Japanese major to acquire ACC, Tatas’ stakes in Floatglass
Mumbai: Asahi Glass Company has bought out the equity of ACC, Tata International and Tata Engineering in Floatglass India for Rs 28.7 crore.
The Japanese company entered into an agreement Monday with the three companies.
Asahi has acquired 20.3 million equity shares for Rs 21.3 crore, and with this the stake of Asahi Glass in Floatglass India will increase from 49 to 75 per cent.

Under the deal, Asahi Glass will acquire 20.28 million equity shares from the co-promoters at Rs 10.5 per share. The promoters will also acquire 6 lakh preference shares from ACC and the Tata group firms at Rs 124 per share.

Floatglass is an ailing company and both ACC and the Tata group hold approximately 13 per cent stake each in it.
Andersen Corporate Finance is advising Asahi Glass in this deal.
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Pfizer may sell off Protinex
Mumbai: Pfizer may sell-off Protinex, a well-known protein supplement in its portfolio. This is the third largest brand in Pfizer’s portfolio behind Becosules vitamins and Corex cough syrup. According to analysts, Protinex is said to be growing at about 6 per cent per annum.

Protinex is basically a protein supplement with sales of about Rs 25 to 30 crore (as per ORG-Marg retail data) and is a leading brand in the category of nutrition and metabolism-related products.
The prescription brand is nearly five-decade old with a quasi over-the-counter profile.
Merchant bankers here confirmed that the company had informally indicated it was open to a sale of the brand for some months now and is believed to have entered into discussions with companies in the past.
Industry sources said that potential buyers would probably be companies with an interest in the consumer healthcare segment.

Pfizer has been reviving its product basket recently through the launch of new brands like Minipress XL, an antihypertensive drug; Hepashield, a hepatitis B vaccine; and Magnex, a hospital antibiotic.
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Lucent, Motorola to bid for BSNL contract
New Delhi--Lucent, Ericsson and Motorola have submitted bids for the BSNL contract for supplying cellular switching equipment of a total capacity of two million lines and setting up the network. The tender was opened on Monday.
With the per line cost of cellular network around $70-100, it is estimated that the total tender would be worth between $140 and $200 million.
The winner of the contract is expected to set up the network on a turnkey basis and will supply the equipment, design and commission the network. It will also be responsible for its maintenance.

The winner will have to commission one million lines during the current financial year and another one million lines during the next financial year.
Other global majors like Nokia, Siemens and Nortel did not participate in the bidding process.
BSNL plans to add one million cellular subscribers by the end of this year in its network.
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Pentamedia’s acquisition plans to be reviewed by panel
Mumbai: The Board of directors of Pentamedia, the software animation company has set up a three-member committee to review its acquisition plans.
The three-member committee will be made up of director and chief operating officer K Srinivasan, director T V Krishnamurthy and CFO S Chandrasekhar.

The board has also given the go-ahead for continuing talks with Film Roman for acquisition purposes.
The Film Roman deal recently attracted much attention. Film Roman stated earlier this month that the deal with Pentamedia was likely fall through and that the last date for the deal to be concluded was April 14.

Srinivasan said last week that the deal has not fallen through and they were awaiting the board's approval for future negotiations.
Market observers say that Pentamedia is keener on the acquisition than Film Roman.
Srinivasan also said the $3-million acquisition of Studio 345 was being renegotiated.
Officials sources say that the company is looking at a stock and cash deal.

Pentamedia’s stock has depreciated in the last one year. The 52-week high that it reached was Rs 1017. It closed at Rs 61 today at the Bombay Stock Exchange. The counter has lost more than 95 per cent of its value in the last one year.
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AT Kearney to prolong alliance with i2 Tech
New Delhi: T Kearney, management consultants, plans to prolong its tie-up with i2 Technologies to offer bundled solutions for sourcing and procurement to clients in India as part of its effort to give sharper focus to its traditional area of strength, viz operations.

According to John E Yoshimura MD for South-East Asia, though AT Kearney is famous the world over as an operation consultant, in India, it has worked in the area of strategy consultancy only. Now it plans to launch a number of initiatives to bring out its traditional strengths in India.
As part of this the firm intends to offer its clients in India expertise in asset management services, asset effectiveness and post-merger integration.
AT Kearney and i2 Technologies had entered into a strategic alliance early this year to deliver solutions that would enable companies manage their supply chains more effectively and would enable companies to cut their procurement costs by as much as 25 per cent, Yoshimura said.
Although the two companies have committed dedicated resources to this alliance called 2Source, they are yet to decide if this alliance would be given a more concrete shape in form of a legal entity.
Elaborating on 2Source, Yoshimura said, the partnership is a three-way arrangement between AT Kearney, its parent EDS and i2 Technologies. The objective of the alliance is to provide a comprehensive or "one-stop-shop" solution combining AT Kearney's strategic sourcing methodology and i2's technology platform to enable e-purchasing. i2 has a significant backroom operations and a small marketing office in Bangalore.
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Satyam inaugurates Asia-Pacific HQ in Singapore
Singapore: Satyam Computer Services on Monday officially inaugurated its Asia-Pacific headquarters in Singapore.

The company will provide end-to-end solutions to clients in the region.
Satyam Computers is the third largest software exporter in India.
The Singapore office has already executed projects for telecommunications companies in Taiwan, banks in Hong Kong and various international firms in Singapore.
Ramalinga Raju, chairman Satyam Computers, when asked about the impact of the current economic slowdown said that to combat the slowdown, Satyam would have to spread its operations into more parts of the globe.
However, he added that Nasdaq was showing signs of improvement.

Satyam has been in the spotlight recently over an alleged leak of its financial results ahead of a board meeting. The company denies releasing the results prematurely and officials in Singapore declined any comment on the incident.
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Japan Telecom buys J-Phone stakes of Toyota
Tokyo: Toyota Motor, Japan’s biggest car manufacturer confirmed on Monday that it had sold its entire holdings in three regional wireless firms to Japan Telecom. The deal had been completed at the end of March. Toyota declined to disclose the sum. Before the sale, Toyota owned 1.97 per cent of J-Phone East, 1.98 per cent of J-Phone Central and 5.01 per cent of J-Phone West, which are the regional operating units of J-Phone, Japan's third-largest mobile operator. J-Phone is the wireless arm of Japan Telecom.
Analysts say that this will allow Toyota to focus on its partnership with KDDI, Japan’s number two carrier in which it holds an 11.7 per cent stake, the second-biggest after Kyocera's 13.5 per cent.
Toyota markets KDDI in its nationwide dealership network and is developing intelligent transport systems using wireless communications with KDDI. KDDI, Japan's second-biggest carrier competes with the J-Phone group in the long-distance, Internet and cell phone businesses.
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Another notice of arbitration served on Maharasthra
Mumbai: Enron’s Dabhol Power Company has served yet another notice of arbitration on the Maharashtra government for defaulting in the payment of Rs 225.3 crore towards power purchase bills and interest on those bills.
DPC has already served a notice of conciliation and notice of arbitration to the Centre on April 4 for the non-payment of the December bill of Rs 102 crore.
Said an Enron spokesman,"The Maharashtra government has repeatedly failed to honour its guarantee, including those towards the December ‘00 and January ‘01 bill, and in respect of interest on late payments."

The recent salvo has been fired through its Hong Kong based solicitors, M/s Linklaters, under the provisions of the Arbitration Act 1996.
Meanwhile, DPC has also appointed the former chief justice of the commercial division of the Supreme Court of New South Wales, Andrew John Rogers QC, as its arbitrator to represent the company during the arbitration process.

DPC also wants the payment of interest for the period mentioned above at the rates, as the tribunal may determine. According to arbitration norms, there will be three arbitrators, and no arbitrator will be a national of India or of the US.
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Merrill lowers earnings estimates of M&M
Mumbai: Merrill Lynch has slashed earnings estimates for Mahindra & Mahindra for the past and the current year by 32 percent while the intermediate and long-term accumulate rating had been retained.
It said the reasons were lower growth in key categories and delayed product launches.
Merrill said that M&M’s growth in the past year was affected by falling sales of utility vehicles where it is facing stiff challenge from Japan's Toyota Motor.
The latter has grabbed a 20 per cent marketshare with the Qualis, while M&M's share has declined to 47 per cent in February from 60 per cent a year ago, the report said.
A ban on sales of soft-top utility vehicles in four states is also hurting M&M, forcing Merrill to cut sales estimates by 14 per cent in the current year.

In tractors, Merrill has forecast a two per cent drop in volumes for the current year due to high inventory build-up and competition from new players like John Deere.

Growth is projected to slow to 4 per cent year-on-year from eight per cent in 2000-01.
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Marathon Oil may be chosen for Enron's oil & gas stake
New Delhi: Marathon Oil, the US energy giant has emerged at the top in the race for Enron Corporation's 30 per cent stake in Panna-Mukta and Tapti oil and gas fields after bids of five others including Oil and Natural Gas Corporation and Reliance were found "unacceptable."
Marathon Oil officials confirmed bidding for Enron's stake in the $900 million venture and said, "We haven't yet received any communication of acceptance of our bid."
Marathon oil is learnt to have quoted $300-350 million for Enron's stake.
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J&K Bank set to take over Srinagar branch of SC Grindlays
Srinagar: Jammu and Kashmir Bank will soon take over Standard Chartered Grindlays’ Srinagar branch. Jammu & Kashmir Bank chairman Mohammed Yousuf Khan said the deal would be finalised very soon.
The branch has been on the market for some time. However, there was some controversy as the assessment of the assets of the bank in Srinagar, located at a prime commercial spot on a piece of land leased by the state to Loyd’s —were reportedly under-valued by the state government. This was after Standard Chartered sought its help.

Another assessment made by a surveyor appointed by Standard Chartered Bank later, showed the value of its assets on a much higher side, triggered a controversy and delayed the process of negotiations.

Khan however refused to divulge the details of the deal under which the bank’s another branch in a neighbouring state is being taken over by J&K Bank.
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Mercedes to launch C-Class in India on April 19
Mumbai: To boost sales in India, Mercedes-Benz India (MBIL) is planning to offer more than a luxury car when it launches the C-Class on April 19.

Hence for the first time since it landed on Indian soil in 1994, the company will introduce personalised "Mercs" for local customers.

For this Mercedes-Benz will offer the C-Class fitted with body kits from AMG, a company in which DaimlerChrysler holds a 51 per cent stake.

The kits will make car more expensive by Rs 1-3 lakh. Mercedes C class is expected to carry a tag of Rs 17-20 lakh.

While AMG engine modifications will not yet be available to Indian buyers, they can still aspire for that AMG look, thanks to the exterior kit, comprising of aerodynamic devices such as front and rear skirts, and a rear spoiler. It is not clear if MBIL will offer the AMG-created interior appointments for the C-Class.

MBIL will now have three different products, all in the premium segment, at three distinct price points.

MBIL registered a net profit of Rs 20 crore in the calendar year 2000. The company recently bought out Tata Engineering's 14 per cent stake for Rs 84 crore, to make itself a wholly owned subsidiary of DaimlerChrysler.
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M&M plans new tractor range
Mumbai: Mahindra & Mahindra (M&M) is planning to introduce a new range of tractors soon.

This is seen as an effort by the company to offset competition from multinationals.

The new range, being developed under a project called Horizon 3, is expected to comprise of high performance machines in the 35-50 HP segment.

Gautam Chakravarti, executive vice-president, M&M, said, "We are planning to introduce the Horizon 3 range of products in a short while. These tractors have been designed from the drawing board up and will be world-class."

He went on to add that these tractors have the ability to compete with John Deere’s tractors.
The Horizon 3 range of tractors were conceptualised a few years of years back with an intention to cater to customer needs over a 4-5 year period. The company is also concurrently working on projects Horizon 1 and Horizon 2.

While Horizon 1 focuses on upgrading the existing range of tractors in the Bhoomiputra and Sarpanch series, Horizon 2 was developed to cater to evolving needs of the customer.

Arjun, the latest range of tractors from the company, is an output of Horizon 2, Chakravarti said.
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S Kumar’s launches Tamarind, men’s apparel range
Mumbai: S Kumars Nationwide, which is the new name of S Kumars Synfabs, has launched a new ready-to-wear brand, Tamarind.

According to Nitin Kasliwal, managing director of S Kumars, Tamarind is targeted at the middle and upper-middle segment of the market, and will be a "total solutions" brand for men.

Explaining the reason behind the name, he said, "Tamarind represents a peppy, vibrant and trendy image."

The company has signed up Bollywood sensation Hrithik Roshan as its brand ambassador for an undisclosed amount. Roshan was earlier the ambassador for Cinnamon.

The brand will be available in over 1,800 stores across the country. The ready-to-wear market is estimated at Rs 15,000 crore with the men’s wear alone accounting for around Rs 5,000 crore.

Kasliwal expects the ready-to-wear division to contribute around Rs 400 crore to the company’s turnover over the next three years.
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Wockhardt to restructure LifeSciences
Mumbai: Wockhardt Ltd is planning to restructure its loss-making subsidiary, Wockhardt LifeSciences.

The latter was restructures last year and was left with two businesses bio-agrochemicals and intravenous fluids.

Formerly, Wockhardt Healthcare, Wockhardt Life Sciences was in another line of business, and that was hospitals. Last year, this also was hived off into Wockhardt Hospitals.

Wockhardt is currently in talks with merchant bankers and consultants has reportedly requested merchant bankers to even look at the possibility of splitting Wockhardt LifeSciences into two companies and possibly offload stake in the agrochemicals arm

Habil Khorakiwala, chairman and managing director of Wockhardt, said: "We are looking at different options to make the company more profitable. At present, we have not finalised any plan to transfer the agrochemicals business."

During the last few years, Wockhardt LifeSciences has been registering losses. It was subsequently decided to transfer the hospitals business, which was the most profit-making unit among the three divisions of Wockhardt LifeSciences, into a wholly owned subsidiary.
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Shareholders approach Sebi against GR deal
Mumbai: Shareholders of German Remedies (GR) are crying foul. They have approached the Securities and Exchange Board of India (Sebi) with a complaint, even as the Ahmedabad-based Zydus Cadila goes ahead with its open offer of Rs 650 per share to GR shareholders on Tuesday.

Sebi board member Prof JR Varma confirmed that a complaint by shareholders of German Remedies has been filed with it Monday.

He, however, declined to divulge any further details.

It is widely understood known that the other contenders in the bid for GermanRemedies— Pharmacia and Bristol Myers Squibb — had offered roughly Rs 850 pershare and Rs 800 per share respectively to the German firms. The deal, went,

Cadila’s way at Rs 650 per share, backed by simultaneous offer for the "perpetual rights"to five Asta brands for Rs 52.6 crore. The five brands in question are Deriphyllin,Paractol, Ildamen, Xipamid and Beta Xipamid.

Sources say that Zydus’ offer works out to around Rs 875 on a per share basis, but the open offer to the Indian minority shareholders would be made at only Rs 650 per share. Thus while the overseas seller gets a better price, minority Indian shareholders have got a raw deal at Rs 650 per share, almost Rs 200 per share less.

The open offer if it goes through will sew up the largest-ever M&A transaction in India Pharma Inc. Zydus Cadila had on April 10 announced the acquisition of a 27.72 per cent stake in the Mumbai-based German Remedies (GR) at Rs 650 per share from Asta Medica AG and Heller Vermogensverwaltungs GmbH.
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Triumph International protests against Sebi order
Mumbai: Triumph International Finance, in which Ketan Parekh’s (KP) family holds a 15.84 per cent stake, has clarified that it has severed all connections with Ketan Parekh, which were minor to begin with.
It said that it is exploring legal options against the Securities and Exchange Board of India (Sebi) order of April 5 banning it from conducting any business.

Sebi is already embroiled in a legal battle after it banned all Anand Rathi firms from trading. Sebi also banned Triumph International, along with Triumph Securities, NH Securities and Classic Share and Stock Brokers from conducting business, on April 5, under section 11B of the Sebi Act.

Top Triumph International sources said that KP did not own the company, and his family had only 15.84 per cent stake in it held by the wives of Ketan and Kartik Parekh.

The company says that Mr Dharmesh H Doshi, managing director Triumph International holds 30.91 percent equity while Mr Jatin Sarvaiya, who is the joint managing director of the company holds 11.87 per cent equity of the company. Both are chartered accountants by profession. The public holds 41.38 per cent stake, and the company has over 8,000 shareholders. Ketan and Kartik Parekh have also resigned from the Triumph International board with effect from March 31, 2001, and the Sebi order banning the company came after that, the sources pointed out.
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Sale of Tata Chemicals cement unit delayed
Mumbai: The intended sale of Tata Chemicals Ltd’s Mithapur cement unit in Gujarat has been put on hold, said sources close to the deal.
This follows the recent fire at the company’s Mithapur plant after which production had to be halted for a fifteen-day period.

Tata Chemicals is understood to be in talks with Gujarat Ambuja for selling off the Mithapur unit, while another interested party is Larsen & Toubro (L&T).

The deal is managed by Infrastructure and Lease Financing Services (ILFS) on behalf of Tata Chemicals.

The Mithapur cement unit is a 4 lakh tonne capacity plant catering to the local market. Analysts point out that if the deal goes through, it will be a win-win situation for both the parties as it makes a viable proposition for those already having a strong presence in the state. The outright sale of the plant might fetch close to Rs 200 crore for the company, according to analysts.
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Parle forays into the dairy market ‘N-joy’
Mumbai: Parle Agro launched a natural fruit and milk drink under the brand name "N-joy" on Monday.

This marks the company’s entry into the dairy segment N-joy will be Parle’s first-ever dairy product and will be launched in major metros like Chennai, Pune and Mumbai to begin with.

Priced at Rs 15 for a 250 ml carton, N-joy is positioned as a 100 per cent real mango and milk drink in the premium category, said Parle Agro chairman & managing director Prakash Chauhan.

N-joy which will be "deliciously different," will compete with other major players including Nestle, Britannia (Milk Man) and Energy, among others. The initial launch of N-joy will be supported by POP material followed by a media blitzkrieg. After the national roll out, the company plans to introduce other variants, which include real strawberry, peach and pineapple in the next few months.
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Ramco ambitious ERP growth plans ahead
Chennai: The information technology solutions provider, Ramco Systems Ltd is planning to look knock at business opportunities in the enterprise application niche in India and the Middle East market.

It has ambitious plans to grow in excess of 50 per cent in this segment.

Company officials while declining to quantify the revenues from the segment, they confirmed that about 100 professionals were involved in the implementation and maintenance of enterprise applications solutions in the above regions.

Mr G Venkatramana, country manager, India and Middle East, said, "Ramco is actively looking at addressing the demand for large scale, complex Internet-based transactions, by drawing upon its rich knowledge base in transaction processing systems and Web technologies. The company has moved fast to offer its products and services in areas such as Web-based enterprise resource planning, customer relationship management and field service."

The company has developed its flagship product Ramco e.Applications for the ERP niche market. It has 35 core modules arranged in nine application groups that cover all functional areas of enterprise management.

These applications combine with complementary solutions to deliver focused, industry-specific enterprise resource planning (ERP) solutions in discrete manufacturing and process manufacturing. Both solutions are enabled for Internet, e-commerce and Electronic Data Interchange.
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