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Daewoo Corporation to pull out of Rs 1,500-crore Punjab power plan
The $65-billion South Korean giant, Daewoo Corporation, has decided to shelve its plans to take up the Rs 1,500-crore, 168MW Shahpurkhandi-A hydro electric power project in Punjab.
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Kajaria Ceramics takes the export route to beat economy slowdown
The rupee depreciation will help Kajaria Ceramics improve its export margins in fiscal 1997-98. This will help the company reap a bonanza, which is planning to focus on exports as its thrust area. At present, 20 per cent of the total turnover comes from exports (in quantitative terms) and company officials says this can go up to as high as 30-35 per cent.
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SAIL may go into red this fiscal
The state-run Steel Authority of India Ltd (SAIL), is heading for a loss after being out of losses for over a decade. Although SAIL reported a profit of Rs 48.53 crore in the first half of the current fiscal, the gloomy market situation is leading the steel major into losses and financial crisis.
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Glaxo exports maiden ranitidine-base consignment
Glaxo India has exported its first consignment of ranitidine base, an advanced intermediate used in manufacture of key anti-ulcer formulation, Zantac. Ranitidine base will be converted to ranitidine hydrchloride to meet the global secondary formulation needs of the British multinational.
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Bain and Company plans wholly-owned subsidiary
The Boston-headquartered $500-million global strategy-consulting firm, Bain and Company, has chalked out plans to set up a wholly-owned subsidiary in the country. Its maiden office is expected to be opened in the second quarter of next year.
Forbes Gokak to cut spindlage, use VRS to turn around Swadeshi Mills
The sole surviving Tatas-held textile company, Swadeshi Mills, is set for a new lease of life. The management of Forbes Gokak, through which the Tatas hold Swadeshi Mills, has devised a three-pronged strategy to put its ailing subsidiary back on track. A detailed plan was submitted to Bank of Baroda recently.
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