Strategic move-out of non-core areas for core competency -- UB strategy to fund `brewery' buys
UNITED Breweries Ltd (UB) is likely to exit from all non-core businesses, including Mangalore Chemicals & Fertilizers (MCF) and UB Engineering Ltd, in the current financial year. The company will also divest portfolio holdings in Hoechst AG.

Nagarjuna group in major revamp mode
FOLLOWING the directives of the financial institutions and banks, the Rajus of the Rs 2,000-crore Nagarjuna group have embarked upon a major restructuring programme involving divestments and strategic equity alliances for a number of non-core businesses with a view to focussing mostly on the core area of agri-business.

Cholamandalam, AXA call off insurance talks
THE proposed tie-up for insurance of Cholamandalam Investment and Finance Company Ltd of the Murugappa group and AXA group of France is off, because the discussions between companies ``could not reach a satisfactory conclusion'', according to Cholamandal am's Chairman, Mr M.V. Subbiah.

Chit Funds Act changes cleared
THE Union Cabinet today gave the go-ahead to amend the Chit Funds Act, 1982, which would lead to an increase in the limits of aggregate amount of chits and the amount of discount to be forgone by a subscriber.

C Subramaniam passes away
MR. C. Subramaniam, former Maharashtra Governor, died here this afternoon following a brief illness. He was 90 and is survived by his wife, a son and two daughters.

IMD brings in $ 5.25 b
THE India Millennium Deposit (IMD) scheme has mobilised $ 5.25 billion as per the final figures received today, thereby surpassing the RIB collections of $ 4.23 billion.

Counter-offer for Gesco at Rs 36
THE Sheths-Mahindras combine today announced that it would make the counter-offer for Gesco Corporation at Rs 36 per share.

UTI plans to launch exchange-traded fund
UNIT Trust of India (UTI) has announced its plan to launch India's first exchange-traded fund (ETF) -- the hottest topic in developed capital markets and a phenomenon which imparts plenty of liquidity in the existing market.

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