ITC Hotels sells Mumbai real estate to parent
ITC Hotels, forced by financial constraints, has sold the land it had acquired to set up a Rs 430-crore 5-star deluxe hotel in Sahar, Mumbai, to its parent company ITC for Rs 132 crore. The 350-room project will now be set up by ITC, while the subsidiary will manage it.

Nicholas Piramal forges 3-way pact for bulk drugs
The Rs 535-crore Nicholas Piramal has finalised a "three-way" strategic equity alliance with British chemicals company, La Porte, and a US firm for its bulk-drugs business. The tie-up is expected to see the American partner make about Rs 50-crore capital expenditure in a new bulk-drugs facility at Hyderabad.

Mumbai court asks Pal-Peugeot to repay StanChart loan outstandings
The Pal-Peugeot joint venture has received a severe jolt, with the Mumbai high court directing the company to start repaying its dues to Standard Chartered Bank. PAL-Peugeot owes Stanchart around Rs 40 crore. The bank filed a case in the court a fortnight ago, when there was no indication of the money being repaid.

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