IDBI eyes state-run bank in recast plan
IDBI is exploring the possibility of taking over a public-sector bank. This marks a radical shift in the largest term-lending institution's business strategy which has--unlike ICICI--all along avoided the idea of growing through mergers and acquisitions.

Russian company offers to pick 51% in ailing Iisco
Russian company TyazhPromExport (TPE) has offered to pick up 51 per cent stake in a joint venture that will own and revive the Steel Authority of India's (SAIL) subsidiary Indian Iron and Steel Company (Iisco).

Institutions reject Lloyds group revival proposal
Both ICICI and IFCI have rejected the revival package proposal of the Rs 2000-crore Lloyds group. The promoters of the group, the Guptas, had asked for a fresh loan of Rs 250 crore.

  Honda Siel losses touch Rs 44 crore
  Corporate Briefing
  SAIL to prune workforce by 70,000 over five years, plans VRS this fiscal
  DCGI seeks more information on Dr Reddy's anti-cancer compound
  Hindustan Sanitaryware net up 13% to Rs 13.6 cr
  United Airlines scraps Chicago-Delhi flight plan, cites economic unviability
  NIIT set to restructure education programme
  Techonology-savvy Fisher helped Kodak click
  United Western to unveil stock option for staff
  IA drawing up strategy to tackle lean season
  ICICI plans foray into retail services via ATMs
  Global insurance majors queue up to partner BoB
  Petro Araldite commissions epoxy resin unit
  Greaves, Sam Turbo to forge venture for spares
  FIs set to okay JK Corp cement unit hiveoff
  Philips unlikely to make open offer for 4% stake in Punjab Anand
  Hindustan Dorr Oliver makes Singapore entry
  Briefing
  Indal to go in for integrated testing
  MasterCard completes systems upgrades
  TTL starts test phase of teleservices in Vijayawada
  Doraisamy takes over from Mittal at Compaq India
  NTPC to commission phase I of 432 mw gas plant at Faridabad by month-end
  CPs likely to reduce CIL's working capital cost
  Intel to speed its plans to use 12-inch wafers
  UK's Meggitt to acquire Whittaker for $360 million
  Icra downgrades SAIL's debt plans over poor financial health