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.
Aviation policy draft will be ready by July: Kaw
The final draft of the national civil aviation policy will be ready in three months, according to civil aviation secretary MK Kaw. Kaw said that the draft had been submitted to the government for modifications to include the new policy imperatives.
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.
ICICI may bail out SRF rights issue
SRF's Rs 47.67-crore rights issue of equity shares, which closed on April 17, is facing a shortfall of around 4% in the mandatory level of 90 per cent. However, the shortfall is likely to be made good by ICICI which had underwritten the issue to the tune of Rs 5 crore.
ITC board splits hairs on 1997-98 results
There appears to be a difference of opinion among ITC board members on the actual profits to be shown for the year ended March 31, 1998. The main cause for this is that there are divergent views on the extent of provisioning required mainly on account of the merger of ITC Classic Finance with ICICI Ltd.
Maharashtra fails to table tax bill, ordinance in the offing
The Maharashtra government, in its five-week budget session of the state legislature, has failed to table the crucial taxation bill on various resource mobilisation proposals which will bridge the Rs 846.29 crore deficit in the budget. The government will issue an ordinance in this regard within a week.
