Ispat Energy to get Enron in as partner
Mumbai: Ispat Energy, which is implementing the 354MW Dolvi power project in the state of Maharashtra as part of the Rs. 1,500 crore captive unit for its steel plant at the same location, is to get global energy giant, Enron Corporation, as its equity partner. Enron is taking a 49 per cent stake in the company for an estimated Rs. 100 crore.

The partnership is expected to add great shareholder value to the company, besides lending Enron’s global experience in the power industry for the Dolvi plant to achieve great operational efficiencies.

Ispat Energy will also purchase gas from Enron’s operations in India. The gas delivery is expected to begin in the third quarter of 2002.
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Sun Microsystems to set up fund for Indian ventures
New Delhi: In a report appearing in the Business Standard, global computing giant, Sun Microsystems, is said to be setting up, for the first time in the company’s history, a fund to invest and incubate Indian software and internet start-ups.

The India-specific fund will see Sun Microsystems investing in good software and internet start-ups, besides providing them with technology and management support. This move has been undertaken by the company because it firmly believes that India has great potential in both these areas.
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ICICI sets up a slew of domain names
Mumbai: India’s most aggressive financial institution, ICICI, which has got to the Internet in a very big way, is said to have registered over 100 domain names for internet sites in an attempt to cash in on any opportunity it sees adding value to the organisation.

The financial institution which is seeking to capture the growing personal finance market in the country, has registered a series of city-specific names beginning with ‘oye’. These include oyedilli.com, oyeahmedabad.com, oyemumbai.com, oyebaroda.com and the like.

Some of the domain names have bordered on similar trademarks or names owned by other companies, and this has raised the rankles of those companies. While the case filed by IL&FS for the use of the name investmartindia.com, which is deceptively similar to the site of IL&FS, investsmartindia. com, is already well know, it is understood that LIC is seeking legal opinion regarding a site registered by ICICI under the name, jeevanbeema.com.

Meanwhile, the out-of-court settlement with IL&FS over the domain name, investmartindia.com, is said to have become uncertain with ICICI doing a rethink on its original plan of transferring to IL&FS the domain name.
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MTNL may list on New York exchange in May
New Delhi: State owned telephone major, Mahanagar Telephone Nigam Limited (MTNL), today announced that it plans to file the necessary papers for listing its shares on the New York Stock Exchange, in April this year. This would enable it to get the shares listed on the NYSE from May.

The listing, which was originally planned for mid-March this year, was postponed to May. This listing, it is believed, will allow MTNL’s GDR holders to convert their shares into ADRs for trade on the US exchange. MTNL GDRs are currently listed on the London Stock Exchange.
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General Motors may outbid Ford for Land Rover
London: Barely a week after the world’s second largest car company, Ford Motor Company, announced that it was buying the Land Rover product from German automaker, BMW, for an estimated $2.9 billion, comes the news that the largest car company in the world, and Ford’s main competitor, General Motors of the US, is also trying to bid for the same.

While the deal with Ford is all set to be sewn up, with only the due diligence remaining, General Motors believes that it can get BMW to do a rethink by offering $1 billion more than the Ford offer for the Land Rover.

Officials of the German car maker refused to comment on the reports saying that the company was already in negotiations with Ford and there was no reason to consider any other bids at this stage. Financial analysts across the globe are keenly watching the developments on this front.
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Brand building by MTV sees credit card and apparel introduction
Mumbai: In an effort to increase its brand equity, youth 24 hour music channel MTV is tying up well known credit card issuers like Citibank and Standard Chartered, for the introduction of co-branded credit cards.

MTV’s on the ground merchandising activities are part of an exercise aimed at increasing and extending the brand equity of the MTV brand in this country.

It has also tied up with well known apparel manufacturers to introduce a range of trendy and basic apparel and accessories for the youth.

These activities in India follow similar brand building attempts made by the channel in Singapore, Philippines, Malaysia and Indonesia.
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DaimlerChrysler deal with Mitsubishi may meet hurdle
Tokyo: DaimlerChrysler, the German-American combine, which recently won approval from the board of directors of ailing Japanese car company, Mitsubishi Motors, may see the fate of its alliance hang in balance. The alliance, under which Daimler was to take an equity stake in the Japanese company, was to have helped Mitsubishi stabilise its balance sheet and return back to a healthy state of affairs.

The current uncertainty arises from an agreement Mitsubishi had entered into with Swedish truck major, Volvo International, under which the Japanese company was to have hived off its bus and truck division to a separate venture with Volvo. Daimler’s interest in Mitsubishi was largely due to the truck and bus business, which would have helped Daimler establish supremacy in the Asian markets.

Analysts are keenly watching the outcome of this imbroglio.
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