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IPCL to
come up before cabinet panel today
New Delhi:
The central government will
finalise the strategic partner for IPCL at a meeting of the
cabinet committee on disinvestment (CCD) to be held on 18 May. The
CCD is also expected to clear the transaction documents for the
privatisation of National Fertilisers Ltd.
The core group of
secretaries on disinvestment met here on 17 May to consider the
financial bids submitted by Reliance Industries, Indian Oil
Corporation and Nirma Industries for acquiring a controlling stake
of 26 per cent in IPCL.
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BSNL
slugs it out with Bharti Telesonic
New Delhi: BSNL
has objected to the international long-distance tariff structure
of Bharti Telesonic, announced in end-April 2002, which seeks to
bring down the existing call rates by close to 40 per cent.
BSNL has written to the Telecom Regulatory Authority of India
noting that since it was not consulted before the tariff structure
was announced, it may not be feasible to reach suitable
interconnect agreements with the company.
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Bertelsmann
to control Napster
Mumbai: The German media giant Bertelsmann has agreed to
pay $8 million to take over the troubled music-swapping site
Napster. It will also bring back executives who left the
organisation some days back.
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ABCL
to get Rs 38 crore from BIFR
Mumbai: ABCL,
Amitabh Bachchans entertainment company, is finally on a
revival track. The Board for Industrial and Financial
Reconstruction has sanctioned a Rs 38.06-crore rehabilitation
scheme for the ailing company.
ABCL engaged in the production of audiocassettes, TV serials
and films, as well as marketing audiocassettes, event management,
celebrity management and a host of other entertainment business
was declared a sick industrial undertaking in 1999.
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Guj
Guardian plans to set up new plant
Mumbai: Gujarat
Guardian, a 50:50 joint-venture between Guardian Industries
Corporation of the US and Modi Rubber, is keen to set up a new
float-glass manufacturing unit in India.
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Escotel
ties up with Max NY Life for life cover
Chennai: Max New York Life and Escotel have joined hands to
provide life insurance cover free-of-cost to Escotel Club Royale
members.
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Two-pronged
ITDC plan to revamp Hotel Ashok
New Delhi: With the government taking Hotel Ashok off the
divestment list, India Tourism Development Corporation has
launched a two-pronged revival plan to bring the hotel out of the
red.
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Alembic
to focus on three strategic areas
Mumbai: The Baroda-based pharma major Alembic is
restructuring its business to focus on three strategic areas
nutraceuticals, anti-diabetics and antibiotics which it hopes
will be the key drivers for growth during the coming years.
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Reliance
may be the frontrunner in the IPCL race
New Delhi: Prime Minister A B Vajpayee has intervened in
the IPCL disinvestment case and the stage is now set for the
sell-off to go through when the CCD meets and formally declares
the winner on 18 May. Reliance is the frontrunner in the race.
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Survey
says Kwality gains by focussing on metros
Mumbai: The Hindustan Lever-owned Kwality Walls strategy
to focus more on metros and some key cities is adding some cool
value share to the company.
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Atlas
Copco likely to shift Pune unit
Pune: Chicago Pneumatic, a division of Atlas Copco (India),
is seriously considering shifting its construction tools
manufacturing plant from Pune to Nasik or even to China.
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Granules
India to allot shares to promoter
Mumbai: Granules India, manufacturers of active
pharmaceutical ingredients, has decided to allot 24,54,418 shares
of Rs 10 each to the promoter and managing director C Krishna
Prasad, basically to fund the companys expansion plans.
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Microsoft
takes a hard look at security
New York: Microsoft has finally decided to take the
vulnerability of its products seriously. The company has decided
to incorporate security features in its future products despite an
anticipated cost and time overrun in its product development
processes.
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Burroughs
Wellcome issue referred to govt adjudication
Mumbai: The notice of change issued by Burroughs Wellcome
India to its employees and their union has been referred to
adjudication by the state government of Maharashtra.
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Indian
computer market grew by 2% in Q1
New Delhi: While the computer server market in China
witnessed a negative growth at -0.9 per cent in the first quarter
of 2002 over the corresponding quarter of the previous year, the
Indian market grew by 2 per cent and Singapore notched up a
whopping 25.9-per cent growth.
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Europe
refining sector to cut output to trim losses
London: European refiners will have to make deeper cuts in
refinery output over the next few weeks if they are to escape from
losses that have gripped the sector for several months.
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Star
offloads 1 per cent in Zee Telefilms
Mumbai: Star Hong Kong is reported to have sold around 1
per cent of its holding in Zee Telefilms recently.
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