HFCL to invest Rs 810 million in joint ventures

The Board of Directors of Himachal Futuristic Communications Ltd. has approved the following investments:- 1.To make investment upto Rs 510 million in a joint venture proposed to be formed for media and entertainment with PBL Mauritius Ltd. a Kerry Packer Group Company, This Joint Venture will focus on areas like Television, Radio, Magazine,Films, Music Interactive services etc. 2.The Board has also accorded its approval for the formation of two more Joint Venture companies proposed to be named as: i)Indiasign Pvt Ltd. ii)India Centre for Net Security Pvt Ltd The former will provide public key infrastructure solutions and the later will focus on security aspects of business online, Intranets etc in corporate establishments. HFCL proposes to make investment of Rs 150 million in each of the joint venture Companies.

ICICI to list ICICI Infotech

ICICI Ltd. today (September 5, 2000) announced its decision to sell upto 10 % of its stake in ICICI Infotech Services Limited (wholly owned subsidiary) by means of an offer of sale. ICICI Infotech would also raise fresh equity capital of upto 10% of the current capital by means of an public offering of Shares. The proceeds from the equity offerings would be used to retire debt raised to finance previous acquisitions by ICICI Infotech as well as to fund business needs and future acquisitions. ICICI Infotech plans to file the prospectus with the Securities Exchange Board of India shortly. ICICI Infotech has achieved rapid growth through a sharp increase in business volumes as well as acquisitions both domestically and overseas. The acquisitions include Rohan Software (an Indian software development firm specializing in banking and financial services.), Ivory Consulting (a software services provider in the US with an annual revenue of about US$ 10 million)and Object Xperts (an Information Technology firm based in the United States).The acquisitions were a part of ICICI Infotech's global strategy of rapidly establishing its presence in the major software markets around the world including USA,Europe,and Asia. ICICI Infotech recently tied up with the Emirates Bank Group to set up Tricolour Infotech (a 50:50 joint venture based in Dubai) with the aim of tapping the Middle East Markets for software development. It has also entered into an Implementation partnership agreement with System Access a banking product company based in Singapore. ICICI Infotech has also commenced projects in certain European countries including Germany and Ireland. ICICI Infotech has already done pioneering work in web solutions, e-commerce and m-commerce and this expertise will be utilized to take advantage of emerging market opportunities. As a result of its IT driven innovations and efficient work processes, ICICI Infotech was awarded the ISO 9001 and IQ Net certifications by Standards Australia. ICICI Infotech today employees about 750 professional of which about 120 are employed in the United States. The company presently has an 85000 sq ft software developement center in Mahalaxmi with two more development centers of total area 90000 sq ft expected shortly in Vashi Navi Mumbai and Chennai.

HCL Technologies board approves stock split

The Board of Directors of HCL Technologies (HCLT) at its meeting held on September 4,2000 has approved a 2:1 stock split (i.e subdivision of each existing equity share of Rs 4/- each into 2 equity shares of Rs 2/- each).Approval of the shareholders is being sought at the ensuing Annual General Meeting scheduled to be held on October 20 2000 Following the stock split each shareholder will receive 2 equity shares of par value Rs 2 each for every equity share of par value Rs 4 held on the record date to be fixed subsequent to the shareholders approval. Subsequent to the stock split with 280 million equity shares HCL Technologies will have one of the largest stock bases amongst listed Indian IT companies. As on September 5 2000 HCLT had 140 million shares outstanding of par value Rs 4 each. Upon completion of the stock-split these outstanding equity shares of the company will increase to 280 million equity shares of par value Rs 2/-each The decision to go a stock split is being taken to make the share more affordable for the real investor including employees leading retail interest and higher liquidity. Employee Stock Option Scheme covers over 93% of the 3701 employees as on June 30 2000.

Inducon to consider acquisition of IP & RTA business from MCS Software

The Board of Directors of Inducon India Ltd. will meet on September 6, 2000 to transact the following business: 1. To amend the object clause of the Memorandum of Association 2. To consider and approve the purchase Information Processing and Registrar and Share Transfer (RTA) businesses from MCS Software Solutions Ltd. 3. To consider and approve issue and allotment of equity shares of the company to MCS Software Solutions on a preferential basis towards settlement of consideration payable for acquisition of the RTA and Information Processing from the said company. 4. To fix and date, time place of holding AGM of the company to obtain approval of shareholders of the company for the above matters.

Vatsa Music to delist securities from BSE

The Board of Vatsa Music Limited has decided to delist the securities from the Mumbai Stock Exchange with immediate effect and the Company Secretary be and is hereby authorised to do all necessary acts relating to the same.

BSE imposes special margin on Alfa Hi-Tech fuel

BSE has imposed a special margin of 25% per share on the scrip of Alfa Hi-Tech Fuel Ltd with effect from Tuesday, September 5, 2000.

Relaxo Footwears Board approves stock split

The Board of Relaxo Footwears Ltd has approved, subject to necessary approvals, the sub-division of equity shares of Rs.10/- each into equity shares of Rs.5/- each.

Manali Petrochemicals Board approves amalgamation of SPIC Organics

The Board of Manali Petrochemicals Ltd has approved, subject to necessary approvals, scheme of amalgamation of SPIC Organics Ltd. (SOL) with the company. One equity share of Manali Petrochemicals Ltd will be allotted for every one equity share held in SOL.

Bharat Forge introduces a five-day week at Pune factory

Bharat Forge Ltd has informed BSE that, having regard to the present business conditions and the schedules for supplies from its major customers, company's manufacturing operations at its factory at Mundhwa, Pune are being rationalised to effect economies and reduce cost. In the above background and as a temporary measure, company's factory at Mundhwa, Pune w.e.f. September 01, 2000 would be working for five days in a week instead of six days in a week. The Administrative Dept.'s namely Finance, Material, Sales, International Trade (Exports), Personnel, Secretarial, Legal, etc. would be working as usual for six days in a week.

Mascot Systems bags orders worth US $20 million

Mascot Systems Ltd. has informed BSE that it has bagged the following orders US$15 million order from a major global conglomerate. Mascot Systems to provide technology solutions and execution and maintenance services over a three year period. Execution of the project will occur at a mix of off shore site and on-site centers with scope to increase the size of offshore contribution and thereby expand earnings margins. Deeper services and cross regional customer engagement as a result of Knowledge Management initiatives. US$5 million order received from a leading International IT hardware company. Mascot Systems to provide ERP and e commerce solutions over a three year period. Execution of the project will occur at both offshore and onsite centres. Customer engaged Mascot Systems over their internal systems center in recognition of the companys higher value addition. K-enabled Management-Unique operating position and strategy within sector "Knowledge Management-The cornerstone of Mascot Systems operating philosophy. Knowledge Management plays a pivotal role in Mascot Systems operating philosophy and creates a sustainable business model delivering operating performance and creating stakeholder value. According to Mr. V Chandrasekaran Managing Director Mascot Systems Ltd. "We are very exited to be working with some of the worlds leading organisations and look forward to building a long term and expanded association with all out clients. We have a unique operating philosophy of k-management that will promote homogeneous behaviour in a globally distributed organisation. This will form the basis of providing critical growth platforms, sustaining our business model delivering high quality operating performance and creating value for all our stakeholders.

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