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Motor & General Finance ties up for joint venture
Motor & General Finance (MGF) and AVCO Financial Services (AFS), a subsidiary of the US-based Textron Inc, have jointly set up a non-banking finance company -- AVCO Financial Services India. The NBFC has a paid-up share capital of Rs 36 crore. Equity of 75% has been brought in by AFS through -- AVCO Financial Servcies (Mauritius) LLC.
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BOC group sells Ohmeda wing for $1 billion
Britain's BOC Group Plc announced the long-awaited sale of its Ohmeda healthcare division for a billion dollars to Finland's Instrumentarium and US companies Becton Dickinson and Co and Baxter International Inc. It would now direct its energies into developing its core industrial gases business.
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Huls AG gets FIPB nod to set up 100% subsidiary
Huls AG, part of the DM 74 billion Veba group of Germany, has received clearance from the Foreign Investment Promotion Board (FIPB) to set up a wholly-based subsidiary in India. The new arm is expected to act as a springboard for the group's ventures in the country.
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Net telephony keeps VSNL on its toes
Net telephony, which was stamped illegal by the Videsh Sanchar Nigam (VSNL) in its letter on the Internet, seems to be quite a task for VSNL. Although VSNL refused to divulge the modus operandi used to track the defaulters or the number of defaulters, it will soon introduce a technology to counter this menace.
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