Corporate
GKW retires Rs 78-cr debt
GKW Ltd, which is currently under investigation by the Board for Industrial and Financial Reconstruction (BIFR), has retired a debt burden of Rs 78.37 crore through one-time settlement (OTS) agreement with the financial institutions.
ABT to up stake in Shakti Finance
ABT Ltd proposes to increase its stake in Shakti Finance Ltd from 10.86 per cent to 49.67 per cent, bringing in Rs 7.65 crores into finance company. A resolution to enable this is to be placed before the shareholders of Shakti Finance at the company's fo
rthcoming annual general meeting on September 8.
BILT to finalise Sinar Mas consolidation by mid-October
A FINAL decision on whether to consolidate Sinar Mas India with Ballarpur Industries Ltd (BILT) and the extent to which the consolidation should be effected would be taken by the BILT board by mid-October, Mr B. Hariharan, Group Finance Director of the T
hapar Group, has said.
Hyderabad Flextech scheme gets IDBI nod
INDUSTRIAL Development Bank of India (IDBI) has accepted the one-time settlement (OTS) proposal submitted by Hyderabad Flextech Ltd (HFL) formerly known as HBC Flextech Ltd, the city-based ailing manufacturer of flexible printed circuits.
Dalmia picks up 5 pc stake in ITW Signode
ITW Signode India Ltd, the Indian subsidiary of the US-based Illinois Tool Works Inc, has informed the stock exchanges that Mr Madhu Sudhan Dalmia of Dalmia Securities Ltd (DSL), along with persons acting in concert, has acquired 11.48 lakh equity shares
of the company, which exceeds five per cent of ITW Signode's paid-up equity.
GM India ties up with indiatimes
GENERAL Motors India Ltd (GMI) has entered into an exclusive agreement with the information and entertainment portal -- indiatimes.com, for its recently launched five-door all-purpose car, the Opel Swing.
J.L. Morison to tie up with European FMCG cos
J.L. Morison (India) Ltd will soon forge alliances with fast moving consumer goods (FMCG) majors within the European Economic Community with a view to selling the latter's range of products in India. The products will be sold through the company's nation
wide distribution channels.
Bilcare in pact with Ticona for polymers
BILCARE, a division of Bi Ltd, today announced its tie-up with German firm Ticona GmbH for the latest technology in polymers for blister packing in pharmaceutical tablets and capsules. The company also launched its product Bilcare Topas, which is based
on that technology.
One-fourth Balco staff opt for VRS
AROUND 1,600 employees in Bharat Aluminium Company (Balco) have opted for the voluntary retirement scheme (VRS) till date, which is about a quarter of the company's total manpower. Of this, approximately 600 have applied in the third round of VRS which o
pened on July 31 and closed on August 16.
Fertilisers
RCF-HZL venture for fertilizer unit
RASHTRIYA Chemicals and Fertilizers Ltd (RCF) has formed a three-way venture with Hindustan Zinc Ltd and the Rajasthan State Mines & Minerals Co (RSMMC) for setting up a DAP unit near Udaipur.
Mutual Funds
Pioneer ITI to launch index scheme
PIONEER ITI Mutual Fund is set to launch the Pioneer ITI Index Fund, an open-ended index scheme which offers the investors a choice of two indices -- BSE Sensex and the NSE Nifty.
PSU
Singareni Collieries turns around -- `Will become debt-free by 2004'
SINGARENI Collieries Company Ltd (SCCL) has turned the corner and has achieved a profit of Rs 275 crore on a turnover of Rs 2,900 crore during the 2001-2002 fiscal, thereby bringing down the accumulated losses to Rs 290 crore.
Withdrawal from Hind Zinc divestment race -- Allied Deals blames it on put option
THE London-based metal major, Allied Deals, controlled by the Rastogi brothers, has cited rigid terms in the shareholders' agreement regarding interest payment as one of the primary reasons for withdrawing from the race for Hindustan Zinc Ltd (HZL).
Pharmaceuticals
Ranbaxy ties up with DoctorAnywhere.com for AIDS initiative
RANBAXY Laboratories, in association with the Pune-based telemedicine company DoctorAnywhere.com is kicking off an initiative that will fulfill the increasing need for interaction between family physicians and AIDS specialists to better the management of
therapy for AIDS patients.
Steel
Imported coal usage by SAIL tops 50 pc mark
DESPITE the recent noises about the use of imported coal by the private sector companies resulting in drainage of foreign exchange, Government undertakings are also found to be doing exactly that.
Tyres
Rider for lifting Sahaganj suspension -- Dunlop seeks to reduce non-production workforce
THE Dunlop India Ltd (DIL) management is believed to have taken a firm stand that it will not lift the `suspension of work' order at the Sahaganj factory in West Bengal unless the plant-level unions agree to co-operate with the management on the issue of
reduction of `non-production related workforce' as well as moratorium of accumulated wage arrears.
