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Drumbeat: Ad Buzzaar
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Saturday, May 16, 1998
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Fascel set to tie up funds; woos Nokia for $30m supplier's credit
The Hinduja group-led Fascel Ltd, one of Gujarat's cellular service providers, is close to tying up loans worth Rs 620 crore that will help the company achieve its financial closure. While the Industrial Development Bank of India (IDBI) has already sanctioned a project-finance loan of Rs 250 crore to Fascel, the term-lending institution is in the process of syndicating another Rs 250-crore loan to the company.
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HLL to increase direct distribution in rural markets
Unilever's investment plans in India are long-term, and the transnational is proud of its Indian heritage, said Hindustan Lever Ltd (HLL) chairman KB Dadiseth. He said that the rural market is one area of considerable interest to the company and it plans to increase its direct distribution in rural India by 50% each year and plans to triple its services in the region in the next five years.
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Eveready Industries sets sights on Rs 1000 crore sales
Eveready Industries India Ltd of the Williamson Magor group expects to achieve a turnover of Rs 1,000 crore this fiscal with a 50 per cent share in the battery market. Eveready has a current market share of 44 per cent. An aggressive campaign is being conducted to increase the same. This is being done to counter competition posed by growing number of players.
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Poor offtake eggs Bajaj Tempo to axe temporary work force
The Firodias-controlled Bajaj Tempo Ltd, which has been plagued by poor offtake of vehicles in recent months, has terminated the services of 700 temporary workers. Workers owing allegiance to the union led by the Bharatiya Kamgar Sena (BKS), however, said this could be a prelude to a temporary closure of the firm's Akurdi works located in Pune.
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