E Merck hit by ban on vitamin drugs
Mumbai: E Merck India will be one of the most affected companies in the wake of the government's decision to ban fixed dose combinations of vitamins B1, B6 and B12. The company's well known brand, Neurobion, which has sales of Rs 35 crore annually, falls under this category.

The government has issued the ban claiming fixed dose combinations do not possess the therapeutic properties they claim to have. The ban is to come into effect from 1 January 2001. The other products in this category are Vitneurin and Macraberin of Glaxo and Neurotrat of German Remedies.

The government had earlier banned fixed dose combinations of analgin and pancreatin. That had hit Hoechst Marion Roussel's drug Baralgan hard.
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Indian Oil, L&T plan to join hands
Mumbai: The Indian Oil Corporation and Larsen & Toubro are in talks to jointly build power, petrochemicals and refinery ventures in India and abroad. The two companies are planning an umbrella agreement for this.

Larsen & Toubro will be the engineering, procurement and construction contractor in these ventures. Indianoil wants a reliable and proven contractor for its work in these areas, and L&T fits the bill. The public sector oil major plans to invest nearly Rs 60,000 crore in various projects till 2007.
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Maruti to launch Baleno in November
New Delhi: Maruti Udyog has announced that it will launch its proposed luxury sedan Baleno in the second half of November 1999. This is close on the heels of Ford India and Hyundai Motor India coming out with their mid-size luxury cars, the Ikon and the Accent, recently. The price of the Baleno has not been disclosed, but it is expected to be Rs 7 to 8 lakh.
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Schroeder funds to buy Orchid shares
Chennai: The promoters' and associates' stake in Orchid Chemicals and Pharmaceuticals will drop from the present 45.2 per cent to 26.58 per cent after a private placement of shares with Schroeder for a consideration of Rs 175 crore.

At an extraordinary general meeting of shareholders, company managing director Raghavendra Rao, however, said the promoters will continue to be in charge of the company and there will not be any change in management. Schroeder will have the right to nominate directors in proportion to its shareholding subject to a maximum of three.

Mr Rao said apart from the funds generated, the company will benefit by the advice that Schroeder Ventures Life Sciences can bring to Orchid.
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Baron, Aiwa deny split
Mumbai: The Baron group and Aiwa of Japan have filed a first information report with the Mumbai police saying some interested parties are circulating false information that the joint venture between the two parties has been ended. The two companies alleged that forged letters have been circulated among distributors saying the two companies are ending their relations with effect from 31 December 1999.

Aiwa has clarified that its exclusive contract with Baron will be in operation till 2003. There have been rumours in the market that Aiwa is about to cut off the relationship in view of Baron having decided to launch the colour television of Chinese electronics major TCL in the lower end of the market.
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GE seeks approval for subsidiary
New Delhi: General Electric of the US has sought the government's approval to set up a wholly-owned subsidiary in India. The subsidiary is to act as a holding company for GE's information technology and support services operations in India. It is mainly intended to function as a route for GE's investments to be brought to India.

The subsidiary is proposed to be set up through GE International Operations Company.
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ABB's new transformer unit commissioned
Mumbai: Asea Brown Boveri will offer a complete range of transmission and distribution products and services after it has commissioned its Rs 50-crore transformer factory in Maneja in Maharashtra. The Maneja facility will be the sole manufacturer and supplier of high voltage circuit breakers for the ABB group worldwide.
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Raymond plans global foray
Mumbai: Raymond is planning the launch of its fabric brands in international markets. The company's managing director Gautam Singhania said the opportunities are tremendous and the idea is that if Indian fabrics are launched in international markets the foreign brands would be forced to protect their own backyards instead of coming into India.

Raymond has launched its new range of super premium category of suiting called the Chairman's Collection. The range offers only 250 pieces of suit lengths in order to maintain its exclusivity. The suitlengths are priced between Rs 39,000 and Rs 45,000.
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VSNL to engage consultancy firm
Mumbai: Videsh Sanchar Nigam Ltd is engaging a well known consultancy firm to evaluate its value-added business and to prepare a new business plan. The consultancy firm will advise the telecom major in its proposed transfer of its value-added business to its wholly-owned subsidiary VSNL Seamless Services. VSNL plans to list the new company either on the Nasdaq or on the New York Stock Exchange.

According to rough estimates, VSNL's value-added businesses are reported to be worth only Rs 175 crore out its total turnover of Rs 7,175.57 crore.
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Powertel to take stake in shipping portal
Bangalore: Powertel Boca, a modem company from Bangalore, is picking up a 60 per cent stake in an exclusive portal, Maritimeindia.com. The site is dedicated to shipping and maritime industry.

The promoter of Maritimeindia.com, a former merchant navy officer Captain Sumit Gupta, who heads Streamline Consultants, will hold a 30 per cent stake in the company. The balance will be distributed among the company's employees.

Streamline Consultants represents Mitsui OSK Manning Services of Japan in India.
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CG Vak Software to develop e-com solutions
Chennai: CG Vak Software of Coimbatore has set up a 50-member cyber team working on Sun Java and Microsoft platforms for developing applications on the Internet. The company intends to be a major e-commerce business player in the country.

CG Vak Software managing director G. Suresh said the company has already developed a web-based supply chain management solution that can be integrated with the existing back office applications. The company is also hosting multiple websites to effectively address commercial and sales requirements on the Internet.
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Sita World Travels in time-share business
Mumbai: Sita World Travels (India) is entering the time-share business in a big way. The company proposes to launch its schemes for membership in December 1999.

Sita World Travels has set up Sita Vacation Club to handle the time-share business.
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Mannesmann picks up Orange for $ 33 billion
Hong Kong: Hutchison Whampoa has successfully concluded its deal with Mannesmann of Germany to sell its investment in British mobile phone company Orange, and has earned $33.04 billion in cash and a 10.2 per cent stake in Mannesmann.

Hutchison will become the largest shareholder in Mannesmann, which in turn brings it into a much bigger pan-European telecommunications platform with key networks in Britain, Germany and Italy. The company will also get a seat on Mannesmann's board.
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