IOC, KPC may rope in new partners: Indian Oil Corporation and Kuwait Petroleum Corporation, which are jointly promoting a 9-million-tonne refinery in Paradip, Orissa, may rope in additional equity holders for the project. Kuwait Petroleum has already conveyed to Indian Oil its intention to bring in another partner. Indian Oil, on its part, has said it will also be free to exercise a similar option.

Medicine Shoppe to boost sales:American multinational Medicine Shoppe International Inc (MSI), part of the $15-billion Cardinal Health Inc group, plans to boost its retail drug sales by providing a variety of services to patients free of cost through its outlets. The $1.3-billion Medicine Shoppe is the largest franchisor of independent retail pharmacies in the US and Taiwan's top provider of retail prescriptions.

Telco plea: Tata Engineering and Locomotive Company (Telco) has appealed to the Maharashtra government to issue a clarification to the effect that sales tax exemption available under the Package Scheme of Incentives 1993 for mega projects in the automobile sector located in A category areas is also available to all subsequent sales in the state.

Rossell Tea to enter hotels business: Rossell Tea is in negotiations with a line of hotel majors across India in a bid to diversify its area of business. It is also planning to buy gardens in Assam and Dooars. Managing director R Deogun said the company was about tofinalise deals to buy hotels from at least two parties but, last-moment problems scuttled the deals. He, however, said: "We are still in the process of talking to a few hotel chains currently." Deogun declined to divulge the names of these hotel chains and said the deals may take some more time to fructify. "Keeping in mind the economics of the trade, the company will look into bigger occupancy hotels preferably the three to four star hotels," he said.

Numaligarh Refinery to go on stream soon: The mechanical commissioning of the Rs 2,700-crore Numaligarh Refinery is due in March. IBP chairman and managing director SN Mathur said the refinery is a joint venture of Bharat Petroleum Corporation Ltd (BPCL), IBP Co Ltd and the Assam government. It was initially decided that IBP would have a 51 per cent stake in the three million tonne per annum (mtpa) refinery.

Valmet Corporation to pick stake in arm: World's leading paper machines manufacturer Finland's Valmet Corporation is taking up asubstantial equity stake in its local arm, Mechano Paper Machines Ltd, promoted by SK Sadhu and BK Kariwal. Valmet Technology (Thailand) Co Ltd director Mikko Koskivirta, who was in Calcutta on Saturday, said both the companies have reached consensus on the issue. He, however, did not disclose the amount of stake Valmet is taking up.

SBI Caps to take up bank recast services: SBI Capital Markets Ltd, the investment banking arm of the State Bank of India, is planning to embark on bank restructuring as a part of the consultancy services offered by it. It has already made a presentation before the Bank of Rajasthan. "For a weak bank, we can look for a strategic partner or identify business units that should be hived off while for a strong one, we can advise on mergers and acquisitions," SBI Caps managing director and CEO Birendra Kumar said. It is also planning to advise State Bank's corporate clients on recast of their business activities.

DGFT dilly-dally delays Iridium plan: Three monthsafter the world hooked on to Iridium's satellite telephony, the facility is still not available in the country as the company is yet to import handsets. The firm got the nod from the Director General of Foreign Trade for import of handsets only a fortnight ago. It has, however, started the process of importing handsets.

Enron's Nepal project may be revived: A mega-electricity project proposed by Enron International, the US-based energy multinational, across the northern borders of Nepal could be a vital new power source for northern India. Proposed nine years ago as the world's largest hydroelectric dam that would export power to China and India, the project appears all set to be revived, with Enron applying for a licence to study the possibility of building a hydroelectric dam on Nepal's Karnali river.

Centre reallocates cases against Jaya: In a controversial move relating to the trial of AIADMK supremo Jayalalitha, the Centre has transferred all corruption cases against her and hercolleagues, now being heard by three special judges in Chennai, to other judges.

King Hussein passes away: King Hussein of Jordan, who left an indelible mark on the Middle East in 47 turbulent years on the throne, died of cancer on Sunday. He was 63. His eldest son Abdullah, 37, was sworn in within hours as his successor and vowed in a national television address to follow his father's policies, including a dramatic 1994 decision to make peace with Israel.