Godrej Sara Lee acquires Indian business of Sara Lee
Mumbai: Godrej Sara Lee (GSL), a joint venture company between the Godrej Group and US based Sara Lee Corporation has acquired the distribution and marketing business of Sara Lee household and body care products for the India and South Asia for $ 13 million (Rs52 crore). Godrej Sara Lee will now begin distributing brands like Kiwi Shoe Polish, Kiwi Dranex drain cleaner and hair care product Brylcreem in India, Sri Lanka, Bangladesh and Nepal.

The turnover of GSL is Rs625 crore. Godrej Sara Lee was formed in 1995 after Godrej acquired the Good Knight brand from R Mohan.

Godrej Sara Lee's portfolio largely consists of household insecticide brands like Hit and Good Knight in India, apart from Sara Lee's air purifier brand, Ambi Pur.
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Airlines set to hike fares
New Delhi: Domestic airlines are set to hike fuel surcharge by Rs50 in July to offset rising jet fuel price. The hike will hike the total fuel bill in an air ticket to Rs950.

Kingfisher Airlines and Air Deccan are hiking fuel surcharge by Rs50 from July 4 while low-cost carrier SpiceJet is expected to decide on the issue in the next couple of days.

The latest round of air fare hikes follow the announcement of new aviation turbine fuel (ATF) rates for the month by state oil companies which are around 2.86 per cent higher than in June, in line with international oil prices.

The tax and surcharge component in air fares have also zoomed in recent months. Currently, air passengers pay anywhere around Rs1,300-1,375 as taxes and surcharge, over and above the basic fares advertised by airlines.
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Nokia Siemens plans $100mn investment in India
New Delhi: Nokia Siemens Networks, the global telecom equipment maker has announced plans to invest $100 million in the country over the next three years to set up a high-end wireless products manufacturing facility in Tamil Nadu which will address the strong market demand in India and will manufacture high-end equipment.

Nokia Siemens Networks will also establish a network of suppliers and will increase localised sourcing. The construction work at the site will begin later this year and commercial production is expected to begin in 2008.
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Welspun-Gujarat to set up manufacturing unit in US
Mumbai: Metal pipe maker Welspun-Gujarat Stahl Rohren is planning to build a $100 million manufacturing facility at Arkansas in US and expects to start production by spring of 2008. Once completed the facility would be capable of making 3,00,000 net tonnes of tubular steel pipes annually for use in the oil and gas industry. Welspun Gujarat would hire about 300 workers at the facility, the company said in a communiqué to the Bombay Stock Exchange. The facility would be adjacent to the Little Rock Port authority.

With majority of its production exported to the United States, Welspun has a very strong presence in the US. It also supplies pipe foils to one of the world's deepest pipeline for the 'Independence Trail' project in the Gulf of Mexico.
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Hindalco enters into coal mining joint venture
Mumbai: Aluminium giant, Hindalco Industries has signed a joint venture agreement with Mahanadi Coal. and Neyveli Lignite Corp. Ltd for coal mining in the country. Mahanadi Coal is a subsidiary of state-owned Coal India Ltd., the company said.
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Mahindra reports 52 per cent rise in June vehicle sales
Mumbai: Utility vehicle maker, Mahindra & Mahindra has reported a 52 per cent rise in total vehicle sales in June to 17,816 units from 11,709 units sold a year earlier. Mahindra said domestic auto sales, including utility vehicles, light commercial vehicles and three-wheelers, rose 50 per cent to 16,814 units from 11,178 units.

Mahindra, which makes Renault's no-frills Logan sedan, sold 2,389 units in June, it said.
Exports rose 89 per cent to 1,002 units. Mahindra sold 10,089 tractors in June, down 3 per cent from a year earlier.
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Accentia Tech to acquire two US firms
Mumbai: Accentia Technologies has signed agreements to acquire U.S-based G.S.R. Physicians Billing Service Inc. and GSR Systems Inc. The two acquisitions would add $2.5 million to its revenues in 2007, the firm said in a statement.
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Steel companies cut flat product prices by up to Rs1000/tn
Mumbai: Steel companies have cut flat product prices by Rs500-1,000 per tonne across categories, in keeping with the market conditions.

Steel Authority of India Ltd (SAIL) has reduced prices by Rs500-1,000 per tonne for flat steel. Prices of galvanised plain (GP) and galvanised corrugated (GC) sheets.

Essar Steel has cut prices by Rs700-800 per tonne while Ispat Industries has dropped prices by Rs600-800 per tonne, according to industry sources.

A Tata Steel spokesperson said, the company was yet to decide on price revision.

JSW Steel officials said the company would decide tomorrow on prices.

SAIL has kept prices of long products like TMT bars, unchanged.

Arcelor Mittal, the world's largest steelmaker, recently announced that it would maintain its current pricing structure for flat products in Europe for the third quarter.
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Dabhol project to obtain gas from Dahej
Mumbai: The Dabhol power project in Ratnagiri district will start obtaining gas from Dahej pipeline this week, according to Maharashtra Energy Minister Dilip Valse Patil.

He added that the project would start generating its full capacity of 2,100 MW in December.

One 740 MW unit of the project has been running on naphtha and would be shifted to gas. The other two units would be made operational with gas as fuel over the next few months.

Patil also said orders have been placed with BHEL for equipment to generate an additional 2,000 MW in Parli, Paras, Bhusawal and Khaparkheda projects.

The load-shedding situation in the state is expected to improve considerably next year, with increase in power generation capacity, the minister said.
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Dow Chem ties up with Gujarat Alkalies
Mumbai: Dow Chemicals, the world's second-largest chemical manufacturer, has signed an agreement with Gujarat Alkalies and Chemicals (GACL), a Gujarat government company, to set up a chemicals plant in the state.

This new chemical plant is proposed to be set up in a 50:50 JV between GACL and Dow. GACL is already leader in manufacturing caustic chlorine with a basket of 26 diversified products. He refused to divulge any information on the investment and size of the proposed plant.

GACL, with annual sales of Rs1,000 crore, said in a notification to the stock exchanges on Monday the company and Dow Europe have signed a memorandum of understanding (MoU) for exploring a long-term and strategic business relationship in the area of chlorinated organics based on the inherent strength of both the companies.

Dow's move comes at a time when the issue of compensation to the victims of the 1984 Bhopal gas tragedy continues to simmer. India has clarified that Dow Chemicals' investments in the country will not be affected as a result of the Bhopal gas tragedy even as the government would like to see the court processes resolved and the issue addressed.

GACL and Dow are also exploring opportunities for product sharing and marketing. Dow is present in 175 countries and GACL exports its products to the US, Europe, Australia, Africa, Far and Middle East countries, China and South Asian markets.

Dow is the world's largest supplier of chlorinated organic products and services. These products include chlorinated solvents and chlorinated intermediates.
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