MUMBAI: Industrial Development Bank of India (IDBI) on Saturday paid Rs 218.51 crore as dividend to the government. The amount representing dividend at the rate of 45 per cent for the year ended March 1998 on the equity share capital held by the governement was presented to Union Finance Minister Yashwant Sinha by IDBI chairman and managing director S H Khan.

IndusInd Bank

MUMBAI: IndusInd Bank has launched Sunday banking facilities at its Bandra branch, Mumbai, on June 28. The bank proposes to offer savings account, term deposits, cash withdrawal and deposit, NRI deposits for FCNR, NRE and NRNR accounts, safe deposit lockers and acceptance of cheques on Sundays. The branch will be open from 10.30 a m to 1 p.m. and the plan is to extend this facility to other branches also in the future.

Zydus group

MUMBAI: The Zydus group, an Ahmedabad-based pharma major and BYK Gulden, a research-oriented pharma company in Germany, have signed a memorandum ofunderstanding (MOU) to enter into a 50:50 joint venture, Zydus BYK. BYK Gulden is the worldwide patent holder of the novel proton pump inhibitor and new breakthrough molecule `Pantoprazole'. The100 percent export oriented unit will be set up at an investment of Rs 20 crore. BYK Gulden will source key intermediates for manufacturing the bulk drug, Pantoprazole from Zydus BYK.

Comsat Max

MUMBAI: Comsat Max has become the first VSAT service provider in the country to obtain Y2K (year 2000 software problem) compliance for its VSAT systems. After extensive tests by the technology providers, Gilat Satellite Networks, the Israeli telecommunications major, the Demand Assigned Multiple Access and Pre Assigned Multiple Access based networks of Comsat Max have been certified as Y2K compliant.