Corporate Moves

Asian Paints has acquired the powder coatings business of the Mumbai-based Hawcoplast Chemicals for a consideration of Rs 16 crore.

Ashok Leyland Finance, whose advances are touching the limit allowed by the capital adequacy norm, sees asset securitisation as its best option to grow without having to raise capital. Its capital adequacy ratio will be 14 per cent by the end of the year, when its advances touch Rs 1,700 crore.

Dr Morepen, the wholly-owned subsidiary of Morepen Labs, formed recently to leverage the 4,500 crore FMCG category, expects to achieve break-even by 2005.

Karur Vysya Bank looks forward to re-orienting its business towards retail banking with the opening of its retail finance cell in Chennai and six more branches planned by the end of the current fiscal.

Both Hughes Software Systems and Hughes Tele.com have convened an EGM to seek shareholder approval for a possible change in control following the merger of Hughes Electronics Corp with EchoStar Communications Corp in the US.

The pharma major, Lupin , plans to hike its R&D expenditure to 25 per cent of its profits. With specific R&D thrust on molecular research, the company plans to file four to six abbreviated new drug applications (ANDAs) with the US Food and Drug Administration every year.

Difficult market conditions have forced Maruti Udyog to undertake a production halt for three days. With increasing stocks and sluggish sales, November may witness only 13 days of production. Maruti, which produces 1,200 vehicles a day, also launched its latest MUV offering, Versa in the domestic market.

Royal Philips Electronics N.V has acquired a 77 per cent stake in CG Glass through an open offer and, subsequently, the board has decided to rename the company as Philips Glass India Ltd.

Satyam Computer Services has bagged a major contract from Reuters UK for software application maintenance and support work for the latter's information services.

The board of United Breweries has approved a proposal for demerging/restructuring of the brewery business named UB Beer, a wholly owned subsidiary of the company. The board has recommended issue of four new equity shares in UB Beer for every 10 shares held in the company.

Videocon International (VIL) plans to raise Rs 450 crore through a private placement of 4.5 crore equity shares of Rs 100 each within the next two-three months for the first phase of capacity expansion. VIL which was barred from accessing the capital markets till April 2004, plans to use the funds raised to increase the manufacturing capacity of its Internet Color Televisions.

Volkswagen is all set to make a grand entry into the country with the launch of its Skoda brand of cars this year. The company is expected to roll out 200 cars initially in the SKD condition and later assemble imported kits at its plant in Aurangabad.