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Corporate

Wednesday, May 6, 1998

	ICICI set to pick up 10% stake in Petronet India Industrial Credit and Investment Corporation of India (ICICI) will pick up a 10% stake in Petronet India, the joint venture pipelines company where IOC, HPCL and BPCL hold a combined 50% stake. While IOC has subscribed to 18% of the equity, BPCL and HPCL have picked up 16% each. IBP will eventually pick up 2% from IOC's stake.		McKinsey advises ICICI against merger with I-Sec Mckinsey & Co has advised the Industrial Credit and Investment Corporation of India (ICICI) against merging with ICICI Securities and Finance Company (I-Sec) and ICICI Bank. The consultancy major has advised against a mega merger as "firewalls" are necessary between different businesses.
	Thermax likely to rake in Rs 350 cr from EPC orders The Pune-based Thermax, engaged in energy and environmental engineering, expects to get engineering procurement and construction (EPC) orders of around Rs 350 crore by the end of the current financial. It also plans to tap the built-own-operate (BOO) and built-own-operate-transfer (BOOT) routes to undertake cogeneration and water-treatment projects.		TVS Electronics plans to spin off UPS division into a separate arm TVS Electronics Ltd, in a bid to bring about a strategic shift in its export focus, plans to spin off the uninterrupted power supply (UPS) division into a separate wholly-owned subsidiary. However, TVSE director Gopal Srinivasan told The Financial Express in an interview that the new subsidiary company had only been mooted now and it could be a year or more before it became a reality.

Bank of Punjab targets Rs 2,100cr deposits in '98-99
The Bank of Punjab targets Rs 2,100 crore deposits by the end of financial year 1998-99. It also plans to open 20 new branches across the country during this period. The new branches would be opened in Delhi, Hyderabad, Indore, Calcutta, Mumbai, Khanna, Abohar, Goraya and Sangrur.

Videocon plans to infuse Rs 1,000 cr into Shendre
The Rs 2,700-crore consumer goods giant, Videocon, plans to invest Rs 1,000 crore in the Shendre industrial estate near Aurangabad. The company will make this investment during the next five years to produce TVs, refrigerators, airconditioners, compressors and washing machines.

Slowdown stings Grasim net
Hoechst Marion Roussel ties up with Chiron to make vaccines
United India strikes cheap ONGC reinsurance deal
Gridco likely to incur Rs 200cr loss in '97-98
SGL reports strong Q 1, year outlook seen rosy
StarHub unveils its Singapore telecom plans
Motorola continues talks of optimism
Optus chief blasts Telstra on reform pace
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