Lyka Labs to raise $6.5 m

Lyka Labs will raise $6.5 million through global depository receipts (GDRs) to part finance capital expenditure and working capital requirements. The board gave an in-principle nod to the GDR proposal at its meeting held on February 20, the company has informed the Bombay Stock Exchange. Shareholders’ approval will be sought on March 20.

Bata award

Bata India has bagged the Most Admired Footwear Brand award at Images Fashion Forum 2004 for the second consecutive year. The company has also been selected as one of the superbrands of the country by an independent council comprising eminent personalities in the marketing and advertising fields.

Plastics meet

Indian Plastics Federation will organise Plastiscope ’04, a national seminar to address the issues facing plastic processing industries in the east, on February 26 in Calcutta. The meet will be inaugurated by Bengal chief minister Buddhadeb Bhattacharjee.

Silk plant

Eastern Silk Industries, a domestic manufacturer and exporter of silk, has set up a state-of-the-art plant at Anekal near Bangalore to consolidate its position globally. The expansion is set to trigger exports of around Rs 300 crore by 2005.

Surya pact

Surya Roshni has entered into an exclusive export agreement with UK-based marketing company Status International Limited for its lighting products.

Satyam move

Satyam Computer Services Ltd, an end-to end infotech solutions provider, has opened a development centre in Mississauga, Ontario, its first in Canada.

Gulf Oil

Gulf Oil Corporation, a leading lubricants player, will expand its plant in Silvassa by constructing a concrete first floor, installing a plastic moulding machine and automatic filling machines. The Rs 5-crore project is expected to be completed by July 2004.