Ranbaxy contemplating dropping Sidmak acquisition
New Delhi: India’s most successful pharma company, Ranbaxy Laborataries, is said to be contemplating dropping the acquisition of New Jersey (US) based, Sidmak Laborataries. Sidmak, which is largely NRI owned, is one of the top ten generic pharma companies in the US with a portfolio of over 100 products and manufacturing facilities in the east. The company currently has a joint venture with Wockhardt to market over 15 products of the Indian company in the US.

Ranbaxy, which had earlier initiated discussions with the US company for acquiring it, is said to have developed second thoughts on the acquisition of the company. It is said the the New Delhi based company would rather take its discovery molecules further at this stage.
Back to News Review index page 

Maruti may post lower profit this year
New Delhi: For the second consecutive year running, the country’s show piece auto company, Maruti Udyog Limited, may post a lower profit. Rising costs due to the appreciation of the yen against the dollar is said to be the main contributing factor to this low profit.

Besides, the company has also made huge investments for capacity expansion, automation and setting up of a new press shop. It has also introduced two new models this year. To add to its woes, the government directive that all vehicle manufacturers should meet the Euro-II norms, forced the company to go in for major overhaul of the engines.
Back to News Review index page 

HLL to enter foods and vegetables in a big way
Mumbai: In an attempt to leverage on the distribution and cold-storage network of Modern Foods, which it took over recently, consumer products and foods giant, Hindustan Lever Limited, is said to be entering the horticulture business in a big way.

Already into the processed foods business, HLL plans to take its foray into foods greater by getting into fresh foods and vegetables which will ride piggy back on the Modern Foods distribution network and which will be branded as per the existing brands it has.
Back to News Review index page 

Reliance said to be considering stake in Hirma power project
New Delhi: Reliance Industries Limited, the country’s largest private sector company, is said to be actively looking at the 3,690MW Hirma power project being developed by the US-based Southern Electric Company in Orissa.

Reliance has a MoU with Southern Electric for development of power projects in this country and, in light of that association, the company is said to be looking at the Orissa project with the long term in mind.
Back to News Review index page 

GM may consider producing Vectra
Bangalore: In a report appearing in the Business Line, Mr. Rajeev Chaba, vice president of the company, is quoted as saying that the model is being seriously consider manufacturing the high end Vectra model for the domestic market. The company, which is currently selling the model for the import market, is contemplating pricing the car at Rs. 14 lakhs.

The company is to invest an additional Rs. 160 crore over the next few years to upgrade its manufacturing facilities and is also sure to introduce another model by the end of this year.
Back to News Review index page 

Family feud hits Hyundai
Seoul: The Hyundai group, by far the largest and the richest industrial group of South Korea, was caught in the midst of a leadership struggle as two sons of the group’s founder were locked in a dispute over the control of the group.

The problem arose when the group’s patriarch, 84 year old ailing Chung Ju-yung, announced that he had dismissed the elder son Chung Mong-koo, who is currently co-chairman, and instead replaced him with a younger son, Chung Mong-hun. The younger sibling, who is considered to be the more astute businessman among the two, is in control of the best companies in the group that include Hyundai Engineering and Construction, Hyundai Electronics and Hyundai Marine.

The family feud is likely to further depress the share prices of the Hyundai group which are already under pressure of the last few years.
Back to News Review index page