Cadbury seeks to squeeze cash from real estate: Cadbury India is exploring the possibility of generating revenue from Cadbury House, its corporate headquarters at Pedder Road in south Mumbai. According to industry sources, the company is exploring the possibility of leasing out a part of its plush building.

IPCL may scrap venture plan with Gujarat Spinners: Indian Petrochemical Corporation (IPCL) is likely to drop its plan of acquiring a 26 per cent stake in the Bagrodia-controlled Gujarat Spinners (GSL). This move follows a feeling among IPCL top brass that the proposal is not viable atthe moment. IPCL had agreed to join hands with GSL after ICICI had approached it with a restructuring package for the Bagrodia-owned company. The sudden industrial downturn may have prompted the corporation to keep the plan in abeyance, sources said.

IOC sounds out IPCL for TN refinery: Indian Oil Corporation (IOC) has sounded out navratna counterpart, Indian Petrochemicals Corporation (IPCL), for participating in the 9-million-tonne refinery being commissioned at Nagapattinam in Tamil Nadu. Ministry sources said that IPCL will either be asked to pick up an equity in the refinery or be an active partner for any allied activity like petrochemicals. While MRL and IOC will hold 26 per cent apiece in the equity of the Rs 7,600 crore project, Petronas of Malaysia has also been tipped to pick up a stake.

Coke, Pepsi for reduction in excise: Multinationals Coca-Cola and Pepsi, in a petition to the finance ministry, have called for a reduction in excise burden on the soft-drinks industry. "The taxlevels on the soft-drinks industry are the highest in the world, preventing volumes growth in the industry," said Deepak Jolly, official spokesperson for Pepsi.

Hyundai to unveil cheaper version of Santro: Hyundai is mulling the launch of a cheaper priced fifth variant for its just-introduced small car `Santro', thus increasing the prospects of a fierce competition in the small-car segment. Hyundai Motors India might roll out the fifth variant of Santro, sans air-conditioner, by the end of the year, company sources said on Sunday.

MSEB may write off Rs 200 crore as bad debts: The Maharashtra State Electricity Board may write off around Rs 200 crore as bad debts this year from the total arrears of over Rs 2,500 crore due from its various consumers. The board has the provision to write off around Rs 350 crore during 1998-99 up from Rs 390 crore in the previous year.

BSE board to take up action report on inadequate procedures: The Bombay Stock Exchange (BSE) governing board willshortly take up the action report to Sebi's indictment of lack of adequate procedures at the bourse during 1997-98. Sebi's investigation also revealed that the broker's contribution of 5 per cent to the building fund up to Rs 45,000 was considered as a part of the capital adequacy requirement. The exchange has now decided to do away with this practice from October 1.

Machine tool units to oppose changes in import norms: Machine tool industry will oppose government's move to change import norms for capital goods under the Export Promotion of Capital Goods scheme. The ministry of commerce notification dated September 15, reducing the threshold limit for zero-duty import from Rs 20 crore to Rs 1 crore, has raised the heckles of top machine-tool companies who fear a negative fallout on their business. The corresponding notification by the commerce ministry was to be issued on September 28.

Maharashtra sops for power units: The Maharashtra government has announced a slew of sops to developers ofnon-conventional energy and renewable-based power projects. The potential for wind-power generation in the state is 500 mw, 75 mw for municipal solid waste and 1,000 mw for bagasse-based cogeneration projects. Mantralaya sources said these incentives include transmission losses for wind energy to be borne by the MSEB for the first three years.

RBI relaxes credit card norms for NRIs: RBI has relaxed the guidelines for non-resident Indians (NRIs) holding credit cards. The central bank has removed all restrictions on NRIs nominating their relatives or other resident Indians as additional credit card-holders against their own foreign-currency accounts held overseas.

Vajpayee to meet Akali leaders on October 7: The storm gathering over Udham Singh Nagar issue appeared to be withering on Sunday with prime minister Atal Behari Vajpayee inviting Shiromani Akali Dal leaders for talks to sort out the matter. The prime minister would be meeting the Akali leaders on October 7. Besides the Udham SinghNagar issue, seat-sharing arrangements with the BJP for assembly elections in Delhi, Rajasthan and Madhya Pradesh will also be discussed.