Eight bidders for Indian Airlines divestment advisory
New Delhi: It is reported that eight firms have bid for appointment as global advisor to the Indian government for the privatisation of Indian Airlines. The deadline for the bids 15 March.

A five-member inter-ministerial group will select one of these eight as global advisor for the privatisation.
Back to News Review index page 

Ranbaxy in foreign venture for new molecule
New Delhi: It is reported that Ranbaxy Laboratories may join hands with a foreign pharmaceutical company to jointly develop and commercialise its new asthma molecule, RBx 4638. The company is said to have completed the pre-clinical trials for this ‘new chemical entity’, and to be ready with a new drug that needs investigation.
Back to News Review index page 

Global bidders for Grasim's Raipur unit
Mumbai: France’s Lafarge SA, and Cement de France, and Mexico’s Cemex have bid to acquire Grasim Industries' 1.8-million tonne cement unit at Raipur in Madhya Pradesh. The A V Birla grooup company wants to sell the unit because of reduced realisations in the eastern region of the country.
The group has appointed Jardine Fleming to find buyers for the unit.
Back to News Review index page 

Svedala will acquire, expand
New Delhi: Construction equipment maker Svedala Industri AB of Sweden has increased the paid-up capital of its wholly-owned subsidiary, Svedala Industri India Pvt. Ltd, to Rs 25 crore from Rs. 13.25 crore earlier. The additional funds brought in will help the subsidiary acquire a 60 per cent stake in Mukand McNally Wellman. Svedala’s US subsidiary already owns 40 per cent of Mukand McNally Wellman, which may eventually be merged with Svedala Industri India.

Svedala is also expanding its Indian product range to address new market segments.
Back to News Review index page 

Bhel privatisation with ministerial panel
New Delhi: Opposition from the government’s own heavy industry ministry has resulted in the proposal to privatise Bharat Heavy Electrical Ltd being referred to an inter-ministerial group. The heavy industry ministry has expressed serious reservations over the finance ministry’s plans to reduce the government stake in Bhel to less than 50 per cent.
Back to News Review index page 

74% sale of RCF cleared
New Delhi: The government’s core group on disinvestment has reportedly cleared a proposal for divesting 74 per cent stake in Rashtriya Chemicals and Fertilisers Ltd in favour of a strategic buyer. The proposal will now have to be approved by cabinet committee on disinvestment.
The erstwhile Disinvestment Commission had proposed sale of a minimum of 51 per cent of RCF's equity to a strategic buyer.
Back to News Review index page 

New Computer Associates-TCG Soft unit in Delhi
New Delhi: Computer Associates (CA)-TCG Software, the largest CA development centre outside the US, will build a new unit in New Delhi to develop Neugent, its latest product, which is an application of neural technology.
Back to News Review index page 

Morepen Lab gets $20-m Loratadine orders
New Delhi: Morepen Laboratories has received export orders worth $20 million for Loratadine, a non-sedative anti-histamine drug, from European countries where the patent for this product has expired.

The management of the company also expects to get orders for Loratadine from Canada.
Back to News Review index page 

Punjab National Fertilisers winding up opinion confirmed
New Delhi: The Board for Industrial and Financial Reconstruction has confirmed its prima facie opinion that Punjab National Fertilisers and Chemicals Ltd should be wound up. It has asked the Industrial Development bank of India and the State Bank of India to indicate whether they would like to be the selling agent for the sale of Punjab National’s assets.
Back to News Review index page 

L&T in Esso refinery contract
Mumbai: Larsen & Toubro Ltd, Ledwood Construction of the UK, Lastra Breda of the Netherlands, and Jumbo Land of Curacao, have jointly bagged a contract to revamp the fibulised catalytic cracking unit reactor of Esso's refinery at Fawley, near Southampton, in the UK. The contract is valued at $16 million, of which L&T's share will be over $5 million.
Back to News Review index page 

Phillips Petro acquires Arco assets
Anchorage, Alsaka: Phillips Petroleum Company has signed an agreement to take over Atlantic Richfield Company'sAlaska assets for $7 billion.
Back to News Review index page