Monday, February 8, 1999
HM to pay Rs 43 crore for General Motors' preference share issue
Hindustan Motors is buying Rs 43 crore worth preference shares of General Motors India (GMI) as part of the deal involving the sale of its 50 per cent equity holding to General Motors Corp. It is understood that the US-based auto giant is buying HM's 50 per cent equity stake at par by shelling out Rs 65 crore.
MTNL to set up subsidiary for Internet services
Mahanagar Telephone Nigam Ltd has decided to set up a full-fledged subsidiary for managing its Internet services in Delhi and Mumbai. The company is also exploring possibilities of taking on a strategic partner for providing certain inputs, MTNL chairman & managing director S Rajagopalan said.
Cipla slashes anti-AIDS drug prices by 25%, Glaxo likely to follow suit
The Rs 541-crore Cipla has reduced prices of its anti-AIDS formulation brand, Zidovir, by 25 per cent. The drug firm's move is significant given that the price differential between Zidovir and Glaxo's anti-AIDS brand, Retrovir, will now skyrocket to over 200 per cent.
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