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General Motors may pick up 50% in Daewoo
The war between US auto giant General Motors Corp and Korean car major Daewoo Motors, which began when the two companies split in 1992, is now likely to end soon. GM is likely to pick up a 50% stake in Daewoo following reports of an in principle agreement to this effect between the two companies. GM is expected to shell out approximately 500 billion won ($330 million) for acquiring the Daewoo stake.
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SBI plans correspondent banking venture
The State Bank of India is in talks with a clutch of foreign banks for a profit-sharing arrangement to handle the bank's correspondent banking operations in countries like the US, UK and Germany where SBI does not have a large branch network. Foreign banks like American Express Bank, Chase Manhattan, Bank of California, Bank of NewYork, Standard Chartered and Bank of America are reportedly keen on forging a tie-up with SBI to take up correspondent banking jointly.
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Precision Automation plans venture with US firm
The proposed joint venture between the Pune-based Precision Automation Robotics India Pvt Ltd (PARI) and Knight Industries, a US-based manufacturer of ergonomic systems, will enhance the latter's market base through the introduction of additional product lines. PARI, which manufactures robotic systems, will execute its first export order worth $100,000, to Knight by May 1998.
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Utkal Alumina to seek exclusive berth at Vizag port for alumina exports
Utkal Alumina International Ltd, the Rs 4000-crore company promoted by Indian Aluminium, Tata Industries and Hydro Aluminium of Norway, is seeking a berth exclusively for itself at the Vizag port for alumina exports. The company is likely to make a formal request to this effect to the Union ministry of surface transport shortly.
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Essel Packaging to set up unit in Nepal
The Mumbai-based Essel Packaging Ltd, the world's second-largest tube company, is setting up a wholly-owned manufacturing subsidiary in Nepal. The total cost of the project has been pegged at around $3 million (over Rs 11 crore). The planned subsidiary will have an equity base of around Rs 8 crore, while the rest will be raised through loans.
Turn wings into strategic units, Andersen tells HPCL
Arthur Andersen, which has been mandated to chalk out a restructuring plan for Hindustan Petroleum Corporation Ltd (HPCL), has called for the creation of standalone strategic business units for the company's retail, industrial & government (I&G), LPG and lubes businesses. It has also suggested the divestment of non-core assets, the acquisition of competitors, new partnerships and expansion of the corporation.
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 Nanani takes over as Modi Xerox chief executive
Maruti staff flays Suzuki statement
Comso Films mulls Rs 100cr expansion
Marico Industries plans to go global with Parachute; eyes Europe, US
VSNL to step up Ninth Plan investment target
M&M plans ambulance version of Voyager
Glaxo merger with SmithKline could pose local labour hiccups
Air India continues to bleed, posts fresh Q3 losses
Kannur Power promoters to route funds through 2 Mauritian firms
Snags may hinder Tata-Raytheon plan
Corporate Briefing
Marketplace Briefing
Kredietbank, Cera announce mega merger
World Briefing
Trade Briefing
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