15 June | 16 June | 17 June |
document.writeln("
Madhavpura Bank to be revived
New DelhiThe central government has decided to revive the Madhavpura
Mercantile Co-operative Bank (MMCB) and has announced a Rs 1,264-crore revival package for
it. This goes against the Reserve Banks suggestion of liquidating the bank.
The revival package has been pegged at Rs 1,264 crore. Of this, co-operative banks in
Gujarat will contribute Rs 800 crore leaving Rs 464 crore to be covered by the Deposit
Insurance Scheme.
The centre will guarantee 70 percent of the amount to be contributed by the Gujarat-based
cooperative banks, while the rest would be guaranteed by the state.
Further, other state cooperative banks, which had deposits of over Rs 600 crore in MMCB
will not demand their dues for the next six years.
Back to News Review index
page
Arzoo .com closes
down
MumbaiSabeer Bhatia's post-Hotmail venture, Arzoo.com has become another
casualty of the downturn in the US economy and the online IT service company has died
before it was born.
Bhatia envisaged Arzoo to be a real-time online troubleshooting site, and was targeted at
corporations worldwide who wished to seek instant answers to pressing technical problems,
and to provide online problem-solving assistance for engineering and information
technology applications.
Bhatia had a 70 per cent equity stake in Arzoo, while Softbank of Japan and another
investment bank hold the rest. Bhatia's brother-in-law Rajiv Grover (a professor of
marketing at University of Georgia) was also involved in the venture, it is learnt.
The business plan involved marketing Arzoo as a technology platform that could serve
millions of Internet users simultaneously.
The company charged a monthly fee ranging from $5000 to $1,00,000 to corporate customers.
Solutions to queries were to be delivered through the web or through live chat by experts,
for fees ranging from $50 to $500.
Back to News Review
index page
TCS, Karthika Tech tie-up
New York-- Tata Consultancy Services, TCS, and
Canada-based Karthika Technologies, an emerging encryption company, are entering into a
"strategic partnership."
A company official at TCS said that the partnership will enable TCS to implement
high-level cryptographic tools to provide its clients with the best security practices and
risk management strategies.
Elliptic curve cryptography is an advanced encryption algorithm used in smartcards,
virtual private networks and where high-level security is essential, a release announcing
the partnership said.
Back to News Review
index page
MTNL ready to
execute CDMA-WLL service
SingaporeMahanagar Telephone Nigam (MTNL) is ready to execute its CDMA-WLL
service in Delhi soon with lower rental rates at Rs 400 as against those fixed by the
Trai.
Said KH Khan, chief general manager, MTNL, Delhi, "We have already set up the main
switch in Nehru Place and 30 other stations in the NCT region."
Back to News Review
index page
Ericsson
centre at TCS established
HyderabadThe Ericsson centre at the Tata Consultancy Services facility has
been inaugurated by Inge S Garshol, director (India), Ericsson Software Research &
Development Centre.
Ericsson plans to outsource TCS' expertise in the telecom domain for high-end solutions in
areas like digital switching, wireless networks, access networks, mobile computing,
intelligent networks and OSS. The centre will support Ericsson customers across the world.
TCS is currently working with Ericsson in Sweden and Australia to develop core switching
products and other high-end systems.
According to Garshol, "Ericsson is
committed to provide high-end telecom solutions in India. Our strategy is to build our own
design centres here and also partner with leading Indian companies and universities to
strengthen our research for india's IT and software competence."
Back to News Review
index page
After a rough
ride, Telco goes back to school
MumbaiTata Engineering is targeting schools to
increase sales of its buses. It has launched a countrywide campaign using direct marketing
agencies in order to do this.
Sales to this segment have remained flat for
several years.
The company has mailed a detailed brochure -- featuring an essay penned by a 10-year old
student on his liking for his yellow Tata school bus -- to over 5,000 schools in the
country and has roped in the services of two leading direct marketing companies, one in
Mumbai and the other in New Delhi, to make use of their extensive database.
Telco executive director Ravi Kant said his company had embarked on an aggressive course
of action to increase marketshare in the bus segment, which had remained flat at just over
50 per cent.
During the last financial year, Telco sold 25,660 buses as against 25,000 units sold
during the previous year. For Telco, strengthening its presence in the bus segment has
become vital, as rival Ashok Leyland has been consolidating its position in the south --
the only robust market for buses.
Back to News Review
index page
Godrej-GE takes Amtrex
to court
AhmedabadIn a counter suit Godrej-GE has taken Amtrex Hitachi Appliances
(AHAL) to court over the dispute over air-conditioner grill design between the two.
The Gujarat high court recently admitted a
cancellation petition filed by the Godrej-GE Appliances seeking the cancellation of the
air-conditioner grill design originally registered by AHAL.
Godrej-GE in its petition challenges the validity of the registration of the
air-conditioner grill designs by AHAL under the Design's act and says that the design is
not novel and is used by several air-conditioner manufacturers in India and abroad.
Godrej-GE has demanded that the registration of the design must be cancelled since it is
not an original creation of the company and was used even prior to its registration.
AHAL, a joint venture between the Lalbhai group and Hitachi of Japan, had earlier filed a
suit in the civil court against Godrej-GE for alleged imitation of the air-conditioner
grill designs is already pending in the civil court. Godrej GE has now asked for a stay on
the proceedings in the civil court.
Back to News Review
index page
Essar ups
capacity of HBI plant
HaziraEssar Steel has increased the capacity of its hot briquetted iron (HBI)
plant at Hazira in Gujarat, to 2.2 million tonnes from the previous 1.76 mt. This has been
done through de-bottlenecking and process re-engineering without any additional
investment.
According to Essar Steel director (operations) John C Parker, the de-bottlenecking
exercise has cost the company just under $25 million (Rs 112 crore).
The HBI plant produces metallics used as feed
for the company's steel plant that makes hot-rolled coils. With the availability of HBI,
the company no longer has to depend on scrap as an input.
Back to News Review
index page
Ranbaxy takes
Wilmark to court over brandname
New Delhi-- Ranbaxy Laboratories, which manufactures analgesic 'Fortwin', has sued
the Punjab-based Wilmark Pharmaceuticals in the Delhi High Court for producing and
marketing a similar drug in the name of 'Fortwil'.
Giving an ex parte interim injunction in favour of Ranbaxy, the court asked Wilmark
Pharmaceuticals to stop manufacturing its analgesic drug 'Fortwil' as it closely resembled
Ranbaxy's drug.
The court also prohibited the Punjab-based company from using the carton, ampule, layout,
colour scheme and get up which was identical with or deceptively similar to that of the
Ranbaxy's 'Fortwin'.
Back to News Review
index page
Goodyear
launches tubeless tyres in India
AurangabadGoodyear India has launched its tubeless radial tyres. The company
says it is the first in the country to offer a full tubeless tyre range for all types of
cars manufactured in India.
Goodyear India sales and marketing director E Krishnaiah at the time of the launch said
the tubeless tyres would be sold in its existing GPS-2 brand of car tyres as well the 'GT
770+', 'G-28' and 'Eagle NCT 3' brands.
The tyres would be manufactured at the South Asia Tyres plant here, a fully owned
subsidiary of US-based Goodyear Tire and Rubber Company.
Goodyear India, which has a manufacturing plant in Ballabhgarh (Haryana), is a 100 per
cent arm of Goodyear US.
Back to News Review
index page
Nokia
India to establish software R&D operations in India
New DelhiNokia, the Finland-based mobile telephony
major, is establishing its own software development, research and engineering operations
in India to service the requirements of its worldwide group companies and the operations
will be part of Nokia India.
Nokia India will also undertake wholesale marketing of high technology mobile phones and
related accessories and would develop specialised after sales service operations as part
of the software initiative. The new products to be introduced by the company in the Indian
market include WAP (Wireless Application Protocol), GPRS (General Packet Relay Services)
and third generation mobile phones.
The companys proposal of setting up the software operations has recently been
approved by the Ministry of Information Technology and the project has also received the
clearance from the Foreign Investment Promotion Board (FIPB).
Back to News
Review index page
Orchid Chemicals to foray in anti-AIDS drug segment
Chennai--Orchid Chemicals & Pharmaceuticals Ltd, the Southern pharmaceutical
major and one of the major bulk antibiotic drug manufacturers in the country, plans to
foray into the booming anti-AIDS drug business by hitting the market with a cocktail of
four to five bulk actives.
The company has already got the Drug
Controller of Indias (DCI) approval for one of its anti-AIDS processes.
According to the deputy managing director of the company Dr CB Rao said Orchids the
decision to make a foray into the anti-infective market is part of its strategy to move up
the value chain by branching out to non-cephalosporin business, its core area of
operation.
He said the company has already got the DCI
approval for one of its processes, Indinavir, one of the well-known medicines
for the AIDS disease
Orchid has also developed different processes
for two other drugs, Lamivudine and Ziduvodine, and is expecting the DCI approval for the
same.
Back to News Review
index page
Dabur
Oncology bags UK MCA approval
New Delhi-- Daburs wholly owned subsidiary in the UK, Dabur Oncology Plc has
obtained the preliminary UK Medical Certification Agency (MCA) approval to manufacture
anti-cancer formulations.
The formulations will be marketed in Europe and commercial production is expected to
commence by the end of this year.
Dabur Oncology Plc will focus on the manufacture of generic formulations alone and market
them in Europe in the first phase.
The company plans to make inroads in the European market with generic formulations after
which it would launch patented anti-cancer drugs in the market. The company is in advanced
stage of developing five anti-cancer molecules.
One molecule is already in the phase-I of the clinical trial, whereas four other molecules
are in the pre-clinical stage. The company is expecting that the commercial production of
the new molecules is likely to take place in the next three-four years.
Dabur has established a state-of-the-art manufacturing facility in the UK with an
investment of $16 million to manufacture its oncology products.
Back to News Review
index page
|