Bizbits

NEW DELHI: Daimler Benz of Germany has hiked its equity stake in Mercedes Benz India Ltd to 86 per cent by putting in fresh capital of 37 million Rs 150 crore in the company. The paid up capital of MBIL has now gone up to Rs 600 crore 142 million. The Daimler Benz proposal was supported by its Indian partner Telco, whose stake has now gone down to 14 per cent from 19 per cent, sources said. The proposal has been cleared by the Union government.

India-Tex 8217;98 fair from Dec 7

MUMBAI:The Mumbai Textile Merchants8217; Mahajan has organised a grand five day festival quot;India-Tex 8217;98quot; at Mulji Jetha Market, the 127-year old largest and oldest textile market in the worldfrom December 7. Shri Market Silk Merchants8217; Association has joined hands as equal partners for the 50th year celebration, targeting business generation of approximately Rs 3000 crore from this festival fair, said Surendra T Savai, president of the Mahajan, according to a press release.

Balaji Hotels

MUMBAI:Balaji Hotels and Enterprises, a member of the Rs 1400 crore Balaji group has embarked on a comprehensive restricting exercise, aimed at re-organising its lines of business to manifest in enhanced equity value.The company is in the process of setting up three hotels, two in Chennai and one in Coimbatore.All the three ventures shall be managed by the Oberois.

Mandvi Bank

MUMBAI: Mandvi Co-operative Bank Ltd has fared well during the first half ended September 1998.The bank has crossed a total deposits of Rs 220 crore against Rs 132 crore same period last year.The working capital grew to Rs 237 crore Rs 147 crore a growth of 61 per cent.

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