Bizbits

MUMBAI: Hindustan Petroleum Corporation Ltd HPCL and Total Gas and Power Ltd TGPL, a wholly-owned subsidiary of French energy major Totalfina, has signed a joint venture agreement to jointly develop an LPG import terminal in the east coast at Visakhapatnam. The two companies,under the agreement, would own 50 per cent each of the joint venture created to develop the terminal which would have a storage capacity of 60,000 metric tonnes. Scheduled for completion in 2003, it would be the largest LPG import terminal in India, HPCL said in a statement here.

Pamp;G profits up, pays 50 pc final

MUMBAI: Procter amp; Gamble Hygiene and Health Care India PGHH has announced a 31.6 per cent rise in net profit to Rs 56.86 crore for the year ended June 1999 as against Rs 43.19 crore last year. Net sales increased by 6.2 per cent during the period to Rs 468.26 crore from Rs 440.68 crore. The board has recommended a final dividend of 50 per cent for the year which is in addition to the special one-time interim dividend of 400 per cent for the year.