Monday, September 28, 1998
UB group set to sell Tumkur chemicals unit
The Rs 3,200-crore UB group has embarked upon a fresh round of plans to weed out its non-core assets with the sale of its chemicals unit in Bangalore to Tumkur Chemicals. The planned sell-off, understood to be in line with the recommendations made by consultant Arthur Andersen, will also see the Rs 1,206-crore Rallis India move in as the strategic partner for process development of new products there.
Pramod Mittal's Bahrain plan stalled as investment banks refuse funds
Ispat group vice-chairman Pramod Mittal's plans of expanding his business beyond India's borders has come a cropper. International banks are believed to have refused to fund the $290-million greenfield project as an aftermath of the global steel-industry slump.
Hindujas plan firm to provide gateway services
The Hindujas are setting up a new company that will provide backbone services like international leased circuits to the Internet to private sector Internet service providers (ISPs). The group is planning to invest an estimated Rs 100 crore over a two- year period in the venture, which will also provide gateway services to private ISPs to route their traffic to the Internet.
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