The Indian Express The Financial Express Latest News Elections '98 Express Investment Week Market Indicators Screen Express Computers Travel & Tourism Advertisers Forum Information Technology Drumbeat: Ad Buzzaar Astrosurf Eco-India Career India Business Forum Match Maker Express Properties

Corporate Economy Expressions Markets Leisure 09 February 1998   Nalco chalks out Rs 200cr expansion The National Aluminium Company (Nalco) plans an additional Rs 200 crore expansion to produce special aluminium for manufacturing cans. This was in addition to Rs 3,727 crore expansion plans alreday underway and scheduled to be completed in 2001. The project will be internally funded.   FIPB clears Sun Microsystems plan for subsidiary with rider The Foreign Investment Promotion Board (FIPB) has cleared the proposal by US-based $8-billion Sun Microsystems to set up a wholly-owned subsidiary in the country. The department of electronics has also backed the proposal. The subsidiary will be in charge of marketing and distribution of its hardware and software products. Automobiles Peugeot, Maruti Udyog sign pact for Esteem diesel engines France-based Automobiles Peugeot has signed an initial memorandum of understanding with Maruti Udyog (MUL) to fit its TUD5 diesel engine in the Esteem. Trials are expected to begin soon. Except the 800cc version, all Maruti ranges have been dieselised. Indian Oil Panipat refinery set to be commissioned The state-run Indian Oil Corporation's Panipat refinery is likely to be commissioned soon. The Rs 3,868-crore refinery project at Baholi near Panipat is expected to produce about 8 lakh tonnes of petrol per annum. The plant will also annually produce about 9 lakh tonnes of jet fuel, 6 lakh tonnes of kerosene and 21 lakh tonnes of diesel. The refinery would also make available about two lakh tonnes of cooking gas.   Birla AT&T offers minority stake to AIG Birla AT&T, the joint effort of the Adtiya Birla group and US-based Telecom giant, AT&T, has offered the rupee fund of Asian Infrastructure Group (AIG) a stake in the company. AIG is also considering picking up a minority stake of about 10% in the telecom company. Hitachi sees group profit falling by 70% Hitachi is expected to record a group net profit of about 30 billion yen for the current fiscal, down 70% from last year, mainly due to the sluggish semiconductor market. Analysts however feel that the company will not be able to meet its projected target of 89 billion yen. This is mainly due to the losses suffered in the various divisions.   vspace=5>