Maharashtra has constituted a joint working group with US multinational Enron to finalise the tariff issues, fuel-management agreement and other norms for the 1,624mw Dabhol phase-II. Though sanctions stand in the way of its smooth implementation, Enron says it is confident of achieving financial closure for the phase by the year-end. The company, in its bid to attain the closure on schedule, has also initiated talks with domestic banks and financial institutions to part-finance the project.

Dunlop outlines revival plan

The beleaguered Manu Chhabria-controlled Dunlop has outlined a revival plan, which includes selling non-performing assets like real estate, making a rights issue and slashing overheads, managing director PJ Rao told shareholders in Calcutta. The company said on Friday that it has posted a Rs 231.84-crore loss for the nine-month period to December 31, 1997, against a profit of Rs 5.14 crore in 1996-97.

L&T to construct carpark

Engineering and construction major Larsen & Toubro will construct Mumbai's first multi-storeyed car-park at the city's commercial hub Nariman Point. The Rs 90-crore project, which also includes a commercial complex, will be commissioned in four years from the date of getting land possession from the Mumbai Metropolitan Regional Development Authority. To be constructed on about 6,000 square metres, the site will accommodate around 600 cars.

Cadila Healthcare, German firm set up joint venture

The Ahmedabad-based Zydus group company Cadila Healthcare and German multinational Byk Gulden have entered into a 50:50 research-cum-manufacturing joint venture, Zydus-Byk. The German firm holds the global patent for pantoprazole, a proton-pump inhibitor used to treat various gastrointestinal disorders. Zydus group managing director Pankaj Patel said the venture will be set up as a 100 per cent export-oriented unit.

309 diesel production

PAL-Peugeot has, for the second time, resumedproduction of the 309 diesel at its Kalyan plant. On Tuesday, about 30 completely-knocked-down kits of the 309 GLD were exbonded, and assembly will begin soon. Production of the 309 was halted in November last year when Peugeot said that it was withdrawing from its joint venture with Premier Automobiles.

Birla Copper starts smelter operations

Indo-Gulf Fertilisers division Birla Copper has begun operations at its new copper smelter. According to a spokesperson, Indo-Gulf projects 60,000 tonnes copper production at its 1,00,000-tonnes-per annum smelter, which will be expanded to 1,50,000 tonnes per annum. The smelter is likely to add Rs 838 crore to the company's turnover by the year-end.

Sensex down 40 points

Speculation about regulator Sebi's margins package and continuous institutional selling pulled down the Sensex 39.72 points to 3,168.82. Rumours that AIADMK chief Jayalalitha had pulled out her party's support to the BJP also unnerved market participants, who refused to build freshpositions.

United Western Bank net up 55%

United Western Bank reported on Friday that it has posted a 55 per cent rise in its net for the year ended March 31, 1998, to Rs 33.53 crore. The board has recommended a 25 per cent dividend. The Satara-based bank's deposits have grown 30.56 per cent to Rs 2,668 crore.

Centre to delicence coal

The government has decided to delicence coal and lignite mining to attract foreign-direct investments in this sector, UNI has reported. According to coal-ministry sources, the step, when fully implemented, was expected to double the investment flow in the country over the next two years.

Windows '98 launched

Microsoft Corporation chairman Bill Gates unveiled the company's Windows '98 operating system on Thursday in San Francisco. The system became available in 34 countries and more than 12,000 retail outlets in North America, according to Microsoft. More than 200 manufacturers will begin shipping computers equipped with the new system, thecompany said. The recommended retail price is $109.