The Financial Express -- News

Thursday, July 24 1997

Unilever hikes stake in Pond's India to 51% at Rs 58 crore

The Unilever group has hiked its stake in Pond's India to 51% from 47.7% at a cost of Rs 57.72 crore. The move paves the way for the eventual merger of Pond's with Hindustan Lever.

Infrastructure Bond Issue

ITC appoints Arthur Andersen to strike buyback deal

ITC has engaged Arthur Andersen to negotiate a buy-back deal with Delhi-based industrialist Jai Prakash Gaur in respect of around 85 lakh shares of Jaiprakash Industries held by ITC Classic. ITC is keen to finalise the deal which will bring much-needed funds into the cash-strapped ITC Classic, which reported a loss of Rs 285 crore this year.

Moody's assigns India `BAA3' rating

Slowdown in industrial and export growth coupled with an unstable political environment have led to an unfavourable outlook for India's credit rating, international rating agency Moody has said. The rating of `BAA3' is placed at the Indian sovereign ceiling for long term foreign currency denominated debt and in India only a few financial institutions like IDBI, IFCI and ICICI.

Export of grey cloth prompted anti-dumping probe

Update skills before full float, says Tarapore