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Corporate

Monday, May 25, 1998

	Pond's merger may speed up HLL bid to hive off speciality chemicals wing The Unilever group's plans to hive off the speciality chemicals business in India will soon gain momentum now that the merger of the Chennai-based Pond's India with Hindustan Lever (HLL) has achieved near conclusion following the crucial shareholders' ratification last week.		Pfizer set to "inform" ministry on local interest in Viagra Pfizer is understood to be keen on apprising the ministry of commerce on the implications of the widespread domestic interest in sildenafil citrate, the bulk active that goes into its block-buster anti-impotency drug Viagra. Pfizer's move comes amid its American parent's reiteration of guidelines for appropriate use of Viagra, as well as caution against inappropriate use.
	SAIL chief moots 7% hike in steel prices Steel Authority of India (Sail) chief executive Arvind Pande has advocated a 7% hike in steel prices and sought direct and indirect governmental support for attaining a targeted Rs 300 crore profit in 1998-99. Pande said that it would be necessary to increase steel prices by 6 to 7% to offset an additional burden of Rs 1,600 crore in 1998-99 on account of increase in input costs, wages and salaries, interest charges and depreciation.		LIC for three more MD posts to handle pension, intl operations, real estate The Life Insurance Corporation (LIC) plans to create three more managing-director posts to handle different segments of its expanding business this fiscal. This move is a part of its strategy to become more market oriented. The three new managing directors will look after the pension and provident businesses, international operations and real estate.

Power Finance sanguine on $100m ECB subscription
The $100 million ECB issue of Power Finance Corporation (PFC) will be fully subscribed in its scheduled time. PFC also reiterated that the recent downgrading of India by international credit rating agency, Standard & Poor, would not affect investor sentiment.

Mumbai celltel owners may have to pay wireless fee
The two cellular operators of Mumbai, BPL Mobile and Hutchison Max, will pass on the DoT-imposed annual wireless licence fee of Rs 100 per subscriber to their subscribers, after having subsidised them for the past two and a half years. The operators had till now refrained from charging their subscribers the Rs 100 licence fee due to the intense competition prevailing in the market. They were, instead, taking the charge in their own books.

Citibank signals business as usual; Fuji Bank restores link
Air-conditioner firms offer finance schemes
Financial Briefing
Corporate Briefing
Pilferage hits Vapi, Sarigam chemical units
MIDC, Bajaj Auto sign MoU for Rs 225cr project
Ashok Desai to represent MUL's case against Suzuki
SBI to integrate associate banks treasury operations
Alcan steps on the gas, hikes Indal offer price to Rs 175