Corporate Briefing -- BIFR drafts revival plan for Reyrolle
The Board for Industrial and Financial Reconstruction (BIFR) has prepared a Rs 3.12-crore draft rehabilitation package to revive public sector Reyrolle Burn, a subsidiary of Burn Standard Company. The cost envisages a capital expenditure of Rs 94 lakh, with allocation of Rs 80 lakh for voluntary retirement scheme and an additional working capital requirement of Rs 66 lakh.
Wipro Infotech, Netscape roadshow
Wipro Infotech Group and US-based Netscape Communications would jointly host a roadshow in Mumbai shortly to launch cutting-edge Netscape products. The show would focus on sharing Netscape's strategy for the current year with Indian enterprises.
PCBL shareholders approve Cacil merger: Equity shareholders of Philips Carbon Black on Friday approved the merger of Cochin-based Carbon and Chemicals of India Ltd (Cacil) with the company. The swap ratio of the proposed merger will be 3:1, viz, for every three Cacil shares, the equity shareholder of the merged firm would get one PCBL share.
Iisco revival unlikely to take off
A delay by the Russian government in finalising guidelines on using the rupee-rouble account for investment may hamper prospects of an early revival of ailing Indian Iron and Steel Company. The Russian company Tyazhpromexport (TPE) had proposed to revive the SAIL subsidiary through a joint venture using $400 million from the rupee-rouble escrow account.
Adtranz plans locomotive base in India: Global locomotive manufacturer Adtranz is keen to open a locomotive maintenance shed in India as it foresaw little chance of picking up equity at Chittaranjan Locomotive Works, a senior company official said. Adtranz, a 50:50 joint venture between ABB and Daimler Benz, is adopting this route as the first step in establishing its presence in the country.
Centre assures IDPL staff on salary arrears
Chemicals and fertilisers minister M Arunachalam said the government was awaiting the ministerial report on the revival package for Indian Drug and Pharmaceuticals. He said IDPL employees would be paid salary arrears and that salaries for May and June had already been cleared.
MTNL profits understated, says CAG: Profits of Mahanagar Telephone Nigam were understated to the tune of Rs 320.77 crore during 1995-96, a Comptroller of Auditor General (CAG) report has said.
Low profits were reported by MTNL on account of higher provision for depreciation charges at 11.31 per cent on cable, lines and wires instead of 5.28 per cent as prescribed in schedule 14 of the Companies Act, 1956, the report said.
Anubhav Plantations, US firm in pact
Chennai-based Anubhav group flagship Anubhav Plantations and US-based non-profit citizen organisation American Forests have signed an memorandum of understanding to exchange information on reducing global warming and the role of plantations in improving global environment.
Vestas RRB' energy generation plan
Vestas RRB India is exploring the possibilities of generating energy from wind in the western sector of Rajasthan. It has tied up with Vestas of Denmark to harness energy from non-conventional sources.
Emco Transformers turnover up 58%
Emco Transformers Ltd has achieved a growth rate of 58 per cent for 1996-97 to touch revenues of Rs 88.74 crore. Profit before tax increased by 85 per cent to Rs 13.34 crore. In 1995-96, the company posted a turnover of Rs 56.01 crore and a profit befor tax of Rs 7.21 crore.
Export body hails move on Re export credit
: The Federation of Indian Export Organisation has welcomed the Reserve Bank announcement extending rupee export credit facilities at concessional rates of interest to all categories of goods regarded as deemed exports in the current Exim policy.
City panel on VDIS constituted
Chief commissioner of income tax VM Muthuramalingam has constituted a local committee on VDIS for Mumbai region comprising three commissioners, three representatives from businessmen, two chartered accountants and two advocates with a view to facilitate disclosures in mumbai region under the VDIS-97.
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