ICI yet to respond to Asian Paints offer to buy 9.1% stake
ICI Plc, the UK-based chemicals and paints giant, is yet to respond to an offer made by Asian Paints promoters for buying the 9.1% stake the British multinational has acquired from Atul Choksey, the erstwhile co-promoter and managing director of the country's largest paints company. Asian Paints has refused to transfer the shares as it perceives the deal as an attempted takeover.
Reserve Bank may relax norms for hire-purchase companies
The Reserve Bank of India (RBI) might relax some of the norms under the new regulatory framework for equipment-leasing and hire-purchase firms if they face "genuine difficulties". The central bank indicated this at a meeting with representatives of various hire-purchase and leasing companies held on Tuesday.
Rhone Poulenc to consolidate its operations with Rorer stake buyout
French multinational Rhone Poulenc's successful buyout of the minority shareholding in Rhone Poulenc Rorer will see the consolidation of the group's pharmaceutical operations under a single life sciences entity globally. The move would mean that Rhone Poulenc Rorer's 51% holding in Rhone Poulenc Rorer India and 40% stake in Rhone Poulenc India would now be indirectly held by Rhone Poulenc, France.
ANZ to earmark Rs 88 crore for update plan
ANZ Grindlays Bank will invest Rs 87.5 crore in developing a new technology platform -- ANZ commercial banking system. The investment is part of the bank's effort to streamline its domestic operations. The ANZ commercial banking system will be implemented over the next one year. The bank is installing a state-of-the-art communications system linking all its branches in the country to a modern centralized data processing facility in Chennai.
BNP of France to acquire core of defunct Peregrine empire
The French Banque Nationale de Paris (BNP) is to sweep up the core of the defunct Peregrine empire, buying for an undisclosed sum its Hong Kong, China and Taiwan operations. The move follows BNP's takeover in late 1996 of PrimeEast Capital Group, a Singapore-based investment house with strong contacts in the major Southeast Asian countries.
Mumbai bourse to provide Dollex index online to members
The Bombay Stock Exchange (BSE) has decided to provide the Dollex index online to its members. The provision of a trading rate of the Dollex is likely to benefit foreign institutional investors who would be in a better position to evaluate the local stocks vis-a-vis the dollar value.
