The promoters of Zandu Pharmaceuticals have reportedly filed a petition in the Bombay High Court challenging Emami�s purchase of shares in the company from the Vaidya family, co-promoters of Zandu. On the other hand, Emami has sent legal notices to directors of Zandu claiming it has not received the agenda of Zandu�s annual general meeting to be held on 9 August 2008.
Captain GR Gopinath may reportedly sell 2% stake in Air Deccan, which is now being merged with Kingfisher Airlines of the UB Group chief Vijay Mallya. Gopinath holds 9.11% stake in Air Deccan of which 7.11% is locked-in, the reports added.
Steel Authority of India (SAIL)'s estimated cost for modernising and capacity expansion at its plants has reportedly increased by three times over the past four years to Rs 90,000 crore.
Bharat Forge reportedly plans to manufacture ultra-heavy forgings catering to the power sector including nuclear power plants and would involve an investment of Rs 1000 - Rs 1200 crore over a five-year period.
Housing Development Finance Corporation (HDFC) is reportedly in talks with GE Money to buy its Indian home loan business. GE Money has mandated some global investment banks to find a strategic investor for the business.
The government has reportedly paid about Rs 28000 crore as subsidies to fertiliser producers till July-end and plans to pay Rs 8000 crore per month until February 2009.
Indian tyre makers may reportedly undertake further price hikes to ease out cost pressures even as crude oil prices are softening and the rubber crop is entering the peak production season starting November this year.
JSW Energy, a unit of JSW Steel, reportedly plans to enter the power distribution business as part of its plans to become an integrated power firm. It plans to bid for the likely privatisation of power distribution in certain regions of Maharashtra.