTree Technologies. The US arm offers consulting in the area of high-value payment systems. The Bangalore-based NeemTree Technologies is a software solutions provider in customer service solutions and wholesale banking services.
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Global Tele to convert FCCB into equity
Mumbai: Global Tele-Systems plans to convert its Rs 134-crore foreign currency convertible bonds raised in Swiss francs into equity at a premium of Rs 89. This will be the third FCCB conversion since the bonds were first issued.

The company is also in the process of phasing out its consumer telecom division and focusing more on its core areas of operations.
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SembCorp to pick up stake in Gesco
Mumbai: SembCorp Construction, a Singapore-based company, may pick up a stake in the demerged property business of the Great Eastern Shipping Company.

Gesco chairman K.M. Sheth revealed this at the company's annual general meeting. SembCorp Construction can pick up a stake up to 26 per cent stake in the company, Mr Sheth said.
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Torrent Power's divestment okayed
Ahmedabad: Financial institutions and banks have approved Torrent Power's plan to divest its stake in Gujarat Torrent Energy Corporation in favour of PowerGen International.

The Foreign Investment Promotion Board has allowed PowerGen to increase its stake in Gujarat Torrent Energy Corporation.

Torrent Power has a 46 per cent stake in the company.
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Compaq reveals new systems
Kuala Lumpur: Compaq Computer Corporation announced a new eight-way Profusion architecture and the launch of two new Proliant servers based on this architecture at the ClusterWorld show. Compaq also announced a set of internet-based management tools to complement the new Proliant servers.

Proliant 8000 and 8500, the two new server models, are based on Intel's Pentium III Xeon processors.
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BskyB, Yahoo! plan tie-up
London: British pay TV channel BskyB and internet search engine Yahoo! Inc. said they are planning a marketing arrangement covering TV and the internet in the UK and Ireland.

The agreement extends the alliance announced earlier this year between Yahoo! and Rupert Murdoch's News Corp, which owns 40 per cent of BskyB.
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Rolls-Royce loses out to GE in Boeing deal
London: Britain's Rolls-Royce has lost to General Electric of the US in a bid to supply new engines for Boeing's 777X long-range jet airliner.

Rolls-Royce was an engine supplier for the original 777 range, and was expecting to derive substantial profits from continued supplies. Industry analysts say Boeing's decision to award the contract to GE is a move to merger pressures.

GE will supply its GE90-115B engines, described as the most powerful aircraft powerplant ever built. The 777X will be heavier than the previous twin-engined jets and its nearest rivals are Boeing's own 747 range and the four-engined wide-bodied jets of Airbus.
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Cox, AT&T in swap deal
Atlanta: Cox Communications said it would swap its AT&T stock for cable TV systems, owned by the long distance phone company, in a $2.8 billion deal. The company said the deal would enhance its position in several states in the US and make it the fifth biggest US cable company.

Cox has signed a definitive agreement to swap 50.3 million shares of AT&T for AT&T broadband and internet services cable systems serving about 4,95,000 cable customers in Tulsa, Oklahama, and Baton Rouge, Louisiana. 
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