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Corporate

Wednesday, May 13, 1998

	FIPB panel clears Alcan open offer for Indal The uncertainty over Alcan's open offer for Indal shares was cleared on Tuesday with the core group of the Foreign Investment Promotion Board (FIPB) giving its green signal to the proposal. The FIPB had referred Alcan's application to the core group as this was the first case of its kind where a foreign company was seeking approval to hike its stake in an Indian company through an open offer in the secondary market.		Videsh Sanchar Nigam teams up with Puncom Videsh Sanchar Nigam (VSNL) has entered into an agreement with Punjab Communications (Puncom), which will allow the latter to provide a portfolio of VSNL services in the Punjab region. Puncom will initially provide international private leased circuits, leased and dial-up Internet connections and other value-added services to subscribers in the Chandigarh region.
	Sun Pharma buys out export arm Sun Pharmaceuticals Industries has converted its partnership export firm, Sun Pharma Exports, into a 100 per cent subsidiary, effective May 5. The export firm has played a significant role in Sun Pharma Industries' tax-saving strategy.		Escorts thinks global, to pick up 49% in US tractors firm The Rajan Nanda-controlled Rs 1,700-crore Escorts Ltd is picking up a 49 per cent equity stake in Long Manufacturing Incorporated of the United States. Escorts is initially acquiring a 32.66 per cent stake for $6 million in the United States company, which has a huge distribution network for sale of tractors and agricultural products.

AB Electrolux all set to raise stake in Intron to over 74%
As the Intron scrip continues to languish below par on the Mumbai Stock Exchange (BSE), AB Electrolux stands a good chance to raise its stake from 51% to around 74.21% through its proposed rights issue. While the offer price is Rs 10, the current market price is around Rs 6.25 and since January 1997, the scrip has been trading below par.

Ispat International eyes South American plant
Ispat International NV, a member of the London-based Lakshmi N Mittal's LNM group, is set to take over a steel plant in South America. Ispat, the world's largest steel-maker using the integrated mini-mill process, has two plants - one in in Mexico and the other in Trinidad.

Crisil net spurts 30% to Rs 10 crore
Blast at Hyundai site kills 2, hurts 36
Corporate Briefing
KK Bajoria pulls out of Mobar
BMW says will not make new Rolls offer
WorldCom, MCI defend merger at EU hearing