Friday, October 16, 1998
US firm to acquire 49% stake in Orissa power corp
US power company AES Corporation has signed a $144 million agreement with the Orissa government to acquire a 49% share in the Orissa Power Generation Corporation (OPGC). OPGC owns and operates a 420 MW coal-fired power station in Orissa. The acquisition is expected to be completed by the first quarter of 1999.
Searle sees opportunity in failure of American Home-Monsanto merger
The collapse of the $35.08-billion global merger between American Home Products (AHP) and Monsanto Company over strains in marrying contrasting corporate cultures may open a window of opportunity for RPG group company, Searle India. This is the second aborted deal for the AHP group after talks to combine forces with Anglo-US healthcare major SmithKline Beecham fell through earlier this year.
HDFC first-half net jumps 16% to Rs 148 cr
Housing Development Finance Corporation (HDFC) has clocked a 16% growth in net profit to Rs 147.76 crore for the first half of the current fiscal, compared with Rs 127.90 crore registered in the corresponding period last year. Profit before tax grew marginally lower at 14% to Rs 177.76 crore.
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