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Drumbeat: Ad Buzzaar
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Wednesday, May 20, 1998
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Gujarat Ambuja turns down plan to buy out DLF Cement
Gujarat Ambuja Cement has rejected a proposal by DLF Cement to buy out the latter saying that the takeover will not be financially viable. Gujarat Ambuja's refusal to takeover DLF Cement reportedly stems from the fact that DLF is all set to end the year with a loss in the region of Rs 50 crore.
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Novartis in deal to purchase 22% holding in Wander from Pharmed
The erstwhile Sandoz group (now part of Swiss multinational Novartis) is believed to have bought back a 22% stake in Wander Ltd from the Bangalore-based Pharmed Ltd at an undisclosed price. The Sandoz group had, in November 1995, divested its 55% stake in Wander to Mumbai-based Pharmaceutical Products of India Ltd (PPIL).
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HFCL likely to reduce stake in paging firm
Himachal Futuristic Communications Ltd (HFCL) plans to reduce its stake in its paging company, Microwave Communications Ltd, a joint venture between HFCL and Shinawatra Computers and Communications of Thailand. According to Microwave Communications chairman and managing director Deepak Malhotra, HFCL is planning to bring in quality private investors into the venture.
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HLL embarks upon major cost-cutting exercise
Hindustan Lever Ltd (HLL) has undertaken a rationalisation exercise at its factories. The exercise, which was kicked off recently, will be completed in two phases. The first phase, involving detergents and beverages, would be completed by the end of the current fiscal while the next phase, involving personal products, would be undertaken in the next fiscal.
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