Tatas formally announce interest in Air India stake
Mumbai: In a statement released on the day the government issued an advertisement calling for interested parties in the Air India divestment program, the Tata group has formally announced its intention to bid for a stake in the airline. According to the statement, the group is definitely participating in the disinvestment program given its historical ties with the airline.

The Tatas can go for the bid on its own, or can partner a foreign airline for this purpose. The group is understood to have kept its dialogue with Singapore Airlines open, in order to put in a joint bid. However, neither party would confirm this.

With the formal announcement for the bidding process having been made, it is expected that other interested parties like Reliance and ITC will shortly file their formal interest in the acquisition process.
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Electrolux not to acquire Tatas' stake in Eureka
New Delhi: Reacting to media reports, Swedish white goods major, Electrolux, stated that it had no plans to buy out the Tata stake in the joint venture company, Eureka Forbes. This was in keeping with its global plans to exit from direct marketing business.

According to the company officials, the proposed consolidation under which Electrolux will merge Indian operations - Electrolux India, Electrolux Kelvinator and Intron - into one entity by next year, did not involve a change in shareholding of Eureka Forbes.

The consolidation, the company felt, would usher in better operational efficiency besides increased profitablity and economies of scale.

"Our strategy is three-pronged. We have attained leadership in refrigerators and plan to do so for washing machines as well. Next is rationalisation of operations to achieve breakeven by 2001, healthy profits thereafter," he said.
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Lupin exits from Ceph International
Mumbai: The Rs 716-crore Lupin Labs Ltd has announced that it is exiting from its joint venture, Ceph International, with Mova Pharmaceutical Corporation (Mova) based in Puerto Rico.

Company sources said that the joint venture partner has already returned Rs. 30 lakh of the Rs. 50 lakh invested in the venture. The balance is to be returned back to the company by the end of the first quarter of the next year.

The exit has come due to the difference in the strategic focus and core competencies of the two companies. Mova's business focus is mainly on contract manufacturing.

However, Lupin on the other hand is in integrated research, manufacturing and marketing organization with focus on cost-effective development and manufacture of niche generics.

The joint venture was formed to focus around a US Food and Drugs Administration (FDA)-approved oral cephalosporins manufacturing facility acquired by Ceph from pharma major Eli Lilly in 1998.
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Chubb seeks Indian partner for entry into non-life sector
Shanghai: Chubb, the sixth largest insurer of businesses in the United States, which recently broke off from its proposed partnership with Kotak Mahindra, is hopeful of finding a partner that will help it enter the non-life insurance sector in the country.

The insurance giant’s proposed partnership with Kotak broke off since Kotak Mahindra was reportedly interested in doing business in life insurance, but Chubb felt that its expertise lied in the non-life sector.

On the global front, Chubb said non-US premiums, which total more than $1 billion, were likely to rise 12-15 per cent in local currencies.

New York-listed Chubb, which sells mostly commercial lines of insurance to businesses and corporations but is also a significant personal insurer, reported in February yearly operating profits of $565.3 million, rising from $640.8 million. O’Hare declined to give a forecast for operating profits.
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