L&T plant in China

Mumbai, Aug. 2: Larsen & Toubro Limited (L&T) will set up a greenfield switchgear plant in China with an initial capital outlay of $5-6 million. ?This will be a wholly-owned subsidiary of the company,? a senior L&T official said. The company is also looking at acquiring a Chinese valve manufacturing company to increase its global presence.

RBI nod

Mumbai, Aug. 2: The Reserve Bank of India today said the appointment of foreign nationals as directors on the board of Indian companies does not require the central bank?s permission. Under the Foreign Exchange Management Act, no such approval is required, it added.

JV merger

New Delhi, Aug. 2: The National Thermal Power Corporation and the Steel Authority of India plan to merge their two joint ventures ? NTPC SAIL Power Company Pvt Ltd and Bhilai Electric Supply Company Pvt Ltd ? into a single entity for greater operational and administrative efficiency.

Ranbaxy unit

New Delhi, Aug. 2: Ranbaxy Laboratories has commissioned a manufacturing facility at Sungai Petani in Malaysia under its subsidiary Ranbaxy Malaysia. ?This new facility will help expand and consolidate our presence in the region,? Ranbaxy CEO Brian W Tempest said.

McLeod offer

Calcutta, Aug. 2: The proposed open offer by McLeod Rusell India for 20 per cent of Williamson Tea Assam, which was to open on August 1, has been deferred. Company officials said the offer was not yet cleared by the Securities and Exchange Board of India. The offer would be announced soon after the clearance was received.

Spic move

Chennai, Aug. 2: Henkel Spic India Limited has merged with Henkel India Limited in accordance with an April 26 Madras High Court order. The merger was operationally effective from July 20.

Wockhardt

Mumbai, Aug. 2: Wockhardt Limited has received approval from the United States Food & Drug Administration to market cefuroxime axetil in the US.