Corporate Moves

The B. K. Birla group has decided to sell its stake in Centak Chemicals to the Swedish partner, Azko Nobel for Rs 200 per share. The deal was struck at 60 per cent over Centak's market price. Both the Birla companies -- Century Textiles and Century Enka will sell the entire stake in the company.

The Mumbai-based stock broking outfit, Bright Star Investment Ltd has made an open offer to acquire 20 per cent of the equity shares in the Hyderabad-based tobacco company, VST Industries. The offer was made at a price of Rs 112 per share.

DSQ Biotech, Shanta Biotech and Bharat Biotech plan to pick up minority stakes in the biotech project proposed by the Andhra Pradesh Government in Hyderabad. The facilities given to the firms are expected to reduce the initial investment outlay to the individual companies.

Fujitsu ICIM Ltd has approved the merger of Zensar Technologies with Fujitsu ICIM Ltd. The exchange ratio has been fixed at one equity share of Rs 10 each of Fujitsu ICM Ltd for every equity share of Zensar Technologies.

The shareholders of Godrej Soaps have approved the scheme of arrangement between Godrej Soaps and Godrej Consumer Products Ltd (GCPL) for demerger of the consumer product division of the company to GCPL.

HCL Technologies has signed an agreement with Japan's leading technology company, Toshiba Information Systems (Japan) Corporation, a subsidiary of Toshiba Corporation. Under the alliance, Toshiba Information Systems would leverage HCL's skills to develop value-added services offerings for both their existing and potential client base in Japan.

Hindustan Lever has announced that it plans to rationalise its product portfolio to focus on 30 out of 110 brands. It also plans to foray into five new businesses areas, including confectionery, water, and out of home services.

The Government has cleared a proposal for a rights issue of equity in Maruti Udyog. This would lead to a sell-off of the Government's stake in the passenger car joint venture. The government would renounce its portion of the rights issue in favour of domestic financial institutions.

Rallis India has decided to sell its pharma business to Shreya Impex Ltd at a consideration of Rs 49 crore. This will allow the company to concentrate on its core business of agro-chemicals.

Mr. Abishek Dalmia of Renaissance Estates Ltd has purchased around 1.1 per cent of Indian Rayon's equity capital.

RPG Life Sciences, the pharma and agrochemicals arm of the RPG group, has decided to hive-off its agro-chemical division into a separate company and either sell it altogether or retain a minority stake. Four multinational chemical majors -- Bayer, Monsanto, Syngenta and Griffin Corporation of the US -- have put in their bids for the company.

Silverline Industries Ltd has joined Palm Incorporation's alliance programme, under which Silverline will work with Palm Incorporation to provide mobile e-business solutions to clients worldwide.

Tata Infotech, one of the IT arms of the Tata group plans to hive-off its education business into a separate subsidiary and rope in a strategic partner. The education business, which contributes around 10 per cent of the turnover, is the primary focus of the ongoing restructuring.