jointly develop a terminal in Mangalore on hold, senior executives in both companies said.
* The Essar group's Ruias family is working on a plan to lower its stakes in Essar Shipping and Essar Ports, said a source close to the developments. A group spokesperson confirmed the stake sale plan in the Indian companies.
* Maruti Suzuki exported 8,300 units of the M800, an increase of 57 per cent compared to the 5,300-odd units sold in the corresponding period last year, said Shashank Srivastava, executive director of international business development at the
* Media baron Kalanithi Maran and his wife Kavery Kalanithi have resigned from the board of directors of Kal Airways, the holding company of SpiceJet.
* Domestic passenger traffic fell 15.7 per cent in October, while government-owned Air India strengthened its market share to 20.8 per cent.
* Russia's Sistema Shyam is in preliminary discussion with Aircel to pick up an equity stake, Vsevolod Rozanov, president and CEO said.
"We have had preliminary discussions, which also include them apart from others. But we will not take any decision unless we are assured our investment in the country is protected," Rozanov was quoted as saying by Business Standard.
* Tata Teleservices Ltd has begun winding up operations in the Jammu and Kashmir, north-east and Assam telecom areas, after deciding against participating in the auction for radio spectrum in the 800Mhz band, according to an official in department of telecommunications.
* IKEA is poised to become the first major foreign company to open wholly owned stores in India after it received a crucial government clearance to invest 105 billion rupees ($1.9 billion)
* Diageo Plc will launch a mandatory share tender offer to buy up to 26 percent additional stake in India's United Spirits Ltd from public shareholders on Jan. 7, the
manager to the offer said in a notice to the Bombay Stock
* The National Pharmaceutical Pricing Authority has imposed a blanket ceiling on the prices of insulin, irrespective of the brand.
* Sam Balsara, the owner of Madison Media, is negotiating with Japan's Dentsu and as well as U.K.-based WPP to sell