Friday, October 9, 1998
M&M-Naidu meet on new project
The Nashik Municipal Corporation (NMC) on Thursday said controversy over Mahindra and Mahindra's (M&M) threat to shift its plant to Andhra Pradesh had taken a new turn with the deputy municipal commissioner of the Nashik Municipal Corporation (NMC), H R Ansari, saying octroi was not the reason behind the move. According to Ansari, the NMC had not hiked octroi for the past three years.
RIL nets Rs 921 crore profit
Reliance Industries Ltd (RIL), the largest company in the private sector, has surpassed all previous records in corporate history with sales touching Rs 7,374 crore and net profit rising to Rs 921 crore for the half-year ended September 1998. Sales have increased by 16 per cent from Rs 6,330 crore in the first half of previous year Rs 7,374 crore this year.
Pfizer to hive off Ankleshwar unit
Pharmaceutical major Pfizer Ltd has decided to hive off its formulations unit at Ankleshwar in Gujarat as part of its strategy to downsize its manufacturing facilities. The decision comes in the wake of a consolidation exercise initiated by its global parent Pfizer Inc., USA and reduction in capacity utilisation of the unit.
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