Hindustan Lever enters services with launderettes
Mumbai: Consumer products giant, Hindustan Lever Limited, has identified service as key thrust area for the future in an attempt to tap the growing "out of home" expenditure.

It has already launched its service initiative with a launderette service that is to become the first of a chain of such launderettes. The first test launderette is in the Mumbai suburb of Bandra and has been launched as an extension to and under the brand of Surf detergent. The service is aimed at people "who want to put their leisure time to better use" and will be offered at a modest premium to the market, so that it captures a broader market.

While the company is not too keen to own many such launderettes, it will go through the franchise route to capture the market. Imported heavy-duty washing machines are being imported from Italy. The company hopes to hire personnel from the unorganised sector to man these machines and do other tasks like ironing and delivery of clothes.

The company's new thrust on services would also encourage employees of the company with ideas and entrepreneurial talents, where the company will offer financial and management assistance to set up these services.
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Logica to expand Indian operations
Bangalore: Logica plc, the UK-based software products and services company, plans to expand its Indian subsidiary in Bangalore and make it the centre for its worldwide banking products development.

The company plans to invest Rs. 50 crore in the Bangalore facility which will employ over 250 professionals. The initial thrust will be on the financial services sector products, and later on, depending on market opportunities, other sector products will be introduced. The company already has marketing and client-support offices in Mumbai and New Delhi.
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Air India faces huge losses this financial year
Mumbai: India's international carrier, Air India, is closing the first year of the new millenium with a projected loss of Rs. 150 crore. This loss will keep the company's balance sheet in the red for the sixth year in running. However, the outlook for the airline seems to be relatively good, in light of the announcement by Opec that production will be increased -- thus bringing down the prices of ATF.

The airline expects to boost its operating revenue for the new financial year through a host of marketing and in-flight initiatives.
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Tamilnadu Petro plans LAB unit near Haldia
Chennai: Tamilnadu Petroproducts Limited, a joint venture between Spic and Tidco, plans to set up its second linear alkyl benzene (LAB) plant somewhere on the east coast, preferably near Haldia.

The plant, with a capacity of approximately 100,000 tonnes, will cost an estimated Rs. 800-900 crore. The plans are to implement this plant within the next two years when import duties on the product are to be reduced under the WTO regime.
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Ford also plans second hand cars foray
Bangalore: Following the initiative taken by its rival, Ford India Limited, is planning a major foray into the second hand car market. However, unlike its rival which has got into all models of cars, it is not clear whether the Ford strategy would concentrate on its own models or would also involve other models of cars.

The company is also firming up plans with Kotak Mahindra, with whom it has a joint venture for consumer finance, to tailor suitable schemes for this market. The company hopes to help customers plan their shift to newer Ford models through this second hand operation.
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Hitachi gets clearance to invest in Telco subsidiary
New Delhi: The FIPB has cleared an application made by Hitachi Construction Machinery Company to invest in the shares of the subsidiary of truck major, Telco.

The subsidiary, Telco Construction Equipment (Telcon), will manufacture advanced-technology earth moving equipment in India for sale in the domestic and Saarc markets. It will also continue to manufacture the existing range of construction equipment like excavators, cranes, dumpers and loaders.

The Japanese giant will take a 20 per cent stake in the company for an estimated Rs. 93.5 crore, with the option of hiking it further. The Tata company will, however, continue to have a majority holding.
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Escorts JCB to expand capacity
New Delhi: Escorts JCB Limited, a joint venture between the Escorts group and the UK-based JC Bamford Excavators, is planning to expand its production capacity for the manufacture of new range of earth moving equipment. The expansion program will involve a total outlay of Rs. 150 crore.

However, initially the company may import fully built vehicles for which the Indian venture would offer the service support. Thereafter, with the market demand picking up, the company would get into full fledged manufacturing.

The Indian operations are also likely to become the hub for the South Asian operations and will start by commencing component exports to the South Asian countries. There are currently, 13,000 machines operating in the domestic market.
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Juniper launches powerful router
New York: Juniper Networks, a company founded by an Indian American, Mr. Pradeep Sindhu, has launched a powerful core internet router, named M 160. The company already provides next-generation internet related infrastructure systems.

The M160, which took 18 months to develop, is four times more powerful than its existing product, the M40. Big internet service providers like Cable & Wireless and MCI have already placed orders for the new machines.

A fully loade M160 can handle 160-gbps throughput at a forwarding rate of 160 mbps.
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HSBC takes over profitable French bank for $10.6 billion
Paris: CCF, France's eight largest retail network bank and among the most profitable banks in the country, has been taken over by the Hong Kong and Shanghai Banking Corporation (HSBC) for an estimated $10.6 billion. The bank, which targets high net worth individuals, has long been a prey for take-over.

The HSBC offer, at 150 euros per share, represents a 14.9 per cent premium over the closing price for the CCF shares.
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