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Since 1st March, 1999
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Business Briefs

WBIDC, Nestle in tie-up

Calcutta, Aug. 25: Nestle has tied up with Bengal Nestorís, a company promoted by the West Bengal Industrial Development Corporation (WBIDC), to source ultra heat-treated (UHT) milk from the state. The plant in Ausgram, in Burdwan district, produces a host of milk products for Mother Dairy. Of the Rs 8.5 crore fresh investment required for the project, Nestle will chip in with Rs 4.5 crore worth of machinery, while the remaining Rs 4 crore will be raised using a combination of equity and loan. WBIDC, which has a 49 per cent stake in the company will give Rs 1.5 crore as loan and inject Rs 1 crore as fresh equity.

Alembic rights

Mumbai, Aug. 25: Alembic Ltdís board will consider a rights issue, to be offered to the existing shareholders, at its meeting on September 1.

Colgate payout

Mumbai, Aug. 25: Colgate Palmolive India Ltd has declared a 22.5 per cent interim dividend (Rs 2.25 per share) for 2003-04. The dividend will result in a total outgo of Rs 34.5 crore, including the dividend distribution tax, Colgate said in a release.

CSE meet

Calcutta, Aug. 25: Another board meeting of Calcutta Stock Exchange, third in last three weeks, failed to fix the date for convening extraordinary general meeting for taking member brokersí consent to bring in changes in the Memorandum of Association for going ahead with demutualisation of the bourse.

Bayer arm

Mumbai, Aug. 25: The board of Bayer India Ltd will meet on Wednesday to consider a proposal to form a 100 per cent subsidiary. It will consider restructuring or transfer of its non-cropscience business to the proposed subsidiary.

BSNL exit plan

Chennai, Aug. 25: Bharat Sanchar Nigam Ltd is considering a voluntary retirement scheme to reduce staff strength in an attempt to bring down the heavy operational cost, said CMD Prithipal Singh.

WiLL case

New Delhi, Aug. 25: Telecom Dispute Settlement and Appellate Tribunal today adjourned for September 2 the hearing on V5.2 case linked to WiLL mobility.

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