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Pond's to merge with Hind Lever
The Unilever group has announced two strategic moves to consolidate its presence in India. The managements of Pond's (India) Ltd (PIL) and Hindustan Lever Ltd (HLL) -- both subsidiaries of Unilever Plc of the UK which holds 51% equity in each -- have decided to propose the merger of PIL with HLL. HLL has also proposed to acquire a 50% stake in Lakme Ltd in Lakme Lever Ltd and "Lakme"trade marks from Lakme Brands Ltd for Rs 200 crore.
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DoT move to amend TRAI Act
The Department of Telecommunications (DoT) is planning to push through amendments in the Telecom Regulatory Authority of India (TRAI), Act of 1997 through an Ordinance issued by the President. The move seeks to amend the most controversial clauses, like section 2 (1)(j) and section 11 (1), 11(1) (e) and 11(1) (p), which allow the TRAI to hear cases in areas which the DoT feels are its exclusive domain.
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Peugeot withdraws 309 model from India
PAL-Peugeot Ltd, the joint venture company between French car maker Automobile Peugeot and Premier Automobiles, has withdrawn Peugeot 309 model from the Indian market. The company decision follows the French partner's decision to stop supply of CKDs of the 309 model to India.
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ECGC plans major revamp
The Export Credit Guarantee Corporation of India Ltd (ECGC) has chalked up a comprehensive restructuring programme to enable it to cope up with the anticipated competition from foreign insurance companies. The restructuring programme, recommended by Coopers & Lybrand, will be implemented in a phased manner during the next two years.
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