IPCL mulls stake in Indian Oil refinery
The Indian Petrochemicals Corporation (IPCL) is exploring the option of picking up a stake in one of the refinery projects being commissioned by the Indian Oil Corporation. Indications are that IPCL is keen on taking a nominal stake in the east coast refinery being promoted by IOC and Kuwait Petroleum Corporation.
Centre seeks CLB nod to induct 9 directors into Dunlop board
The Indian government, in a bid to wrest control in Dunlop India, has sought permission of the Company Law Board (CLB) for appointment of additional directors on the board of the tyre-maker. The petition filed through Department of Company Affairs (DCA) before the CLB has asked for appointment of nine more directors for three years to safeguard the interest of the public, shareholders and the company.
Kerala spikes Enron Kannur power plan
The Kerala government has rejected the much-touted tie-up between the Nambiars and the US-based Enron Corporation for the 513mw combined-cycle power project at Kannur. State electricity minister Pinarayi Vijayan has informed the Centre that the project "was not acceptable" to the state government.
Volvo to steer clear of small-car arena
Volvo India, the 100% subsidiary of Volve AG Sweden, will consider production of medium and large passenger cars five years from now. There are no plans for small cars in view of "global pressure," said managing director Ravi Uppal in an exclusive interview with The Financial Express.
Godrej-GE plans customer-service network
Godrej-GE Appliances has distinguished the customer-servicing business as having a huge potential for growth in future. It plans a major thrust in setting up a nationwide customer-service network. The company has recently kick-started the exercise of setting up a network, which will be gradually expanded.
Toyota expects 17 % net profit jump in FY '97
Japanese automotive giant Toyota Motor Corp expects to post a consolidated net profit rise of 17 per cent for fiscal 1997 to 450 billion yen ($3.43 billion) due to strong US sales and a weaker yen.
