The Financial Express Corporate Page

The Indian Express

The Financial Express

Latest News

World News

EIW

Market Indicators

Screen

Celebrity Chat

Express Computers

Graffiti

Crossword

Advertisers Forum

Travel & Tourism

Information Technology

Drumbeat: Ad Buzzaar

Astrosurf

Eco-India

Dr Know

Career India

Business Forum

Match Maker

Express Properties

Corporate

Monday, May 11, 1998

	Nestle wipes out debenture redemption reserve Nestle India has wiped out its entire debenture redemption reserve on the basis of legal opinion, and written back the outstanding amount, Rs 4.16 crore, to its profit-and-loss account, according to its annual report for 1997-98. The surplus carried forward in the balance sheet has soared to Rs 41.28 crore for the period against Rs 34.27 crore in the previous year.		Swadeshi Mills comes under BIFR fold Swadeshi Mills has been referred to the Board for Industrial and Financial Reconstruction (BIFR) following a severe erosion in its net worth and mounting losses. The Industrial Development Bank of India has been appointed operating agency for the revival of the company, which had reported a loss of Rs 12.89 crore during 1996-97.
	Power Finance set to widen its funding base Power Finance Corporation (PFC) has decided to broadbase its financing pattern by funding ports, roads and other infrastructure projects. This marks a departure from the earlier PFC policy which was confined to extending finance only for power projects. The funding will also include financing of railway wagons for carrying fuel to power plants.		Birla AT&T plans to raise $150m through debt Birla AT&T, one of the cellular service providers in Gujarat and Maharashtra (including Goa but excluding Mumbai), plans to raise debt of around $150 million by the end of the year. About 70% of the debt will be raised through rupee loans with the dollar component making up the rest.

Bank of India hikes FCNR(B) interest rate on long maturities
Bank of India has increased the interest rate on long- and medium-term FCNR(B) deposits by 25 basis points. This is in line with the Reserve Bank of India's policy to discourage short-term forex debt exposure. State Bank of India and Bank of Baroda are set to follow suit.

Coca-Cola covers soda-water flank, lines up plan for Kinley launch
The Coca-Cola Company is covering its risks in the soda-water business by readying its own brand "Kinley" in case its agreement with Bisleri is not renewed. The company has already test-marketed Kinley in the twin cities of Hyderabad and Secunderabad and also released TV commercials.

Sikander Bakht questions Max India stake sellout to Hutchison Whampoa
Corporation Bank set to keep clear of industry wage pact
Chescor set to pick up 26% in Bilt Chemicals
Dealers steer Eicher Tractors battle-plan
Coal India arm referred to BIFR
Crompton Greaves may shift Mohali unit to Bangalore
United Phosphorous may get Rs 12cr from US firm for "brand misuse"
US firm may pick majority stake in Vembar LNG plan
Hindustan Lever may put multi-tier direct-marketing network
Iisco unlikely to gain from SAIL revival plan
MSEB sees '98-99 capital expenses at Rs 1,800 crore
Samtel, 2 others form cartel in B&W picture tube segment
Financial Briefing
Daimler sets sights on Nissan Motors
Corporate Briefing