"We are very much in the race for picking up the controlling stake in ICO Global. A decision is expected in 3-4 weeks," media moghul Subhash Chandra said. Refuting reports that his group has lost out to Crag McCaw of Teledisc for buying out the majority stake in ICO Global, Chandra criticised the Government for not supporting Indian businesses in their endeavour to become global players. Coming down heavily on the government apathy, Chandra said in the absence of a support from the Government, Indian companies are facing difficulties in playing vital role in the global arena. "Indian business is as competent as many of the global players. What is needed to transform these entities into world class players is a little support from the Government," he said.

Chandra, however, declined to comment on his group's plan to takeover Iridium, the global satphone service provider, which is saddled with mounting debts and has filed for bankruptcy at a US court. Earlier at a debate on the "Winning strategies for 2000", Chandra said information technology will shape the lives of people in the new millennium and the `joys of shopping' will slowly give in to marketing through the the Internet. "IT will definitely change the way business is conducted," he said.

The Zee chief also launched Gita Piraml's new book "Business Mantras", which contains inspiring quotes by some of the top industrialists who fashioned the growth of major business houses in the country. Speaking on the occasion, CII president and chairman of Bajaj Auto Rahul Bajaj said: "Companies have to manufacture products which have takers. It is not important what a company can produce, what is crucial is to produce what it can sell." "Brands will not suddenly disappear due to e-commerce. There will be changes, but the fact remains that companies will have to make its processes more efficient to survive in the new millennium," Bajaj said.

Dwelling on the future of the automobile industry, his home turf, Bajaj said though there will be a need for fewer dealerships, car makers will have to set up more workshops for servicing the needs of the customers.