Reliance Natural Resources (RNRL), part of an ADAG company, on December 1, filed `chamber summons` to cross examine the under secretary in the petrole

Reliance Natural Resources (RNRL), part of an ADAG company, on December 1, filed `chamber summons` to cross examine the under secretary in the petroleum ministry in the Bombay high court

RNRL files `chamber summons` in Bombay HC

Reliance Natural Resources (RNRL), part of an ADAG company, on December 1, filed `chamber summons` to cross examine the under secretary in the petroleum ministry in the Bombay high court

Reliance Natural Resources (RNRL), part of an ADAG company, on December 1, filed `chamber summons` to cross examine the under secretary in the petroleum ministry in the Bombay high court

GE India may buy Indo Tech transformers

General Electric (GE) India is learnt to be in talks to acquire Chennai-based Indo Tech transformers for an undisclosed amount, reports Economic Times.

This deal will help GE to grow in its important markets as well as strengthen its manufacturing presence in the power sector.

Indo Tech Transformers, a part of the Rs 2.4 billion Indo Tech group, used to get a significant portion of its revenues by supplying distribution and power transformers to the state electricity boards (SEBs), but of late its been focusing more on the industrial and export segments.

Avon Weighing Systems launches new product range

Avon Weighing Systems, engaged in the business of assembling and selling weighing systems in India announced on Wednesday, December 3 that it had launched its own line of digital personal and kitchen scales.

Union Bank of India enters into pact with NCMSL

Public sector lender, Union Bank (Q, N,C,F)* of India has launched a special scheme to extend credit against warehouse receipts with National Collateral Management Services (NCMSL) to provide credit on competitive rates to food and agro-based units,

This is in addition to an existing tie-up with National Bulk Handling Corporation for similar services.

EID Parry to commence shares buy-back from Dec. 15

EID Parry (India) announced on Wednesday a buyback plan of its shares which will be opening from Dec. 15, 2008 to Oct. 28, 2009. The board of directors in its meeting held on Oct. 29, 2008 has accorded their consent on the same

The company has proposed to buy a minimum of 731,875 shares at a price not exceeding Rs 160 a share an aggregate amount not exceeding Rs 468.40 million being 10% of the aggregate of the company`s paid-up equity capital and eligible free reserves as on Mar. 31, 2008.

EID Parry India with its subsidiaries and joint ventures operates in the sugar, bio-products, sanitary ware, chemical fertilizers and nutraceutical sectors.

Unitech fires employees, defers projects

Under heavy pressure to repay its mounting debt obligation, falling stock value and to beat negative investor sentiment, real-estate firm Unitech has resorted to cost-cutting by firing trainees and on-probation employees. "We have around 100 trainees and employees on probation", said a highly-placed official of Unitech requesting anonymity.

"We are asking them to leave as our non-residential projects have been deferred." Unitech is India's second largest publicly traded real-estate company in terms of market value.

It has 1,800 employees on its payroll and a total 3,000, including its subsidiary companies. The firm also has deferred its non-residential projects, especially hospitality.

When contacted, the company spokesperson declined to comment. The debt obligation of Unitech stands at Rs 8,400 crore, of which it has to repay Rs 2,700 crore by March 09.

The present market value of the company has eroded to Rs 3,500 crore from Rs 65,000 crore in January.