Corporate Moves

Alstom Power India has entered the German Market after securing an export order for the design, manufacture and supply of two 5.2 MW steam turbines.

The Chairman of Ballarpur Industries (BILT) proposes to acquire 27.75 per cent of the voting rights in the company from the Thapar group companies holding shares in BILT.

BaeHAl Software, the JV between Hindustan Aeronautics and BAE Systems UK, is venturing into developing software for space applications and flight simulators.

Britannia Industries is entering into a joint venture agreement with New Zealand Milk Division. The proposed joint venture will operate the current diary business of Britannia.

Covelong Beach Hotels and Coromandel Hotels are to be merged with Oriental Hotels. All companies are part of the Taj group.

Gujarat State Petronet, the gas transmission network company, has offered to sell up to 74 per cent equity to global gas majors, British Gas Plc, Royal Dutch/Shell and Gaz de France.

The boards of ICICI and ICICI Bank have approved a share swap ratio of one equity share of ICICI Bank for two equity shares of ICICI for the proposed reverse merger of the two entities.

Kuwait Petroleum Corporation has initiated talks with the Rs 2,400-crore Mangalore Refineries and Petrochemicals for picking up equity in the company.

The Life Insurance Corporation of India has received IRDA approval to hike its stake in Corporation Bank to 27 per cent from 12.32 per cent.

The Ministry of Disinvestment has revived a dormant proposal to further disinvest the Government's equity in MTNL through the strategic sale route.

Ranbaxy Pharmaceuticals Inc has received a tentative approval from the USFDA for Lisinopril tablets.

Reliance Industries has reported an increase in production volumes at 5.7 million tonnes, despite overall demand slowdown, against 5.3 million tonnes in the first half of financial year 2000-01.

Reliance Industries has entered into a strategic alliance with DuPont Apparel and Textile Sciences for marketing and selling DuPont's Lycra brand of stretch fibres in India.

Satyam Computer Services is planning to leverage opportunities in non-US markets.

The Securities Appellate Tribunal today set aside the Securities and Exchange Board of India's order prohibiting Sterlite Industries from accessing the capital market for two years.

South African Breweries International has expressed its desire for a crucial place in the management of BrewCo, a demerged beer-only entity of UB group.

Spectrum Software, a US-based solutions provider, is contemplating to shift its product development centre to India over the next few years.

The Union Government has finalised the shareholder's agreement for the sale of Hindustan Zinc, Indian Tourism Development Corporation and Hotel Corporation of India.