Corporate Moves

Asian Paints has formally began its operations in Oman, the ninth such joint venture by the paint major in international markets. The company has also acquired the entire paints businesses of Pacific Paints Co Pty Ltd of Australia for over Rs 9 crore.

BASF Aktiengesellschaft of Germany and the New York-based Chatterjee group have formed a strategic alliance. Under the pact, BASF would hold a majority stake in Pushpa Polymers (PPL), a polystyrene plant at Dahej, Gujarat, and would assume operational and management control of PPL.

Digital India has signed a business alliance with Avaya Singapore Pte Ltd. As per the agreement, Digital will be a systems integrator and development associate for Avaya's customer relationship management solutions in the Asia-Pacific region.

Hinduja Finance Corporation's board has approved, subject to necessary approvals, the employees stock option scheme for the employees of the IT division of the company.

Indian Oil Corporation has offered a 26-per cent equity in its Panipat petrochemicals project to Malaysia's Petroliam Nasional (Petronas).

JMC Projects has bagged two projects worth Rs 50-crore in Delhi from Rail India Technical and Economic Services and from Power Grid Corporation of India.

Pentamedia Graphics has entered into a business alliance with Creek and River Co Ltd, Japan, to provide animation and special effects with higher production speed and cost-effectiveness in Japan.

Pentasoft Technologies Ltd and Nettur Technical Training Foundation (NTTF), Bangalore, have entered into a partnership agreement to provide a high-end technical services programme in tool design/mould design areas.

Workers of Rai Saheb Rekhchand Mohota Spg & Wvg Mills Ltd's Hinganghat unit are on strike from November 6.

Sheths and Mahindra Realty and Infrastructure Developers Ltd made an open offer to acquire 33.5 per cent stake, to the shareholders of Gesco Corporation Ltd at Rs 36 per share. After the counter offer (if successful), MRIDL and the Sheth group will hold shares in GESCO Corporation in a ratio of 3:2.

Spanco Telesystems and Solutions Ltd has signed an agreement with Department of Telecommunication, New Delhi, and has been granted a license for Internet service provider in category B for Mumbai. The company is applying for International Internet Bandwith Gateways for Mumbai very soon.

SSI Ltd will partner the Government of Tamil Nadu's initiative to take IT education to the backward and the most-backward classes.

United Breweries is set to acquire 65 per cent stake in Associated Breweries and Distilleries (ABD), which holds an exclusive licence for the manufacture and sale of San Miguel Beer in India.

Zenith Computers Ltd has launched gaming personal computers in association with Singapore's Creative Technology Ltd in an effort to capture the growing home entertainment and Internet market.

Zenith Infotech Ltd's proposed $100-million ADR/GDR issue, scheduled for this November/December, has been put off to the second quarter of next year due to poor market conditions. The issue size is to be scaled down to about $60 million, according to Mr Raj Saraf, its director.

Zee Telefilms has entered into a joint venture tie-up with Sterling Infotech to establish a direct-to-home (DTH) television services.