Tata drives in new bus
Calcutta, April 7: Tata Motors has introduced the Tata Divo in a bid to drive in more competition in the luxury bus market in India. The long distance inter city bus is set to bring direct competition to Swedish luxury bus maker Volvo, who owns the majority of the market. The size of the market is over 2,000 units annually and is growing at the rate of about 8 to 10 per cent. Besides these two, some of the other players in the market are Ashok Leyland and Mercedes Benz.
New Delhi, April 7: Marico’s board has approved raising of up to Rs 500 crore through issue of shares to two foreign investors — Indivest Pte Ltd and Baring India Private Equity Fund III Listed Investments. The board has approved allotment of 2,94,11,764 equity shares of Re 1 each at an issue price of Rs 170 per share.
Vadodara, April 7: ONGC’s pilot underground coal gasification project in Gujarat, which was initiated in 2005, is yet to get approval from the coal ministry, a top company official said.