Monday, June 22, 1998
Indo-Oman Fertiliser rejects Uhde bid
The board of directors of the Indo-Oman Fertiliser Company last week rejected an offer by the German multinational, Uhde GmbH, to lower its bid for the controversial, Rs 3,200 crore ($800 million) turnkey tender for the 1,450 tonnes per annum urea-ammonia complex by a whopping Rs 320 crore.
ONGC Videsh rinses out the red, converts losses into capital expenditure
The Oil and Natural Gas Corporation's (ONGC) liability-ridden subsidiary, ONGC Videsh Ltd (OVL) got a clean slate last week, when the company's board approved a dramatic change in accounting practices. The accounting magic at one stroke converts the Rs 57 crore of accumulated losses of ONGC Videsh into capital expenditure, to be set off against earnings from its gasfield in Vietnam, scheduled to go on stream three years later.
Suzuki nod a must in MUL policy decisions, says new clause
A new clause inserted in the pact signed between the government and Suzuki Motor Corporation (SMC) has ensured that no major decision on management policy and day-to-day operations of Maruti Udyog can be taken without the concurrence of the Japanese partner.
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