COMPANIES
Fortis
arm to buy stake in TN hospital chain Malar
Mumbai: Ranbaxy promotor group company Fortis
Healthcare Ltd will acquire about 46 per cent stake
in Chenni-based Malar Hospitals Ltd, a company official
said.
The
acquisition will be done by its wholly-owned subsidiary, International Hospital
Ltd, Fortis said in a statement.
Fortis,
through its unit, will buy 28 per cent of equity from the promoters of Chennai-based
Malar and another 18 per cent through a preferential share issue, said Anil Panwar,
Fortis' president finance.
Oscar
Investments Ltd, another Ranbaxy group firm, will also acquire 7 per cent of equity
through a preferential issue, he added.
The
companies will make an open offer for the shares after the acquisition, Fortis
Healthcare said in a filing with the Bombay Stock Exchange.
Back
to News Review index page Currency
converter
Ford
plans to launch small car in India
Mumbai: Ford India, a wholly-owned subsidiary
of Ford Motor Company, said it was looking into options
to launch a small car for the Indian market.
Besides,
the company has also planned to strengthen its dealership network by opening 20
more outlets across the country this year. The company will increase the number
of Ford brand retail outlets from 115 at present to 135.
"Small
car is quite an important segment as it accounts for half of total sales of car
in India," Scott McCormack, vice president (marketing, sales, service) Ford
India, said.
"We
would have to have a proper platform and develop marketing strategy for India
in respect of small car segment," he said. "This year, we do not have
any new launches for India," he said.
The
company's models in India currently include Ikon, Fusion, Endeavour and Fiesta.
Last year, Ford India sold 42,060 cars in 2006 in the country posting a growth
of whopping 87 per cent.
Back
to News Review index page Currency
converter
Maruti
Udyog gets Indonesian order for 12,000 cars
Mumbai: Maruti Udyog Ltd, the country's biggest
carmaker, has received an order for 12,000 of its
compact car Zen Estilo from Indonesia.
MUL
had launched Zen Estilo in Indonesia in May this year and has already exported
5,500 units so far. The company now plans to ship 1,000 units of the model every
month to the South East Asian country.
The
order comes as a boost to MUL in a market where it is up against competitors such
as Atos from Hyundai, QQ Chery and Kia Picanto.
MUL
has been exploring new overseas markets to boost exports. "Of late we have
focused on non-European markets. It has grown by over 65 per cent in Middle-East,
Africa, South Asia and South America," a company spokesman said.
In
August, the company clocked total exports of 5,739 units, as against 2,000 units
in the corresponding month a year ago, up 186.95 per cent. Cumulative exports,
till August, for the fiscal stands at 2,390 units. MUL had also raised its export
target for the fiscal to 55,000 units from 50,000 units.
The
company, which has set an export target of around 2,20,000 units by 2010, is also
spreading into new markets like the UAE, where it has started shipments of its
best selling small car Alto.
Back
to News Review index page Currency
converter
HCL
close to forging three partnerships in China
Mumbai: Global IT service provider HCL Technologies
Ltd has entered China and is close to forging 'partnerships''
with three Chinese firms to better penetrate the booming
market.
"We have
set up operations in China by setting up a satellite office in Shanghai,"
Vineet Nayar, president of HCL Technologies Ltd, said on the sidelines of the
inaugural annual meeting of the `New Champions' organised by the World Economic
Forum (WEF) in the northeastern port city of Dalian.
"Our
approach to the Chinese market is very clear: I don't know. The Chinese knows
best. So work with the Chinese," Nayar said. "It is not possible to
work in China without partnership. If you start competing with the Chinese companies,
you will not succeed. Our approach in China will be collaboration and partnership,"
he said.
HCL
has been talking to 10 Chinese companies and is in the process of zeroing-in on
three partners, Nayar said.
Back
to News Review index page Currency
converter
Sterling
Biotech acquires gelatin unit in China
Mumbai: Sterling Biotech Ltd, the largest manufacturer
of gelatin in Asia, has acquired a Chinese company
to expand its presence in the world's fastest growing
economy.
"We
have acquired a Chinese company and are in the process of expanding the facility,"
Nitin J Sandesara, chairman and managing director of Sterling Biotech Limited
said on the sidelines of the inaugural annual meeting of the New Champions organised
b y the World Economic Forum (WEF) at Dalian.
While
Sandesara did not reveal the name of the Chinese company, he said it was located
'near Beijing'.
Industry
sources said Sterling has invested millions of dollars in China venture and it
currently holds nine per cent of the global market for gelatin. The company has
manufacturing plants in Gujarat and Tamil Nadu.
The
United States is the largest market for the company. quality protein.
Back
to News Review index page Currency
converter
SBI
Cards brought under RTI net
Mumbai: The Central Information Commission (CIC)
has ruled that SBI Cards, a joint venture between
state-owned SBI and General Electric (GE), is a public
authority, allowing customers to seek any information
about the entity under the Right to Information Act.
Disposing
of separate applications by SBI Cards customers Arun Kumar Verma and Dileep Ayachit,
the CIC has directed SBI to take a decision on setting up a proper information
redressal mechanism within 15 days.
The
CIC has given SBI the option to either designate its own officers for providing
information about SBI Cards or set up a separate mechanism within the subsidiary
to provide information under the provisions of the RTI Act.
"SBI,
being a public authority, should ensure that some agency is available to answer
the citizens when they seek information about their own cards. It can not wash
off its responsibility after having allowed SBI Cards to use its brand name and
logo," information commissioner Padma Balasubramanian said.
Back
to News Review index page Currency
converter
BANKING
AND FINANCE
Corporation
Bank sells NSE stake
Mumbai: Corporation Bank has sold its stake in
the National Stock Exchange (NSE) for Rs35 crore.
The
bank sold 73,750 shares of the exchange to Fidelity Equity Fund and 1,20,750 shares
to Housing Development Finance Corp Ltd, it said in a statement.
Back
to News Review index page Currency
converter
