UltraTech merger move
UltraTech Cement has decided to amalgamate its subsidiary Narmada Cement Company (NCCL) with itself. UltraTech holds 97.80 per cent stake in NCCL which has been declared a sick company by the Board for Industrial and Financial Reconstruction. The merger will come into effect from October 1, 2005. The shareholders of NCL would be allotted one equity share of UltraTech of face value of Rs 10 each for every 18 equity shares of NCCL held.
Aban Loyds Chiles Offshore has said its subsidiary Aban Singapore Pte has secured an order to construct a 375-feet self-elevating offshore drilling rig. The company did not give the financial details of the order. Aban Singapore has tied up with a shipyard in Singapore for this.
Calcutta Port Trust has reduced the charges for small ships up to 3,000 GRT capacity plying in the segment between mid-stream anchorage points at Saugor in Diamond Harbour and berth/jetties at both Calcutta Dock System and Haldia Dock Complex. Such small ships will now pay the marine charges applicable for barges.
Bank of Rajasthan, in association with Visa International, has launched an international credit card. The card will provide a value-added service to over two million customers of the bank. Bank of Rajasthan is offering three versions of the card ' silver, gold and platinum.
Amway India has launched skincare products under its Attitude range as part of its product portfolio expansion in India. The company plans to launch nine more products and reach to 2000 cities and town by the August next. It will also introduce a weight management product soon.
ITC's paperboards unit in Bhadrachalam has bagged the first prize at the National Energy Conservation Awards, while its speciality paper unit in Tribeni has won the third prize. This is the seventh NEC award for ITC Bhadrachalam.