Oracle to set up offsite centre in India
San Francisco: Global software giant, Oracle, has drawn ambitious plans for India and has announced the setting up of an offsite consulting centre in the country, which will provide a virtual consulting resource for Oracle worldwide.

Oracle has also started an India initiative focussing on incubation for evaluating startups. The board of Oracle has authorised the management to invest upto $500 million in global investments, but the company has not yet decided on any geographical spread for this investment. But the company is definitely scouting around for good investment opportunities.

At the other end, Oracle Consulting has plans to set up an extension of its e-business studio in Hyderabad, with the twin objectives of providing virtual consulting capability and knowledge to all Oracle clients worldwide and to make the customer successful, by cutting down implementation time and by providing value to them.
Back to News Review index page 

Maruti strike negotiations end in deadlock
New Delhi: With the employee agitation intensifying, the wage negotiations at the country’s leading auto company, Maruti Udyog Limited, ended in a stalemate, with the management calling for another round of talks.

According to company managing director, Mr. Jagdish Khattar, the the union's proposed incentive scheme was not acceptable to the company as it would put an additional burden of Rs 60-70 crore on the company.

Commenting on the breakdown of the talks, the Maruti Udyog Employees' Union vice-president M S Taragi said the employees would intensify their agitation and alleged that the management was not interested in resolving the issue.

MUL employees are demanding improved incentive-based production and revised pension schemes.
Back to News Review index page 

Data Inc to include $50m defamation claim in suit
New Delhi: In what could become a messy affair, Data Inc has amended its suit against Polaris Software to include damages of $50 million for defamation.

The change has apparently been brought about by the "knowingly made false and malicious statement made by Polaris about the legal implications of getting out of the deal with Data Inc being limited to $100,000."

The lawsuit, filed by Data Inc in New Jersey, suit seeks to require Chennai-based Polaris to comply with the agreement to acquire Data and reimburse Data for major expenses it had incurred while relying upon Polaris’ promise for the same.

Data had also said Polaris had unilaterally and without justification, refused to proceed with the acquisition after signing an agreement (on 23rd, May 2000) to acquire Data for $21 million in cash and stock.
Back to News Review index page 

Wyeth Lederle to rid itself of old brands
Mumbai: Pharma company, Wyeth Lederle, has renewed its thrust on marketing armed with the launch of four new drugs from its foreign collaborator, American Home Product, in the past few months.

The company has also embarked on a product portfolio restructuring two years ago to rid it of old brands, of which it has nearly rid itself of a third. The introduction of new products is expected to accelerate the growth in sales.

The slew of new launches comes in the wake of a total drought of new products, as the company went through a reorganisation process in early 1998, through the merger of three group companies and streamlining through voluntary retirement schemes.

The continuing VRS has seen sixty more employees leaving in the last six months with an average VRS package of Rs 4-4.5 lakh per person.

The four new drugs that have hit the shelves this year are Felban a non-steroidal anti-inflammatory drug for pain management, Zosyn an anti-infective, Loette an oral contraceptive, and Premelle and Premelle Cycle for hormone replacement therapy.
Back to News Review index page 

Dr Reddy’s gets approval for trials of cancer compound
Mumbai: Nearly two years after it made its first application, Dr. Reddy’s Foundation – the research foundation started by pharma major, Dr. Reddy’s Laboratories -- has been allowed by the Drugs Controller General of India to start clinical trials on its new anti-cancer compound.

The approval to start phase one of the trials of the compound, code named DRF 1042, came early this week. This will be the first new compound to undergo clinical trials in the country. Every new compound has to be tested on human subjects for safety and efficacy before it can be massmarketed.

Two anti-diabetic compounds from DRF are already undergoing trials outside the country in collaboration with Danish major Novo Nordisk. Other companies that are conducting trials on new drugs in India are Ranbaxy Laboratories on a compound for benign prostatic hyperplasia and Torrent Pharmaceuticals on a cardiovascular compound.
Back to News Review index page 

Godrej to divest 25% in Sara Lee JV through IPO
Mumbai: Group company, Godrej Sara Lee, in which US multinational Sara Lee holds 51 per cent, is slated to make an IPO shortly. The Godrej group will divest 25 per cent of its current 49 per cent stake to meet the Sebi requirements. The US multinational is not diluting its stake since it needs to hold 51 per cent to consolidate its accounts.

The IPO of Godrej Sara Lee is a part of the restructuring exercise at Godrej Soaps, which holds 25.46 per cent stake in Godrej Sara Lee. The balance 22.56 per cent is with another group company, Godrej & Boyce.

The brands that the company has are Good Knight, Jet, Hit, Hexit and Banish. Godrej said the company is the largest manufacturer of mats in the world and the number one insect repellant company in India with a market share of 40 per cent.

Meanwhile, the name Godrej Consumer Products had been tentatively finalised for the company which will be formed by the demerger of the consumer products division of Godrej Soaps. The residual company is likely to be called Godrej Industries.
Back to News Review index page