Monday, October 26, 1998
Yash Birla group's revival plan for Zenith spiked
A group of banks, led by the State Bank of India, have turned down Yash Birla group flagship Zenith's restructuring proposal involving a 10% hike in promoter's stake and directed it to implement a previous BIFR plan. The other banks are Bank of Baroda, Oriental Bank and the Punjab National Bank.
L&T set to bag Rs 220-crore Tirupur water project
Larsen & Toubro Ltd is all set to bag a Rs 220-crore order having been roped in as a sub-contractor by the Mahindra-Bechtel consortium for the mega Tirupur water supply project estimated to cost Rs 835 crore in the first phase. The company expects the order size to eventually grow further to about Rs 400 crore for which negotiations are on.
Modicorp plans recast; overseas float in offing
Modicorp, the holding company of the Rs 2,300-crore BK Modi group, is planning to tap the international capital market. This is part of a consolidation plan for the BK Modi group under which Modicorp will hold stakes in different group companies for the shareholders at large.
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