UTI talks to software majors for offloading stake in processing arm
Mumbai: UTI, the country's largest mutual fund, is said to be in talks with several leading software companies, including Infosys Technologies, for off-loading 49 per cent of equity in its wholly owned subsidiary, UTI Investor Services Limited (UTI - ISL).

UTI-ISL is an information processing company and also a registrar and transfer agent. It is a category I R&T agent accredited by the Securities and Exchange Board of India. UTI is itself believed to be considering transferring its entire back office and processing activities to its subsidiary.

The sell-off is significant from the point of view of being able to tap new technologies in an area that is currently technology driven. Besides, the entry of other investors will enable UTI-ISL market itself effectively to companies other than UTI.
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Reckitt to review JV with Nicholas
Mumbai: Reckitt Piramal Limited, a joint venture between Nicholas Piramal and the Reckitt Benckiser of the UK, is said to be under reivew. Reckitt Benckiser was recently formed by the merger of the erstwhile Reckitt Colman plc of the UK and Benckiser of Holland. The new management of the merged entity, Reckitt Benckiser plc, is said to be unhappy with the sales growth of the joint venture.

The joint venture has the rights to market key Reckitt brands like Dettol and Disprin in India. While a break-up is not imminent, it is believed that the UK management has brought significant pressure on the JV management to perform. The UK management is believed to have given the JV one year to perform and push the sales growth.
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Hindustan Lever to sell feeds business to subsidiary
Mumbai: Consumer products major, Hindustan Lever Limited, today announced that it was hiving off its Animal Feeds division to a wholly owned subsidiary, Goldmohur Foods & Feeds. This decision taken by the board of directors of the consumer giant, is said to be in keeping with its objective of concentrating on the core consumer products business. The hiving off of the feeds division is also seen as a precursor to selling the business off to a global feeds player.

Goldmohur will concentrate on producing and marketing cattle, poultry and fish feeds and other allied products like concentrates and feed supplements. It will also be involved in dairy farming, poultry farming and cattle rearing.
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KDL Biotech to set up multiproduct facility
Mumbai: KDL Biotech, formerly Kopran Drugs, is said to be planning setting up a multi-product biotechnology facility in India that will undertake contract manufacturing of original and generic biopharmaceuticals. The centre will also undertake contract research on biotechnology.

The unit, which will see an investment of $25 m, will be operational by 2003. For the immediate term, the company is setting up a pilot facility in the UK, at an investment of $1 m, for the manufacture of a biotechnology product being clinically tried for a cure to Pompe's disease. This disease occurs in individuals where a particular enzyme that breaks down glycogen in the system is deficient.
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CMC to tie up with US company for global network
Mumbai: CMC Ltd., a leading computer company in India, has entered into a strategic partnership with US based, AcrossWorld Communications, for setting up a electronic grid across the globe. This world-class grid will provide global connectivity for e-commerce, electronic business management and application services.

The partnership is part of AcrossWorld's plan to build the first telecom network designed specifically to link remote corporate sites in developing countries with major business centres in the US, Europe and Japan. The network will be supported by satellite transponders for speedy transmission of information.

The network is expected to help domestic entrepreneurs to leverage information technology to participate and benefit from the networked economy.
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