Reliance and US-based Eastman enter into marketing pact
Mumbai: Indian petrochemicals giant, Reliance Industries Limited, has entered into a strategic quid-pro-quo marketing deal with the US-based $5 billion chemicals company, Eastman Chemicals.

Under the deal, Reliance will develop the market in India for cyclo-hexa-di-methanol (CHDM), a proprietary Eastman product used to produce a modified version of PET. Eastman is the largest producer of this speciality resin in the world. In return, Eastman will use its vast marketing network in the US, to distribute ‘Relpet’ a resin manufactured by Reliance, which finds applications in the packaging industry.

This arrangement would give Reliance a major foothold for its products in the US market.
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Tata group to buy out Dresdner in asset management JV
Mumbai: Tata Asset Management, currently a joint venture between the Tata group and the UK-based Dresdner Global Investor Holdings, is likely to see management change. The Tata group is to buy out the holding of the UK group in the company. As part of the terms of the buy-out, the Dresdner representatives on the board of Tata Asset Management have resigned.

The Dresdner stake is to be bought out by the three existing Tata group companies who are shareholders – Tata Sons, Tata Investment Corporation and Tata Finance. Once the formalities of the buy-out are completed, it is expected that the Tata group will divest at least 50 per cent equity stake in the company to a strategic investor, most likely to be the American Insurance Group (AIG).
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Birla Global Finance plans private placement
Mumbai: Birla Global Finance, a Aditya Birla group company which is to hold a significant stake in the group’s insurance venture with Sun Life of Canada, is to increase its paid up capital through a private placement issue. The company will use the proceeds of this issue to subscribe to the shares of the insurance venture, currently named as Birla Sun Life Insurance project.

The project has already identified some key players from across the group, and has sent them to the Sun Life offices in Manila and Toronto for training.
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Jindal group to enter confectionaries
New Delhi: The Italy-based, Sorini, which is a $30m company with presence worldwide, has tied up with the Jindal group for its foray into the Indian market.

Sorini, a fruit candy maker, has tied up with Jindal Exports which will import the food products into the country. The products are aimed at the upper end of the market.
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GP Goenka group shaking off its old culture
Calcutta: As part of its strategy to revitalise the group, the GP Goenka controlled group has chalked out a management vision, that seeks to put an end to its staid reputation.

The company has recently inducted a new head of HRD from multi-national, Hindustan Lever Limited. It has also retained well known management consultants, Sumantra Ghoshal, Mrityunjay Athreya and Anita Ramachandran to evaluation of its top management across the group, with a view to arriving at a more professional outlook for the group. The group believes that, while it has a strong top management, the exercise is also aimed at identifying the leaders of tomorrow.
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Hindujas increase stake to 63 per cent in Fascel
Mumbai: The Thailand-based Shinawatara group’s 33 per cent stake in the Gujarat cellular services provider, Fascel, is being bought over by the Hinduja group for an estimated Rs. 180 crore.

This acquisition will result in the stake of the Hinduja group going up to 63 per cent from its current 30 per cent. The entire transaction for acquisition is to be completed before April 30. The other equity participants in the joint venture include Bezeq of Israel (16 per cent), Himachal Futuristic Communication Ltd (10 per cent) and Kotak Mahindra (11 per cent).

Sources said Hindujas have started negotiations with Hutchison Max, the cellular service provider in Delhi and Mumbai for selling a part or the entire 33 per cent stake to the latter. Hindujas and Hutchison Max have also started negotiations for launching the Orange brand in Gujarat at a later stage. Presently the Orange brand is popular in Mumbai and Delhi.
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Birla group company, Zuari Industries to spin off seeds division
Calcutta: As a precusor to divestment, the KK Birla controlled, Zuari Industries, is spinning off its seeds division. However, the Birla group would continue to be the majority stakeholder in the seeds business even after the proposed spin-off.

The Birla group entered into the production and marketing of seeds business in collaboration with Institution of Field & Vegetables Corporation and KVP Investment of Cyprus nearly seven years ago.The company, which is seeking greater focus in its activities, has already spun off its cement division.
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Glaxo plans to increase share in asthma market
Mumbai: Glaxo plans to double its share in the domestic asthma market with the launch of it's new asthma treatment in India. The product has been introduced in the country close on the heels of the international launch. The company controls 30 per cent of the worldwide market for respiratory diseases.

The inhaler delivery system, called Accuhaler, which has been launched in the country had earned the UK Queens Award for technological achievement for Glaxo Wellcome last year.

It consists of one month's preloaded medication in a moisture-proof device, includes two drugs -- salmeterol xinaforte, a long-acting beta-agnostic, and fluticasone propionate, an inhaled corticosteriod, in a single inhaler. The Accuhaler is designed to fit into a shirt pocket making it extremely easy to carry.
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