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Business Briefs

Taj checks in at Regent

Mumbai, Sept. 6: The Taj group famed Indian Hotels Company Ltd (IHCL) today announced “in-principle” acquisition of 19.90 per cent equity in Lokhandawala Hotels Pvt Ltd (LHL), owners of Regent Hotel, city’s seven star hotel for about Rs 15 crore. Simultaneously, ICICI Trusteeship Services Ltd (I-Ventures) will also acquire 80.10 per cent of equity share capital of LHL with IHCL having the right and obligation to purchase this equity in one or more tranches, IHCL informed the Bombay Stock Exchange.

Bank of Tokyo

Calcutta, Sept. 6: The Bank of Tokyo-Mitsubishi Ltd, the Japanese bank that closed its branch in Calcutta on August 6, today said majority of its retrenched officers had agreed to the compensation paid for the termination of their service. The bank said it continued to negotiate with the 47 workmen who had not agreed to the bank’s offer.

Nalco ADR

Mumbai, Sept. 6: The disinvestment ministry will hold consultations with the US market regulator Securities Exchange Commission next week for proposed American Depository Receipt (ADR) issue of state-owned Nalco Ltd.

UB venture

New Delhi, Sept. 6: British liquor company Scottish & Newcastle’s proposed joint venture with Vijay Mallya’s UB group appears to have hit a roadblock, with the Foreign Investment Promotion Board again deferring a decision on it.


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