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Corporate Briefs

Kodak open offer for arm

UK-based Kodak Ltd and Eastman Kodak Company of US have made a final open offer to acquire balance 6.04 per cent equity in Kodak India at Rs 350 per share. The offer opens on December 10 and closes on January 9, 2003, J. M. Morgan Stanley, the manager to the offer, informed the Bombay Stock Exchange. Shareholders, who are not in position to accept the final offer, have been provided with an exit facility at the same price for a period of six months from the final offer date, it added.

FinnFund plan

FinnFund, a Finnish fund for industrial cooperation, is planning to set up three venture funds, including those for investment in Indian companies, to start research and development work in healthcare sector. The Finnish outfit, which has primarily made investment in India’s energy sector, was also in process of forming a telecom sector fund for south Asia.

Karur Vysya

Karur Vysya Bank has revised domestic deposit rates for all maturities of 91 days and above by 25 to 75 basis points. Under the revised rates, the interest rate for 91 days to 179 days would be 6.25 per cent against 6.5 per cent earlier. For deposits of 180 days and below one year, the rate would be 6.5 per cent against the earlier 7.5 per cent, a bank release said.

VSP output

Visakhapatnam Steel Plant (VSP) produced 9 per cent more at 1.95 million tonne of saleable steel during April-November 2002 against 1.78 million tonne target for the period. It produced 246,000 tonne of saleable steel in November against a target of 2,33,000 tonne, showing a rise of 5 per cent.

Sahara India

Sahara India group has signed a memorandum of understanding with Inox Leisure Limited, the diversification venture of Inox group, for operations of the multiplex at Sahara Mall, Gurgaon.

Lakshmi Vilas

Karur-based Lakshmi Vilas Bank will market Dabur CGU Life Insurance Company products from December 18, a bank official said. Under an agreement Lakshmi Vilas Bank signed with Dabur CGU, the bank would market Aviva brand and life insurance products through selected branches.

Kinetic sales

Kinetic Motor posted a 19 per cent sales growth in October for its entire product portfolio compared with the year-ago month. The monthly sales were fuelled by a 73 per cent growth in the motorcycle segment, a release said.

Mount Shivalik

Mount Shivalik group has forged an alliance with Germany’s F.W. Langguth Erben GmbH for marketing and distributing the latter’s Blue Nun range of wines in the domestic market.

Maxtor move

Data storage solutions company Maxtor will partner with LG to supply hard disk drives for the latter’s personal computers (PCs) in India. Maxtor would provide 40 GB fireball 3 drive for LG’s latest My PC product.


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