The Financial Express -- Corporate

Wednesday, July 23 1997

Torrent to fund AEC takeover via power arm stake dilution

The Torrent group is financing the acquisition of Ahmedabad Electricity Company (AEC) by issuing fresh shares in privately held Torrent Power Private Ltd (TPPL) to MCN Energy Group Inc of USA.

Escorts to raise $100 mn via ECBs

Escorts Ltd, Rajan Nanda's diversified conglomerate, will raise $100 million (Rs 350 crore) through external commercial borrowings (ECBs) to finance part of the capital expenditure on expansion of its tractors business and repay debt.

Hoechst arm, US firm tie up for vaccine

German multinational Hoechst Marion Roussel's domestic arm has finalised a joint venture with the $1-billion Chiron Corporation of the United States for manufacturing vaccines. Hoechst, as part of the deal, will "contribute its undertaking at Ankleshwar in Gujarat" for the manufacture of its anti-rabies vaccine, Rabipur, to the venture.

Centre averse to Suzuki,Maruti foundry venture

Jumbo official may take over as Dunlop MD

Chhabria to tighten grip over SWC

Global tobacco giants poised to challenge ITC monopoly

RIL bonds garner Pound 150 mn

GIC Housing Fin: Back to the wall

HCL Infosystems to focus on systems integration

DSP Merrill, Morgan Stanley in race for PowerGrid project

Shriram Agrotech to sell off or relocate MP plant in Punjab

Novell Inc sets up laboratory in Mumbai to test servers

ICI to target tie-ups to suit parent's new global view

Ucal Power hits new high on takeover rumours