Nusli Wadia denies move to enter Tata Sons
The office of Nusli Wadia has issued a denial in response to the Financial Express story published yesterday (22\01\98) about his entry into Tata Sons. The statement read that the headline "Nusli Wadia set to make an entry into Tata Sons as shareholder" is totally false.
Tisco shuts loss-making plate mill
Tata Iron & Steel Co (Tisco), the country's largest private-sector steel company, has closed down one of the bearings division's three units, a plate mill, to stem its losses. Tisco's net profit in 1996-97 declined to Rs 471.6 crore as against Rs 589.5 crore recorded in the previous year.
IBA to interact with Assocham, Ficci to refocus on role
The Indian Banks' Association (IBA) will interact with industry chambers like the Confederation of Indian Industry (CII), Associated Chambers of Commerce & Industry (Assocham) and Federation of Indian Chambers of Commerce & Industry (Ficci) in a bid to refocus its role.
BILT to hive off paper unit into venture with foreign partner
Ballarpur Industries Limited (BILT) plans to hive off its Ashti paper unit into a 50:50 joint venture with a foreign partner. The unit is likely to be first spun off into a separate company which, in turn, will enter into a financial-cum-technical collaboration with a foreign partner.
Financial institutions plan to fix deadline for selling stake to Modis
Financial institutions, which jointly hold about 45% of MRL's equity, have decided to fix a deadline for the promoters - VK Modi and BK Modi for the sale of their equity stake in the cash-strapped company to the two brothers. FIs have further demanded that the two brothers should come up with a concrete offer for purchase of the institutional holding or face an auction of FI holding.
