Adams to be Corus CEO

New Delhi, Jan 8: Kirby Adams will be appointed as chief executive officer of Corus and Tata Steel's European operations. Philippe Varin, the CEO of Corus and of Tata Steel Europe — the holding company of Tata Steel’s European operations — would step down on April 6 after a six-year tenure, Tata Steel said in a statement.

Varin will continue to be on the boards of Tata Steel Europe and Tata Steel as a non-executive director.

Adams will re-locate to London and commence work from early March 2009. He would report to B. Muthuraman, managing director of Tata Steel.

“He will join the boards of Tata Steel Europe and Tata Steel, subject to necessary approvals,” the statement added.

Adams was formerly the chief executive of Australia-based BlueScope Steel.

“When Tata Steel acquired Corus, Varin had agreed to continue as chief executive for at least two years. Now that he has met his commitment, he has decided to seek a new challenge,” the company said.

Sun rejects offer

New Delhi, Jan 8: Sun Pharmaceutical has rejected Israeli firm Taro’s proposal to increase the offer price for its shares to $15 apiece, saying the overseas firm was not worth so much.

“The Taro board knows that its proposal of $15 per share is way beyond what the company is worth. The company has no audit numbers for three years and the restated figures of the previous year needs to be further restated,” Sun Pharma chairman and managing director Dilip Shanghvi said in a letter to Taro chairman Barrie Levitt.

Sanghvi was responding to a letter from Levitt, who had asked Sun to pay $15 per share, while rebuffing Sun’s offer of $9.5 per share, against an initial offer of $7.75 apiece.

Tata arm rights

New Delhi, Jan. 8: Tata Communications has approached the government — a 26 per cent shareholder — for a rights issue to raise Rs 1,000 crore and another Rs 2,000 crore through debt to finance acquisitions in the US and the UK and to bid for spectrum for wireless broadband. A portion of the funds will be used to finance the company’s new submarine cable projects and possible acquisitions in the managed services space, sources said.

They, however, declined to give details of the target companies.

The company has written to its major shareholders — Tata Sons and the government — seeking new equity infusion through a rights issue and has also approached select institutions and banks. Tata Communications has been trying to raise equity since April 2008 but has not yet received government approval.

Wal-Mart woes

New York, Jan. 8: Wal-Mart Stores reported a disappointing 1.7 per cent rise in December sales at its US stores that have been in business for at least a year. The world’s largest retailer cut its quarterly earnings outlook on Thursday. Analysts on an average were expecting the company’s same-store sales to rise 2.8 per cent. The discount retailer had said it expected December sales to be at the high end of its forecast of a gain of 1 per cent to 3 per cent. For the fourth quarter beginning November 1, Wal-Mart said it expected earnings of 91 cents to 94 cents per share from continuing operations.

RIL Iran move

Washington, Jan. 8: A non-profit organisation today said Reliance Industries had stopped gasoline sale to Iran, after a group of US Congressmen urged the country’s Exim Bank to suspend assistance to the Indian firm until it stopped business with Iran. “RIL has ceased gasoline sales to Iran. Its decision came after the treasury department received a letter from members of the US Congress expressing concerns about Tehran’s development of nuclear weapons, its sponsorship of terrorism and its human rights abuses, especially against Iranians,” the Foundation for Defense of Democracies said. However, an RIL spokesperson said, “As a corporate policy, we do not comment on specific transactions.”

Bajaj target

New Delhi, Jan. 8: Bajaj Appliances — part of the Rs 1,400-crore Bajaj Electricals — is targeting a turnover of Rs 500 crore in the current fiscal. “We are one of the leading players in the small appliances brand. With the launch of our premium segment products we hope to clock a turnover in the range of Rs 475-500 crore in the current financial year,” R. Ramkrishnan, executive director of Bajaj Electricals, said. Bajaj Appliances registered a turnover of Rs 375 crore in 2007-08. The company today launched its Platina range of products, including water heaters, food processors, toasters and irons.

Simplex contract

Calcutta, Jan. 8: Simplex Projects has won a Rs 2,000-crore contract to develop a housing project in Libya. The project, which involves the construction of 2,000 houses and other facilities such as roads, drainage and sewage system, is scheduled to be completed over the next 36 months. “This is our first overseas project. The company’s order book now stands at Rs 3,000 crore,” Simplex chairman and managing director B. K. Mundhra said.