ICI Plc subsidiary out of group recast net
The UK-based multinational ICI has decided to keep its explosives division - a 51 per cent-owned local subsidiary - out of the company's global sale of the explosives business. The high-performing division contributes Rs 150 crore to ICI India's turnover. The division will stay out of the group's global restructuring programme of moving away from the explosives business. It has instead set up a greenfield project at Rourkela with an annual production capacity of 6,500 tonnes.
CLB decides on repayment plan for Modern FD holders
The Company Law Board has decided the repayment scheme for fixed deposit holders of the Modern group of companies. After hearing the small deposit holder and the company on various dates, the board has decided the scheme of repayments based on the group companies' projected cash flows.
4 high-fliers set to grace Tata Industries' board
The Tata group is all set to bolster the board of Tata Industries by inducting four new directors. The shortlisted candidates include Titan Industries' managing director Xerxes Desai, Indian Hotels' managing director R Krishna Kumar, Telco's executive director VM Rawal and Tata Finance chief executive Dilip Pendse.
FMC to prepare commodity exchanges for a new era in futures trading
Calendar 1998 could well be the year of commodities and not equities in India. In the light of the government's interest in boosting commodites futures trading. The Forward Markets Commission (FMC), the apex regulatory body for commodity exchanges, intends to help commodity exchanges improve their monitoring and regulatory mechanisms. The initiative will initially involve exchange dealing in at least six commodities.
Mahindra Ford plays cheap finance card in bid to drive up Escort demand
Mahindra Ford India Ltd (MFIL) has resorted to "subvention" arrangements with banks and finance companies to stimulate the market following sluggish demand for luxury cars. The arrangement has enabled car financiers to offer attractive interest rates of 13-13.5 per cent on loans for the Ford Escort. The market rates on car loans are currently hovering between 17 per cent to 18 per cent on a diminishing value basis.
Export quotas for readymade garments under FCFS okayed
The textiles ministry has approved release of export quotas for fast and slow-moving items of ready-made garments on a first-come, first-served (FCFS) basis for 1998 calendar year. The FCFS quotas will be 10 per cent of the annual level of quotas for all categories of garments and 25 per cent in the case of category 26 pertaining to the European Union.