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Polysindo initiates steps for formal takeover of JCT's fibre
Indonesian major Polysindo has initiated steps to formalise the takeover of JCT's fibre division, in a bid to put an end to speculation. It has recently issued a formal communication on repayment of dues to the MM Thapar-controlled company's bankers, posted key executives to control day-to-day management and is believed to be in talks for a possible change in the new company's name.
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GNFC signs pact for Bharuch plant expansion
Gujarat Narmada Valley Fertilizers Company (GNFC) has entered into an agreement with Uhde of Germany for undertaking engineering and construction of its nitric acid expansion plans at Bharuch in Gujarat. GNFC is doubling its capacity of concentrated nitric acid (CNA) by 33,000 tpa for which technical knowhow will be provided by Plinke of Germany.
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Bridgestone ACC raises $20m to part-fund Rs 345-cr project
Bridgestone ACC India has raised an external commercial borrowing (ECB) of $20 million to partly fund the Rs 345-crore tyre project near Indore in Madhya Pradesh. The company is increasing its equity from Rs 139 crore to Rs 155.2 crore by mid-1998, which will be contributed mainly by promoters Bridgestone of Japan and ACC.
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Sun Microsystems seeks FIPB nod for 100% subsidiary
US-based Sun Microsystems has sought Foreign Investment Promotion Board's (FIPB) nod for converting its liaison office in India into a 100% subsidiary. The proposed subsidiary, to be headquartered outside Bangalore, will house a technology and marketing centre to provide support services for Sun's customers in India and neighbouring countries.
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