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Drumbeat: Ad Buzzaar
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Sunday, May 17, 1998
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Hindustan Lever shareholders clear merger with Pond's
Shareholders of Hindustan Lever Ltd (HLL) approved by an overwhelming majority the merger of Pond's (India) Ltd (PIL) with HLL at a court-convened meeting. The merger, after other statutory approvals, will be effective from January 1, 1998. A total of 1,415 shareholders (either present in person or through authorised representatives or proxies) cast valid votes at the polls.
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Durgapur Steel Plant modernisation cost revised to Rs 4,870 crore
The cost of the recently concluded modernisation of Durgapur Steel Plant (DSP) of Steel Authority of India Ltd has been revised to Rs 4,870 crore, as against the definitive cost of Rs 2,668 crore estimated in 1998, according to sources in the steel plant located in West Bengal. It recorded high gross margins despite cost escalation and high interest rate.
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BEML plans to enter overseas market via new subsidiary
Bharat Earth Movers Ltd (BEML) is planning to enter the overseas market with a new company BEML UK. The plans to set up the company are at a final stage as the feasibility study, which was entrusted to KPMG Peat Marvick, would be ready for submission by next week. The authorised capital and size of the company would be subsequently decided.
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AES Transpower shortlists 7 MNCs for Ib Valley EPC deal
American utility major AES Transpower has shortlisted seven multinational giants/consortia for the EPC (engineering, procurement and construction) job for its Ib Valley thermal project through fresh international competitive bidding. The companies/consortia selected are Raytheon, Black & Veatch, Duke-Flour Daniel-Tata, L&T and Sargent Lundy, Bechtel-Foster Wheeler-Mitsubishi Heavy Industry-Nichiman, ABB and Siemens.
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