Corporate Moves

Aztec Software and Technology Services is restructuring its business into three strategic business units, e-engineering division, intellectual property (IP) division and e-reliability division.

Bank of India (BOI) has `in principle' decided to either sell or merge with itself three of its subsidiaries -- BOI Finance, BOI Mutual Fund and BOI Asset Management Company.

Bajaj Auto Ltd has said that it plans to enter the insurance sector in India and that it is negotiating with Allianz AG of German to be its partner.

Dr Reddy's Laboratories has announced that it has ended its two-year-old marketing relationship with the US-based Schein Pharmaceuticals following Schein's takeover by Watson Pharmaceutical Inc.

HCL Perot Systems, a joint venture between HCL Technologies and Perot Systems, has made an equity investment of $3 million in a US-based internet company, IXL Inc.

ICICI Venture, the technology incubator fund of ICICI, has picked up a 30 per cent equity stake, for an undisclosed amount, in fund4india.com, an online investment banker for knowledge initiatives.

Indian Bank plans to sell two of its subsidiaries, IndFund Management Ltd and IndBank Merchant Banking Services Ltd,

while it proposes to merge IndBank Housing Ltd with itself.

MICO Industries is considering the possibility of a third open offer for buyback of shares later this year.

Morepan Laboratories has announced a technology and marketing joint venture with DiaMed AG, a Swiss company, where Morepan will have exclusive marketing rights in India for DiaMed Optimal Rapid Malaria test kits and ID Micro Typing Systems for blood group serology.

Rane Brake Linings has decided to divest its stake in Rane LuK Clutch Ltd in favour of LuK Gmbh of Germany, thereby exiting from the joint venture.

Satyam Computers will launch an offshore development centre at the Dubai Internet City in February in a move that is in line with the global trend of providing onsite servicing of projects.

UTI Bank and Global Trust Bank have decided to merge into a single entity that will be known as UTI Global Bank in a move that will make the new bank the largest private sector bank in India.