Friday, February 5, 1999
SIEL to be split into 3 firms
The Sidharth Shriram group's Rs 500 crore SEIL Ltd is planning a major restructuring by splitting its operating divisions into three separate companies in order to have a better focus in activities. The Rs 500-crore SIEL has appointed chartered accountancy firm S S Kothari and Company to work out details of the restructuring.
UTI may not unload ITC shares
The Unit Trust of India (UTI), the country's largest mutual fund, has no intention to sell its entire stakeholding of ITC Limited. Meanwhile, the bourses have evoked lukewarm response to the news that UTI was ready to offload ITC stakeholding in favour of BAT.
Five bulk drugs dereserved
The Cabinet Committee on Economic Affairs (CCEA) on Thursday approved delicensing and dereservation of five bulk drugs. These are Vitamin B1, Vitamin B2, Tetracycline, Oxytetracycline and Folice Acid. These drugs were so far reserved for the manufacture by the public sector.
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