Monsanto thinks big, to pick up 26% in Mahyco
American multinational Monsanto plans to acquire a 26% equity stake in Maharashtra Hybrid Seeds Company (Mahyco), the country's largest private-sector seed company, for approximately Rs 180 crore. The Foreign Investment Promotion Board (FIPB) has already cleared Monsanto's planned investment. The company is in the process of obtaining the Reserve Bank of India's (RBI) approval for the move.
Sterlite bid may botch Indal-BAT deal
Sterlite Industries' takeover attempt of Indian Aluminium Co (Indal) may queer the pitch for a deal being worked out by Indal and the British American Tobacco Plc (BAT). As per the negotiations, Indal is seeking to become a major supplier of foils to BAT's international operations.
State Bank targets 17% credit, 19% deposit growth in '98-99
The State Bank of India (SBI) is targeting a credit growth of 16-17% in 1998-99. The country's largest financial intermediary also plans to disburse about Rs 11,000 crore during the year and its deposit growth target has been pegged at around 18-19%.
Bombay Dyeing locked in talks with US firm for terry-towels venture
Bombay Dyeing, the Nusli Wadia-owned textile major, is in talks with the US-based Pillotex for setting up a joint venture for the manufacture of terry towels. The negotiation with Pillotex is a fallout of the US-based company's worldwide takeover of Fieldcrest Cannon, with whom Bombay Dyeing had already concluded a deal.
Max India deal shot in arm for celltel venture promoters
Hard-pressed promoters of cellular telephony ventures in the country can take heart. Analjit Singh's sale of a 41% stake held by Max India in Mumbai-based cellular services operator, Hutchison Max, to the Hong Kong-based Hutchison Whampoa for Rs 561 crore has proved to be a "win-win" deal for all concerned, thus boosting the prospects for enhanced domestic investment in cellular services.
Volvo India puts bus model to test, set to flag off production by end of year
Volvo India, the wholly-owned subsidiary of Volvo AG of Sweden, will begin manufacturing buses for inter-city and city travel by the year-end. Chassis development will take place at the company's plant at Hoskote near Bangalore, while body-building will be done at various places in the country.
