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FIs compel L&T to skip revamp
Mumbai: It is reported that engineering major Larsen & Toubro will not go ahead
with its restructuring plans because the financial institutions that own a large part of
the company’s equity are not interested. The restructuring was recommended by the
Boston Consulting Group.
Among the plans the
institutions has objected to is the plan to spin off the company’s cement division
into a separate company, it is reported.
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Reliance,
BPL & Finolex get nod for fibre-optic networks
Bangalore: The Karnataka government has cleared proposals from Reliance Industries,
BPL and Finolex-Luscent Technologies to lay optic-fibre networks to provide Internet
services independently of the VSNL gateway. These projects are estimated to involve an
aggregate investment of over Rs 1,000 crore.
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OIL-Reliance
gas supply pact for Assam cracker
New Delhi: On 14 March Oil India Ltd and Reliance Assam Petrochemicals Ltd have
signed an agreement for OIL’s supply of natural gas to RAP’s 3,00,000-tonne
Assam gas cracker project. The Rs 3,600-crore joint sector project is likely to be located
at Lepetkota in the Dibrugarh district of Assam.
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Sebi checking
ACC facts
Mumbai: Market regulator Securities and Exchange Board of India has asked the
Associated Cement Companies to furnish the minutes of a recent board meeting of the
company. The aim is to check whether the appointment of two nominees of Gujarat Ambuja
Cements on ACC’s board amounts to a change in management control.
Sebi also wants related information, such as the number of ACC shares purchased by Gujarat
Ambuja Cements.
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Murdoch to
create post-production unit in Mumbai
Mumbai: News Corp chairman Rupert Murdoch says he wants to create a post-production
facility in or near Mumbai. The proposed facility could cater to both films and
television.
News Corp may invest over $100 million in the film
segment. Mr Murdoch’s Star TV operations in India include a large production and
marketing base in Mumbai.
These points are believed to have been covered during Mr Murdoch’s breakfast meeting
with Maharashtra chief minister Vilasrao Deshmukh, which was attended by several Indian
businessmen.
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Tata Sons
restrained from staff transfers
Mumbai: It is reported that a Mumbai industrial court has restrained Tata Sons from
transferring or changing the terms of employment for employees of Tata Consulting
Engineers, its engineering projects division. The court has directed the company to
maintain status quo for over 200 employees of TCE.
The employees had taken legal action in response to a company announcement that the TCE
division handling engineering projects would be separated from Tata Sons, the Tata
group’s holding company, and merged into a new company, TCE Consulting Engineers.
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Sony buying
20% of CNBC India, not TV18
Mumbai: Sony Entertainment Television is expected to buy a 20 per cent stake in
CNBC India, it is reported. The two companies have signed a memorandum of understanding to
this effect. CNBC India is a 51:49 joint venture of CNBC Asia of Singapore and the New
Delhi-based TV18.
TV18 has in the meanwhile informed the Bombay Stock Exchange that reports of Sony taking a
stake in TV18 were incorrect.
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Star Battery
builds Rs 40-cr plant
Calcutta: Industrial battery maker Star Battery Ltd, has set up a Rs. 40-crore battery
manufacturing plant at Dankuni, near Calcutta. The company makes both conventional and
valve regulated lead acid batteries.
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Bacardi will
launch Carta Blanca
New Delhi: Bacardi-Martini India Ltd will launch Bacardi Carta Blanca, a white rum, in
Delhi on 17 March. The company’ s general manager, marketing, says Carta Blanca will
target the premium segment of the domestic rum market, where Bacardi has an edge over
rivals. The price: Rs 325 per bottle.
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Hindujas,
Lufthansa Cargo splitting
New Delhi: The Hinduja group and Lufthansa Cargo, which have a joint venture,
Lufthansa Cargo India, have decided to split. The Hindujas, who are reportedly seeking a
new partner for air cargo operations, will continue to run the existing company.
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Customs
notice on Indianoil
Calcutta: The customs department has issued a show cause notice to the public sector
Indian Oil Corporation, alleging that the corporation has evaded customs duty of Rs 975
crore in the import of five petroleum products between 1994 and 1999. The five products
are motor spirit, high speed diesel, special kerosene oil, furnace oil, and aviation
turbine fuel. The department is awaiting details of import of four more products -- crude
oil, naphtha, liquefied petroleum gas and lube-based oils.
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National
Fertilisers privatisation mandate
New Delhi: The government has invited bids the assignment of global advisors to manage
the sale of 51 per cent of its stake in National Fertilisers Ltd to a strategic partner.
The government currently owns 97.64 per cent of the equity of NFL, which has five plants.
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Piaggio’s
100% subsidiary cleared
Mumbai: The government has cleared Piaggio’s plan to create a 100 per cent
wholly-owned subsidiary in India. The subsidiary will act as a holding company for all
Piaggio investments in India.
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BP Amoco
acquires Castrol for 3 billion
London: BP Amoco of the UK will acquire British lubricants major Burmah Castrol for
3 billion (about $4.7 billion) in cash. That will provide a big boost to BP Amoco’s
lubricants business. The deal has been struck at a 74 per cent premium over Castrol’s
10 March price on the London Stock Exchange.
BP Amoco expects the acquisition to yield pre-tax cost
savings of $260 million a year by 2003. It is likely to dispose of Burmah Castrol's
speciality chemicals businesses.
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i2
Technologies-Aspect Development mega merger
New York: Two firms owned by Americans of Indian origin have decided to merge in a
$9.3 billion stock deal. The firms are i2 Technologies Inc, an e-business solutions
provider, and Aspect Development Inc, provider of collaborative solutions for
business-to-business.
i2 Technologies is headed by Sanjiv Sidhu, its
chairman and CEO, and Aspect Development is headed by Romesh Wadhwani.
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IBM software
for databases
New York: Computer giant International Business Machines has introduced new
software to enable enterprises manage huge volumes of documents, images, video and audio
being saved on their internal networks and on the Internet. The software, called Content
Manager, allows users to search across multiple databases and programmes.
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General Motors
buys Nissan’s Subaru stake
Tokyo: Japan’s Nissan Motor Co will to sell its 4.1 per cent stake in Fuji
Heavy Industries, maker of Subaru cars, to General Motors for 20 billion yen, or about
$190 million, it is reported. General Motors is buying a 20 per cent stake in Fuji Heavy.
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Govt to sell
majority in MMTC, STC
New Delhi: The government will sell a majority stake in Minerals and Metals Trading
Corporation and State Trading Corporation. It will get a valuation of these two companies
done and find a global advisor for the privatisation.
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Microsoft
venture with Andersen
Seattle: Microsoft Corp is creating a $1-billion venture with Andersen Consulting
for internet services based on its Windows 2000 technology and to increase its presence in
consulting. The venture is called Avanade.
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Ravi Kant
heads Telco commercial vehicles unit
Mumbai: Ravi Kant, senior vice-president, Tata Engineering & Locomotive Company
Ltd, has assumed full charge of the company’s commercial vehicles business unit, it
is reported. This follows the early retirement of V.M. Raval, executive director
(automobiles) from 4 April 2000.
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