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Corporate Economy Expressions Markets Leisure Saturday, March 28, 1998   Reliance to pick stake in RPG's India Polyfibres The Reliance group has decided to pick up an equity stake in RPG group firm India Polyfibres through Reliance Petro Products. The move marking the Reliance group's march towards becoming a veritable monolith, is seen as a prelude to Reliance's first acquisition of a polyester company. The proposal would, however, need to be approved by BIFR first.   Fiat gearing up to localise 80% of components by year 2000 Fiat India Automobiles Pvt Ltd (FIAL) has decided to fasten its pace of components localisation. For the Palio, which it will produce at its greenfield site at Ranjangaon near Pune, the components localisation rate will be 65% in 1999, when the car rolls out, and 80% in 2000. Hiranandani group plans five-star hotel project Hiranandani group, the real-estate major, is diversifying into the hospitality business. It has drawn up plans to construct a five-star hotel complex at Powai in Mumbai. Hiranandani's hotel venture is the latest on the list of hotels that are going to come up in Mumbai. Bank of Baroda appoints SHCIL as custodian The Stock Holding Corporation of India Ltd (SHCIL) has been appointed as custodian by Bank of Baroda (BoB). The bank's investments of about Rs 600 crore would now be held by SHCIL. Several more commercial banks are expected to hand over their stocks portfolio to SHCIL for providing custodial services and negotiations in this regard are currently on.   Kurlon in 50:50 venture with US company Kurlon Ltd, a Manipal group company, has signed a joint venture agreement with the US-based Sealy Inc, the world's largest innerspring mattress manufacturer. The 50:50 JV, to produce high-technology innerspring mattresses, has already been approved by the Foreign Investment Promotion Board (FIPB). BankAm plans debt-securities subsidiary Bank of America plans to set up a separate subsidiary along with an Indian partner to focus on the debt market. Discussions are on with various organisations, including other banks, to finalise the Indian partner in the venture. The new entity will be conducting merchant banking activities.   vspace=5>