Tuesday, August 25, 1998
Jindals to steer clear of third ally for Vijayanagar venture
Jindal Vijayanagar Steel Ltd (JVSL) has dropped plans to induct a third partner for Vijayanagar Minerals Pvt Ltd (VMPL). JVSL the majority partner in VMPL, the 70:30 joint venture with state run Mysore Minerals Ltd (MML), had earlier planned to divest around 26% of the promoters stake in favour of a third party.
Kirloskar Oil Engine writes off old debts and receivables
The over Rs 600-crore Kirloskar Oil Engine Ltd (KOEL) has `cleaned up' its balance sheet for 1997-98 by writing off old debts and receivables worth about Rs 8 crore. The move is in line with the management's aim of achieving its newly set realistic targets, with a clean slate. Kirloskar Oil is now expected to register a growth of between 3% and 5% per annum and a higher productivity norm per employee.
TVS Suzuki profits up 18% in first 4 months
TVS Suzuki Ltd has registered a 27% increase in turnover and an 18% increase in profits for the first four months April-July of the current fiscal 1998-99. During the period it has posted a turnover of Rs 394 crore in contrast to Rs 310 crore in the corresponding period of the previous year.
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