Thursday, June 25, 1998
Natco group seeks renegotiation of AP port project
The Natco group of Hyderabad has mooted renegotiating the contract for the Krishnapatnam mega port project with the Andhra Pradesh government. There has been little headway in its implementation even a year after the foundation stone was laid and partner Itochu Corporation exited from the consortium. Natco is in the process of negotiating with at least two possible European consortia to fill in the void left by Itochu's exit from the project.
HCL Infosystems plans to set up arms overseas
HCL Infosystems has decided to set up new subsidiaries overseas including UK, USA, Canada, Europe, far-east Asia, New Zealand and Australia in a bid to strengthen its global operations. The company plans to invest $15 million (over Rs 60 crore) in wholly-owned or joint venture companies. HCL is also actively considering acquisition of existing companies.
Caltex Petro to take over IBP-Caltex
Caltex Petroleum Corp of the US will take over IBP-Caltex, a 51:49 joint venture with the public sector IBP Co. Caltex will pay back around Rs 40 crore to IBP for the takeover as the Indian partner has already contributed Rs 19.60 crore towards the equity of the joint venture.
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