Centre undecided on sale of 6 PSUs

The Centre is yet to take a stand on the issue of strategic sale of six public sector units which were referred to it by the disinvestment commission. Panel chairman GV Ramakrishna said it was in the interest of the PSUs that they should be put up for an immediate strategic sale. The PSUs are Balco, BRPL, HTL, ITI, MFL and KIOCL.

Scancem to pick up 25% in Narmada Cement: Scancem International, a subsidiary of the Nordic cement and building materials group Scancem, reached an agreement with Chowgule Group to acqire a 25 per cent equity stake in Narmada Cement Company (NCCL) by direct investment. Chowgule Group is the promoter and major shareholder in NCCL. The agreement is subject to approval by Indian authorities. NCLL's cement annual production capacity is about 1.2 mill. tonnes.

Kirloskar Electrodyne sales up 11%:

Kirloskar Electrodyne has ended 1996-97 with an 11 per cent increase in sales at Rs 11.22 crore from Rs 10.39 crore in the previous year. It posted a net loss of Rs 57 lakh as compared with Rs 98.77 lakh in the previous year. Its actual profitability was lower than the projected figure.

BIFR issues winding-up notices to 3 firms:

The Board for Industrial Finance and Reconstruction has issued showcause winding-up notices to three private sector companies as they cannot be revived on a long-term basis and all possibilities of their rehabilitation have been exhausted.

Lock-out at Binny's

The management of Buckingham and Carnatic Mills has declared a lock-out since Monday. The lock-out was declared following Monday's violent incidents near the mills at Perumbur in north Chennai. Police had arrested 163 workers after they set ablaze two state-owned transport corporation buses and damaged two others during their agitation demanding reopening of the mills and payment of wages.

Nehru takes over as Hindustan Fertiliser chief

JL Nehru took over as the chairman and managing director of the sick Hindustan Fertiliser Corporation. Prior to his association with HFCL, he had worked in various capacities with Engineering Projects (India), according to a coporation communique.

Hindustan Fertliser Corporation has incurred a loss of Rs 474.41 crore in1995-96. For the years 1996-97 and 1997-98, the company has budgeted net loss of Rs 559.73 crore and Rs 585.41 crore respectively.

MECL achieves 92% drilling productivity

The Nagpur-based Mineral Exploration Corporation has achieved 92 per cent drilling productivity, highest during the last seven years, in the first quarter of the current financial year, ending June 30. During the period, MECL had established 1,532 mt of mineral reserves.

Sahara India Housing on the defensive

Sahara India Housing informed the Mumbai High Court that it had not violated any rules with regard to development of the multi-crore hill resort proposed to come up near Lonavala in Pune and assured that necessary permission had been obtained by them from various authorities for the proposed mega venture.

Powergrid deploys emergency system

Powergrid Corporation has successfully deployed the use of emergency restoration system to quickly restore damaged towers of transmission lines at reduced cost. Additional general manager (corporate sector) S Majumder said the system ``is a self-erecting type and does not require foundation. Phones within 24 hours

On the threshold of attaining full autonomy from DoT, Mahanagar Telephone Nigam has planned a capital expenditure of Rs 1,500 crore over the next two financial years for its project 2000. MTNL chairman S Rajagopalan said it was proposed to sell 60 million shares of additional equity and channel 47 million shares through the GDR route.

Broadcasting platform on Thaicom satellite likely by Nov

A $300-million project for setting up a new broadcasting platform on the Thaicom satellite may take off in the next four months. The platform will be available exclusively to cable TV operators and viewers who exercise the option of subscriber management system.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.