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Business Briefs

Gillette sells Geep

New Delhi, Dec. 31: Gillette India has sold its Geep battery business to Thanawalla group of companies. It includes all Geep brand names, the sales and distribution network for the Geep business and production facility at Mysore. Most of the current employees at the manufacturing plant and in the sale and distribution network would be given the opportunity to transfer to Thanawalla. This transaction would, however, not affect Gillette India’s present sale and distribution of Duracell alkaline batteries.

SBI rate cut

Mumbai, Dec. 31: State Bank of India (SBI) has reduced the interest rates for priority sector lending by 50 basis points across the board with effect from Wednesday.

Sebi amnesty

Mumbai, Dec. 31: Sebi today extended its amnesty scheme for listed companies and individuals, who have failed to make disclosures or had delayed it, under the takeover regulations. The scheme will now be open till February 28 for individuals and for corporates till March 31.

Dabhol assets

Mumbai, Dec. 31: Paving the way for an asset sale of the Dabhol Power Company, its lead investor IDBI has refunded $ 100,000 deposit amount to seven companies who were in the fray for picking up the 85 per cent foreign equity in the idle power project.

RIL gas find

New Delhi, Dec. 31: Reliance has stumbled upon significant gas reserves in the sixth well it has drilled in the Krishna-Godavari basin block, where it had earlier discovered 7 trillion cubic feet of gas reserves.


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