MUMBAI, December 16: The swap ratio for the merger of Cutfast Abrasive Tools Ltd with Carborundum Universal Ltd (CUMI) has been fixed at 5:1 -- one share of CUMI for every five shares of Cutfast Abrasives with the merger effective from April 1, 1997. The shares of CUMI were trading at the Rs 81 levels while that of Cutfast was changing hands at around Rs 15 on Monday. The boards of directors of the two companies, on Monday, approved the merger and the swap ratio evaluated by ICICI Securities and Finance Ltd.

Unocal Corporation shows interest in Assam proposal: Unocal Corporation has evinced interest in an Assam government proposal to build a spur line to the Cachar district for the proposed Indo-Myanmar gas pipeline. The proposal was made at the recently held Indo-US business summit in Calcutta by Assam government officials. The pipeline can either ferry gas out of Assam or carry feedstock to fire industries in the state. The Assam government has apparently offered to talk to the Centre to allow the US multinational to conduct exploration activities in the north-east to beef up the company's large gas `concessions' held in Bangladesh and Myanmar.

Mukesh Ambani's assurance: Mukesh Ambani of Reliance industries on Monday held out the promise of starting construction of the controversial Rs 4000-crore ethylene cracker in upper Assam from next month. The assurance was given at an inter-ministerial meeting called by the petroleum ministry to speed up work on the troubled project. Ambani said the process of technology selection was already on and orders for plant and machinery would be placed shortly.

GSFC bags award: The Gujarat State Fertilisers & Chemicals (GSFC) has won the special award of Fertliiser Association of India (FAI) for the `best performance in production' of phosphatic fertilisers and also the runner-up award for the `best operating unit for nitrogenous fertiliser' for 1996-97.

Kerala government denies allegations: The Kerala government has denied allegations about favouritism shown to a Finland company regarding procurement of diesel generators for the 128 mw Kozhikode Diesel power project to be executed by the Bharat Heavy Electricals Ltd (BHEL). State power minister Pinarayi Vijayan said BHEL's quotation was the lowest when tenders were invited for the project during March 1994.

RoC registrations: One public limited company with a total authorised capital of Rs 15 lakh and 40 private companies with a total authorised capital of Rs 4.27 crore were registered with the Registrar of Companies (RoC), Kerala during November. Sixty six cases were filed for violation of various provisions of Companies Act, 1956 and a fine of Rs 21,700 were imposed against companies/directors during the month, an official release said.

Oushadi, US firm sign pact: Oushadi, a Kerala government enterprise has signed an agreement with Inter Natural Health Inc., of US for the global marketing of ayurvedic medicines. The agreement was signed by Oushadi managing director MN Gunavardhan and Inter Natural Inc president K Mohanachandran here on Monday in the presence of state health minister, AC Shanmughadas, an official release said.

Johnson Tiles achieves 17 per cent sales growth: H&R Johnson (India) Ltd rode on the brand image of its tiles to notch up higher sales in the first six months of 1997-98, achieving a 17 per cent sales growth during the period. Johnson Tiles, whose sales growth touched Rs 83.28 crore, had also drawn up expansion and modernisation plans to double its turnover during 1998-99 despite the industry being characterised by excess capacity.

Microland wins award: Microland, a leading integrated information technology services provider, has been awarded the Platinum Partner status by MICOM at the recently concluded Asia Pacific Distributor Meet in Bangkok.

Sun Pharma: Sun Pharmaceuticals has said that it is purchasing plot number 21 at Silvassa from Shreyas Corrupact, and not Shaan Interwell as earlier indicated by the company in the story carried in the December 12 Financial Express edition.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.