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Floor price for IPCL shares set
New Delhi: The inter-ministerial group on disinvestment has recommended a
floor price of Rs 180 to Rs 200 per share for Indian Petrochemicals Corporation Ltd
against a prevailing market price of Rs 130 plus for the share. The group is expected to
send this recommendation to the cabinet. The floor price, according to government sources
quoted by The Economic Times, has been calculated on a replacement cost basis.
The government holds 59.8 per cent of the total equity in the
company, of which nearly 9 per cent is in floating rate notes. It has decided to divest 25
per cent.
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Virgin seeks code
sharing
Mumbai: Virgin Atlantic Airways has written a formal letter to Air-India
seeking a code-sharing arrangement. It has offered code sharing on flights across the
Atlantic to the US against seven flights a week between India and the UK. Virgin will also
cooperate with Air-India in other areas such as airport and cargo handling, frequent flier
programmes, and sales and marketing.
Virgin’s chief Richard Branson is expected to be in
India to hold talks with civil aviation authorities for permission to operate flights on
the India-UK sector.
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Zee Multimedia bags Miss
World production
London: Subhash Chandra’s Zee Multimedia Worldwide has got the
contract to produce and present 'Miss World' for the next three years. An agreement has
been signed by Zee Multimedia Worldwide and Eric and Julia Morley of Miss World Inc. This
event, one of the most watched single annual TV events, is celebrating its 50th
anniversary next year, and Zee plans to make it a special event.
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Maruti plans Alto for
mid-2000
New Delhi: Maruti Udyog plans to introduce a
new passenger car model in the market sometime in mid-2000 after its launch of the Baleno
and the proposed Wagon-R, which will be unveiled later in December. The new model is the
Alto, which the company intends as a replacement in the final run for its entry-level
Maruti 800 and the Zen.
The Alto will come in two engine capacities of 800cc and
1000cc, Maruti’s managing director Jagdish Khattar has said. The Maruti 800 and
Zen will remain in the market for a couple of years, along with the Alto, before
withdrawn. According to Mr Khattar, the 800 sold in the National Capital Region (in and
around Delhi) from March 2000 will be fitted with a multi-point fuel injection engine in
order to be Euro II compliant.
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IA’s discount scheme
to yield Rs 10 cr
New Delhi: Indian Airlines is targeting
earnings of Rs 8 -10 crore from its corporate discount scheme. The airline has got some
100 companies to guarantee a fixed amount of business. The scheme offers one to five per
cent discount on tickets, depending on the quantum of business. The scheme was launched in
September 1999.
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Karnataka’s new
initiative in Indo-Rama project
Bangalore: The new Karnataka government has
stepped in to revive the proposal to set up the Rs 2,700-crore Indo-Rama Synthetics' PTA
and polyester venture in the state. The government has initiated steps to get a plot of
land allotted to the group from the land it has already given to the Nagarjuna group in
Mangalore. The erstwhile state government had tried to persuade the Lohias of Indo-Rama to
shift the plant site from Vizakhapatnam in Andhra Pradesh to Mangalore, but it was not
completely successful. Now the new ministry appears to be progressing in the matter.
The government had allotted an 1,100-acre plot of land to
the Nagarjuna group at Mangalore to set up a steel plant. It proposes that a part of this
land could be given for the Indo-Rama project. The state government’s officials have
met senior executives of Indo-Rama at New Delhi in this regard.
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Gillette to hike
stake in Indian arm
New Delhi: Gillette is increasing its holding in its Indian
subsidiary, Duracell India, from the existing 93 per cent to 96 per cent, bringing the
holding of the Indian promoters, Heritage Furniture, to four per cent. The Indian partner
will now hold investment in Duracell India through an overseas company, Planon group.
Gillette wants to bring in additional funds to finance the Indian subsidiary’s
expansion plans.
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Indus Entrepreneur
chapter in Mumbai
Mumbai: The Mumbai chapter of the Indus Entrepreneur, a non-profit global
network of entrepreneurs and professionals, will be opened on 7 December. This will be
followed by the launch of a Delhi chapter. The Indus Entrepreneur was formed two years ago
by Indian entrepreneurs in the US, including Gururaj "Desh" Deshpande, Kanwal
Rekhi, K.B. Chandrasekhar and Suhas Patil. The organisation plans to promote interaction
between investors and young entrepreneurs.
Harish Mehta, managing director of Onward Novell
Technologies, will be the president of the Mumbai chapter of the organisation.
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Ceat for more retail
outlets
New Delhi: RPG group company Ceat is expanding its network of retail
outlets to 200 by the year 2001 from the present 90. It is also planning to start a new
radial passenger tyre plant at Nashik in Maharashtra by April 2000. Nearly 40 per cent of
the company’s production will be sold through a new retail distribution outlet, Ceat
Shoppes, and the rest through the traditional distribution network.
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GM wants to take over
Daewoo
Seoul: General Motors has officially said it intends to take over the
ailing Daewoo Motor. A Seoul newspaper report quoted Lawrence Zahner, head of General
Motors, China, as having said that his company hoped to take over Daewoo’s domestic
and overseas operations. The Daewoo brand will be retained, he said.
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Opel to cut 8000 jobs
Frankfurt: Opel, the German unit of General Motors, will shed 8,000 jobs
in the next five years. The job cuts will be made at its Ruesselsheim and Bochum plants.
The workforce will thus be reduced to 35,000. A German magazine, quoting a company
document, said Opel will post an operating loss of 835 million marks in 1999.
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Hewlett-Packard to set
up Internet fund
London: Hewlett-Packard is setting up an Internet incubator, LaunchPad,
in association with FutureStep, an online executive recruiting service. The company said
LaunchPad will give investments to 15 to 20 business startups and offer technical and
strategic advice to propel them towards the first round of venture capital funding.
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Canadian Airlines for
Air Canada buyout
Montreal: Canadian Airlines has recommended to its shareholders that they
accept Air Canada’s takeover offer at Canadian $2 a share. Air Canada wants to
operate Canadian Airlines as a separate subsidiary, withdraw it from the Oneworld global
aviation alliance led by American Airlines, and move to the rival Star Alliance.
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