Friday, July 3, 1998
Bayer, Zydus tie up to form healthcare unit
The German multinational Bayer and the Ahmedabad-based Zydus group have signed a memorandum of understanding (MoU) to set up a 51:49 joint venture healthcare company in India. The venture, while "sidestepping the conventional mergers and brand acquisition strategies", is expected to catapult the market share of the alliance from 0.8% to 2.4% in the next few years.
Changes in accounting policy prop Tisco profit
Tata Steel, the flagship of the Tata group, has effected a significant change in its accounting policy, which enabled the company to post a profit figure higher by Rs 9.73 crore for the 1997-98 financial year.
Ailing Intron plans 1:1 rights issue
Faced with huge accumulated losses far outstripping its net worth, Intron Ltd, the Indian subsidiary of Swedish white-goods giant AB Electrolux, has decided to double its equity base by tapping the capital markets with a 1:1 rights issue. The Rs 16.28-crore rights float has been priced at par, below the prevailing market price.
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