Executive briefing

Uniform sales tax by Jan 15
Penal action is being contemplated against states not implementing the decision to adhere to uniform sales tax floor rates and phasing out sales tax related incentive schemes by January 15. This was decided at the meeting of the standing committee of state finance ministers which asked the 13 states which had not implemented the decision to do so by the stipulated date.

Viva, Maltova may go for Rs 80 cr
British multinational SmithKline Beecham Consumer Healthcare is expected to shell out around Rs 60-80 crore to acquire health food drink brands-Viva and Maltova-from Jagatjit Industries. The deal, when completed, would mark SBCH8217;s first major brand buyout in recent times after Complan slipped through to Heinz.

RIL8217;s paraxylene unit
Reliance Industries has successfully commissioned the third line of its 1.4 million metric tonne paraxylene plant at its Jamnagar petrochemicals complex ahead of schedule. The line, with a capacity of 467,000 MTA, would take the total capacity of the PX plant to its optimum 1.4 million tonnes. The earlier two lines too have a capacity of 467,000 MTA each.

Hindalco to kick off expansion
Hindalco Industries, the Aditya Birla group major, has finally decided to go ahead with its Rs 2,300 crore brownfield expansion at Renukoot in Uttar Pradesh. The company had been contemplating on the expansion for close to a year now.

LML to unveil new models
Scooter major LML will make its entry into the motorbike segment with launch of five models in the 100cc to 150cc, four-stroke category beginning March this year. The three models in the 100cc category-TW Sport, TW Grand, TW Original-will hit the market by June this year, LML8217;s managing director Deepak Singhania said.

Screen-Videocon Awards on Jan 23
The sixth annual Screen-Videocon Awards for excellence in cinema, music and television will be held on January 23 at the Andheri Sports Complex. Sanjay Leela Bhansali8217;s Hum Dil De Chuke Sanam leads the nomination list with 19 nominations in all film categories which is apparently a first time event.

Kajaria Ceramics eyes acquisitions
The Delhi-based Kajaria Ceramics is looking at acquiring a couple of existing tile manufacturers in the country including Pedder of Pune with a view to achieving organic growth. Pedder was recently declared sick following a drastic drop in revenues.

Petroleum unions strike
The Mumbai high court on Monday restrained till January 14 Bharat Petroleum Corporation Management Staff Union and the Refinery Staff Union from proceeding on strike. The order was delivered by justice DK Deshmukh on a suit filed by Bharat Petroleum Corporation Ltd challenging the decision of the officers8217; associations to proceed on strike.

Toyota plans to roll out 2 cars
Toyota has drawn up plans to introduce two car models from its Indian joint venture, Toyota Kirloskar Motor, towards the end of 2002. The company is preparing a feasibility report which will indicate the segments that would be the best bet for the Japanese automaker.

Ikon sports version
Ford India will be unveiling the sports version of Ikon at the Auto Expo beginning in New Delhi on Wednesday. The company is looking to create a niche segment with this model by capitalising on the 90 odd bhp power generated by the 1.6 litre engine. The company will also be rolling out the 1.3 litre variant of Ikon.

RINL seeks fresh funds
The ailing RINL, which operates the three mtpa Visakhapatnam Steel Plant VSP, has renewed its demand for infusion of a fresh dose of funds to the tune of Rs 2,750 crore, into the project. The funds were needed for a capacity expansion to 4.13 mtpa if the VSP, according to CMD BN Singh.

IDBI stake in Sidbi
The Centre wants IDBI to divest majority of its holding in the Sidbi in favour of UTI, LIC, GIC and other financial institutions. quot;The Centre will not be able to buy IDBI8217;s holding in Sidbi,quot; sources close to the finance ministry said.

Draft rules for banks8217; insurance entry
The Reserve Bank of India on Monday said it had released draft guidelines specifying the minimum networth, capital adequacy and non-performing assets conditions for banks and financial institutions to enter the insurance business.

Stable tax regime for IT sector
The Union Budget for 2000-01 is likely to give tax breaks and certain other incentives to infotech companies and venture capital finance in the sector. This was disclosed by the union minister of information technology and public affairs, Pramod Mahajan in Mumbai on Monday at a seminar organised by Small Scale Industrial Development Bank of India Sidbi on venture capital for IT.

Compiled by Mukund Sharma