Corporate Moves

Cisco Systems has announced that it plans to set up 34 networking academies in India in partnership with the Government and educational institutes with an investment of $6 million.

Godrej Agrovet Ltd has indicated that it is acquiring a 74 per cent stake in Gold Mohur Foods and Feeds Ltd, a subsidiary of Hindustan Lever Ltd.

Himachal Futuristic Communications Ltd (HFCL) has signed an agreement with Cisco Systems wherein it will outsource Cisco's data products and network equipment and work as its system integrator in the country.

Hindustan Motors has initiated a series of improvements in its flagship car brand, the Ambassador, taking into account the stiff competition from other automobile manufacturers.

The India Today group is planning to divest up to 20 per cent stake in its television venture, TV Today Network, to a strategic investor to fund part of its investment requirements.

LG Electronics India has proposed to expand its manufacturing capacity by 2003 by investing $100 million.

Mascon Global will start overseas roadshows aimed at FIIs to raise up to $150 million to finance the planned acquisitions of four companies this year.

Raymond Ltd has announced a buyback of about 1.877 crore of its shares at a price not exceeding Rs 160 a share.

Saatchi & Saatchi has acquired Kamerad News Advertising, a Bangalore-based advertising agency. It will now become a member of the Saatchi & Saatchi worldwide network.

Sujana Industries has decided to hive off its castings and domestic appliances divisions, and confine its activities to the bearings division.

Sumitomo Rubber Industries of Japan has signed a Memorandum of Understanding with Dunlop India, wherein it agreed to be a strategic partner of Dunlop India.

Tata Finance is planning to foray into the travel segment with the launch of its travel services and plans to open outlets in nationalised banks to clear travel-related currency.

Trigyn Technologies has announced the spinning off of a new product company eVector and the global launch of the product -- the first to evolve from Trigyn.

Unichem Laboratories plans to enter the large volume markets of the European Union, Australia and South Africa with value-added products. This follows the international approvals it has received.

Wockhardt Hospitals has signed a long-term alliance with the US-based Harvard Medical International for its hospitals venture.