The Telegraph
Since 1st March, 1999
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Business Briefs

Samsung to invest $ 35 m

Mumbai, March 5: Samsung Electronics Company Ltd is planning to invest $ 35 million in India, taking its total investment to $ 121 million by the end of this year. The company would invest $ 25 million in its expansion of refrigerator plant in Noida by August this year and would pump in $ 10 million in its existing colour TV and home appliances production line by the year end, Samsung Asia president and CEO, K. S. Kim said.

IDBI gets tough

Mumbai, March 5: The Industrial Development Bank of India (IDBI) has taken over possession of the salt refinery of Ganesh Benzoplast Ltd situated in Rajkot district of Gujarat under the newly introduced Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act (Securitisation Act) 2002 on February 26-27.

Cairn Energy

New Delhi, March 5: Cairn Energy Plc has rejected ONGC’s about $ 200 million bid to acquire its oil and gas properties on the east and west coasts of India. However, the British firm sent fillers to Reliance and Gail India for sale of its interest in the Krishna Godavari and Cambay basin blocks and the 50,000-barrel per day Ravva oil and gas field.

Ceat price cut

Mumbai, March 5: Ceat Ltd has announced a reduction in prices of its tyre products by 5 per cent following the excise cut benefits announced in the Union Budget for 2003-04.

IOC centre

New Delhi, March 5: Indian Oil Corporation (IOC) has added muscle to its R&D arm by setting up a Rs 34-crore laboratory to upgrade the ‘residue management’ in its refineries.

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