HFCL set to take over Arihant Optics
IN a move that is likely to give a major fillip to its core business of optic fibre cable manufacturing, Himachal Futuristic Communications Ltd (HFCL) is all set to takeover management control of the Hyderabad-based fibre manufacturer, Arihant Optics Ltd , in an all-cash deal.

Global Tele plans merger of unlisted group co
THE Rs.630-crore Global Telesystems Ltd (GTL) plans to merge a group company -- Global Electronic Commerce Service Ltd (GECS) -- with itself. The merger is expected to create one of the largest e-commerce entities in the country with a revenue of over Rs . 900 crores.

PwC picks up 12% stake in WorldChemnet.com
PRICEWATERHOUSECOOPERS (PwC) has picked up a 12 per cent stake in `WorldChemnet.com', an online chemical and pharmaceutical exchange offering services such as online trading in chemicals. The portal has been operational since August 1999.

Gramophone plans to acquire Punjabi music co, to pay 10% final
GRAMOPHONE Co of India Ltd, a RPG group outfit, has planned to acquire a Punjabi music company.

Creative Eye to relaunch IPO at cut price
TELEVISION software company Creative Eye Ltd has said it is relaunching its initial public offering of 25,02,400 equity shares at a discounted price, citing weak market sentiment as the reason.

Expenditure panel submits report on food subsidies
THE Expenditure Reforms Commission (ERC), chaired by former Finance Secretary, Mr. K. P. Geethakrishnan, today submitted its first report to the Government, dealing exclusively with the issue of revamping the existing structure of food subsidies. The rep ort was submitted to the Finance Minister, Mr. Yashwant Sinha.

Max India takes majority stake in HealthScribe
MAX India has acquired a 71.4 per cent stake in HealthScribe India (HSI) for Rs. 8.5 crores. For Max, the move marks its entry into IT-enabled services _ one of the three areas that the company has identified for itself as a focus.

Bharti Telecom to hold back ADR issue
BHARTI Telecom has decided to hold back its proposed $ 150-200 million American Depository Receipts (ADR) issue till existing policy-bottlenecks, such as expiry of lock-in period on equity holding in cellular firms are cleared and a final decision on rev enue sharing with the Government is through.

MTNL staff defer strike
EMPLOYEES of Mahanagar Telephone Nigam Ltd (MTNL) have deferred their proposed indefinite strike till July 21 at the instance of the Union Communications Minister, Mr. Ram Vilas Paswan, according to a Government release.

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