US dumping decision will affect SAIL
Calcutta: The US International Trade Commission’s decision to impose anti-dumping duties on steel plates from some countries will affect the Steel Authority of India Ltd the most as SAIL has a large market in the US. Nearly half of the steel plates produced at the Bhilai Steel Plant of SAIL are exported, a significant part to the US. The Bhilai plant makes around half a million tonnes of steel plates. Ever since the investigations by the commission began a year back, the plant has stopped exporting the plates to the US.

The US decision will also affect steel plates from France, Indonesia, Italy and Japan.
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Telstra exits JV with Modi group
Calcutta: Telstra International of Australia is pulling out of Modi Telstra, the joint venture cellular service provider in Calcutta. ModiCorp and its associates -- US-based AIG Infrastructure and Distacom of Hong Kong, which hold 51 per cent of the company, will buy out Telstra's 49 per cent.

Telstra has announced its decision to shift from mass cellular services to offering global connectivity in the form of customised data services to corporate clients in Asia. ModiCorp and its associates have invested in Telstra through a venture called ModiSoft, in which ModiCorp and AIG Infrastructure together have a 51 per cent stake and Distacom 49 per cent. The three are also partners in Spice Telecom, which runs the regional cellular networks in the Punjab and Karnataka circles.
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Reliance records higher Q3 profit, sales
Mumbai: The much-awaited announcement of Reliance Industries’ third quarter has come. The company has performed well and it has recorded a net profit of Rs 627 crore in the period, reflecting an increase of as much as 56 per cent compared from the corresponding 1998-99 period. Sales rose 41 per cent.

The company said for the first nine months of the year, net profit was Rs 1,749 crore, up 32 per cent from the previous year’s figure of Rs 1,323 crore.

Anil Ambani, managing director, Reliance Industries, told the press that the company has no plans to increase its equity holding in Larsen & Toubro. He also ruled out any immediate plans to enter the information technology sector.
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Jindal Strips buys holding in US company
New Delhi: Jindal Strips has acquired 51 per cent holding in Massillon Steel of the US, which makes stainless steel cold rolling products. The company's plant is based in Ohio and has a capacity of 60,000 million tonnes. The holding has been bought from Bethlehem Steel. The balance holding is with the US partner.
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Birla group to reduce stake in India Gypsum
Calcutta: C.K. Birla is planning to divest a part of the promoters’ holding in India Gypsum to British collaborator BPB Holdings Industries. Mr Birla intends to part with 34 of its 40 per cent holding in the company.

BPB Industries India, the Indian subsidiary of BPB Holdings Industries, holds 40 per cent in Indian Gypsum, a joint venture between Hyderabad Industries and BPB Industries. The balance 20 per cent is with the public. India Gypsum said the foreign partner was keen to purchase additional holding in the company.
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ICICI Venture invests in Indus-League
Bangalore: ICICI Venture, the venture funding arm of ICICI, has picked up a sizeable stake in Indus League Clothing, the start-up by erstwhile executives of Madura Garments. The funds are to be used for launching new brands, expand the company’s retail network and set up a design studio.

This is the second round of investment in Indus League. In the first round, Draper International and Dalmia Cements had made investments in the company. The company is promoted by Sriram Srinivasan, former president of Madura Garments, and eight textile industry professionals. ICICI Venture has valued the company at $12 million.
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Techpack plans JV
Mumbai: Techpack India, a wholly-owned subsidiary of Techpack of France is planning a joint venture for a packaging materials company to be located in western India. The company has shortlisted three possible partners for the venture.

This is the first time the French company is investing in India. The company foresees a great future for the packaging industry in India and hopes that the Indian joint venture will become a hub for exports.
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Finance Amex buys forex business
Mumbai: Tata Finance Amex, a joint venture between Tata Finance and American Express, has acquired the foreign exchange business of TT Travels, an associate company of the TTK group of Chennai. The takeover will help Tata Finance Amex gain an entry into the forex business.

TT Travels handles cargo and travel-related businesses in association with leading tour operators, and it is a general sales agent for British Airways and World Cargo. The management control of the business will be vested in Tata Finance Amex, and the TTK group will hive off the other businesses of the company.
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Dishnet proposal okayed
New Delhi: The government has approved the proposal by Dishnet DSL to bring in foreign direct investment worth Rs 1,300 crore for improving its Internet service provider business. This approval forms part of the Rs 1,620.65 crore worth of approvals granted by commerce and industry minister Murasoli Maran on 20 January.

MTV (to set up a wholly-owned subsidiary), Escorts Yamaha (to issue redeemable non-cumulative preference shares worth Rs 36.6 crore), Marubeni India (to take up trading, promotion and supply of equipment to industrial houses), Juices and Nectars (to increase its holding in the company to 91 per cent by bringing in Rs 43.68 crore), and National Power (to float a 100 per cent subsidiary in India) are among the approvals granted.
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Dr Reddy’s wins case in Moscow
Moscow: Dr Reddy’s Laboratories has won a patent case in Russia against the Merck & Co of the US. A Russian patent court recently ruled in favour of Dr Reddy’s, saying the company’s process of making enalapril maleate for its registered drug Enam is original and different from the one employed by Merck. The court has also ordered Merck, which started the litigation, to reimburse the legal expenses incurred by Dr Reddy’s.
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Warner-Lambert looks to P&G
New York: Warner-Lambert is said to be talking to consumer products major Procter & Gamble for a possible alliance to ward off the hostile Pfizer bid. Warner-Lambert declined to react to the news, saying that in deference to investor wishes it is talking to Pfizer on the proposed $79 billion all-stock takeover offer.

The company had proposed a $59 billion friendly merger with American Home Products. Sources close to the company said the talks with P&G included American Home Products. In its search for a white knight, Warner-Lambert, along with American Home Products, had also approached Bristol-Myers Squibb, which was not interested in a three-way deal.
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Crusoe family of chips from Transmeta
California: Transmeta Corporation has launched its Crusoe mobile chips with an innovative design that may revolutionise mobile computing. Founded in 1995 by chip designer David Ditzel, Transmeta has been working quietly on a ground breaking chip family designed to run standard PC applications while using less battery power than other traditional chips. The company said its initial products will target the notebook computer market. It will be useful in devices like web pads, which run the mobile version of Linux.

The chip, named TM3120, has speeds of 333 MHz and 400 MHz, which is slower than Intel’s mobile PIII chips. Another chip, TM5400, which will be available mid-2000, will have speeds of 500 and 700 MHz. Transmeta said its chips use between 1.2 and 1.65 watts of power compared with about 7 watts for the Intel Pentium III chips.
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Vodafone ready to hike Mannesmann bid price
London: Vodafone AirTouch says it is prepared to increase its bid for Mannesmann and make concessions on management and strategy issues. London newspapers say Vodafone’s chief executive Chris Gent is prepared to renegotiate on both price and plans if Mannesmann dropped its defences and agreed to talk on a deal. Mannesmann has reacted by saying it will be ready to talk only if Mannesmann shareholders were to own 58.5 per cent of the merged group.
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Clariant bids for BTP
London: Speciality chemicals company Clariant of Switzerland is all ready to make a cash offer for British fine chemicals company BTP, ranked third in global market worth $45 billion a year. Clariant is keen to expand in Britain and is also interested in fine chemicals used in pharmaceuticals and agro-chemicals.
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