Glaxo, SmithKline merger talks founder
Talks to form the biggest drugs company in the world were dramatically halted when Anglo-US group SmithKline Beecham Plc accused its would-be partner, Britain's Glaxo Wellcome Plc, of acting in bad faith. The failure of the merger talks is expected to result in a sharp fall in the market value of both companies.
Philips India posts Rs 14-cr loss on back of VRS earmark
Philips India, forced by a provision of Rs 57.13 crore towards employees' voluntary retirement scheme (VRS), has posted a net loss of Rs 14.14 crore for 1997. This is despite the reduction in interest cost and tight control of working capital.
Whirlpool of India to export 10% of output
Whirlpool of India (WOI) which inaugurated its only regional technology centre (RTC) in the Asia-Pacific region at Ranjangaon yesterday, will export up to 10% of its production in the first full year of operations. The company has ambitions to make it to the top in the refrigerators and washing machines market by the year-end.
Motorola setting up software facility in Hyderabad
Motorola, the US-based manufacturer of wireless-communication equipment and semi-conductors, is setting up a new software-development centre in Hyderabad. This is part of the company's efforts to build global software development centres.
Ashok Leyland arm to wind up debt division
Ashok Leyland Investments Services, a subsidiary of Ashok Leyland, is closing down its debt-market business by the month-end. The entire debt-market team will join Mata Securities India (P) Ltd in March. Ashok Leyland Investments will however continue operations in project advisory services.
