Autoriders may abort open offer bid for Saurashtra Cement
The Patels-owned Autoriders group's offer for a 20 per cent stake in Saurashtra Cement, scheduled to open on April 29, may be called off if the capital addition by the Mehtas, through a controversial preferential allotment, is allowed. Saurashtra Cement, on its part, has informed the Sebi that two crucial tranches of its allotment came after the open offer made by Autoriders on March 19.
Godrej-GE Appliances to phase out CFC by 2000
Godrej-GE Appliances will phase out consumption of chlorofluoro carbons (CFC), a major component of ozone-depleting substances, in its refrigerators by 2000. The target is well before the government's deadline of 2006. This will mark the completion of the first phase of the company's Ecofrig project with the ministry of environment & forests, the Swiss and German governments.
Daewoo to seek govt nod to import CKDs for small car
Daewoo Motors India will approach the union government for a licence to import completely knocked down/semi-knocked down kits for its small car code-named d'Arts. The number of kits to be imported and the time-frame for which they would be required is still being worked out by the company's top management.
Modicare to foray into costume jewellery business
Modicare of the KK Modi group plans to enter the costume-jewellery business. The company is test-marketing the jewellery and would be in the business within a year. Modicare is in talks with two foreign companies from the US and UK. "We are in the process of working out the modalities for a final tie-up with the foreign partners.
Panyam Cements to shut down chemicals unit
Panyam Cements & Mineral Industries Ltd has decided to shut down its chemicals division after consistent losses from the unit. The division manufactures calcium carbide, used as an input for producing acetylene gas, tri-chloroethylene and acetylene black.
JCT puts steel unit on the block, in talks with Tatas, Jindals
JCT Ltd has initiated talks with the Tatas and O P Jindal group for sale of its steel division. Though the exact valuation is being worked out, sources said the Punjab-based steel unit could fetch cash strapped JCT over Rs 100 crore. The total installed capacity of the company's steel division is 30,000 tonnes of steel wire per annum and 2,000 tonnes of strand wire per annum.
