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Business Briefs

Maruti IPO by March 17

New Delhi, Jan. 27: The government is likely to hit the market with its public issue for sale of equity in Maruti Udyog Limited (MUL) by March 17. The public issue is the second stage of disinvestment in MUL. Suzuki Motor Corporation, the joint-venture partner, had earlier agreed to give an underwriting of Rs 2,300 a share as part of the agreement and the government had decided to offer 25 per cent equity by March 2003 through an IPO. The remaining equity is to be sold by the next fiscal.

VSNL review

Mumbai, Jan. 27: Feeling the heat turned on by private sector players who have slashed rates, Videsh Sanchar Nigam Ltd (VSNL) will review national long distance (NLD) plans, despite having commenced services in around 10 stations.

Bill discounting

Mumbai, Jan. 27: The Reserve Bank of India (RBI) has directed banks to lay down a clear cut bill discounting policy and said service sector bills are not eligible for rediscounting.

Shreya move

Mumbai, Jan. 27: Shreya Life Sciences, promoted by Moscow-based Shreya group, has acquired Plethico Pharmaceutial Limitedís Ethical Marketing division, having anti-malarial and lifestyle drug portfolios, for Rs 85 crore. The takeover would be effective from April 1.

Polaris centre

New Delhi, Jan. 27: Polaris Software is planning to set up a development centre in Pune by the end of the current fiscal. Referring to the Bank Artha Graha fiasco last month, Polaris chief Arun Jain said this would not impact the companyís revenue, but it would affect the earnings per share.

Export boost

New Delhi, Jan. 27: The Sri Lanka Standards Institution will now start accepting the inspection certificate provided by the Export Inspection council of India for as many as 84 products that could be exported to the island nation.

Upasi plan

Coimbatore, Jan. 27: United Plantersí Association of Southern India (Upasi) has suggested to the Centre setting up of a National Plantation Development Bank (NPDB) on the lines of Nabard for the agriculture sector.


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