Saturday, August 29, 1998
Indian Hotels to sell foreign properties
Tata group firm, Indian Hotels -- the operators of Taj group of hotels -- has finalised plans to sell off its hotels in New York and Chicago, according to its chairman Ratan Tata. Proceeds from the sale of these properties will go towards repaying the huge outstanding liabilities of the group's international operations, he added.
Creeping acquisition limit may be hiked
The revised takeover code, which will be ready by September end, is likely to hike the creeping acquisition limit from 2% cent to 5%. The Justice P N Bhagwati committee, which is reviewing the existing takeover code, is also considering a reduction in the open offer size to 10% from 20% in cases where a promoter holds more than 50% stake in a company.
MUL suffers 25% drop in exports
Car maker Maruti Udyog Ltd (MUL) failed to repeat its excellent domestic performance in international markets as its exports in April-July suffered a 25% drop, latest figures indicate. However, Maruti, which dominates the Indian auto industry with over 83% of market share, continued to be the biggest exporter of cars from the country.
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