Thursday, December 3, 1998
State Bank steps up equity stake in Indo Nigerian Merchant Bank to 51%
The State Bank of India has raised its stake in Indo Nigerian Merchant Bank, Lagos, from a platry 12.8% to 51%. The move is in conformity with the State Bank strategy of pushing for a majority stake in all overseas joint ventures.
Oswal Petrochemicals to shut down Chembur unit; labour in a quandry
Oswal Petrochemicals has offered its 700-odd employees a tough choice: take a 50% cut in wages or opt for a voluntary-retirement scheme (VRS). And, if neither of the choices are enticing enough, the Abhay Oswal group company plans to delcare a lockout after a fortnight, effective December 16.
Hindustan Organic plans captive plant at Raigad
The Rs 476-crore Hindustan Organic Chemicals plans to set up a 20mw captive power project at its Rasayani plant in the Raigad district of Maharashtra either on the build own operate and transfer (BOOT), build operate lease and transfer (BOLT) or build own operate and maintain (BOOM) basis.
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