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9:2 swap for Whirlpool mergerNEW DELHI: Whirlpool Financial India will merge with Whirlpool of India as per a share swap ratio of 9:2. The d...

9:2 swap for Whirlpool merger

NEW DELHI: Whirlpool Financial India will merge with Whirlpool of India as per a share swap ratio of 9:2. The directors on the board of Whirlpool of India approved the swap ratio, arrived at by valuers S R Batliboi and N M Raiji & Company a few days ago. The two companies plan to convene an extraordinary general meeting later this month in a bid to win shareholder approval for the move.

Mumbai Port container traffic up

MUMBAI: The Mumbai Port handled over 6,00,000 TEUs in the year 1997-98, the highest ever handled by any Indian port. Despite all limiations, it continues to maintain its premier position as a container port, claimed a press statement by MPT. In the process, the port handled about 800 container vessels with no congestion or waiting for container vessels. Berthing of container vessels is indicated more than a day in advance, added the statement.

IDBI Bank opens new branch

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MUMBAI: IDBI Bank has launched its sixteenthbranch at Chembur in Mumbai. The bank’s other branches are in Ahmedabad, Bangalore, Calcutta, Chandigarh, Chennai, Coimbatore, Hyderabad, Indore, Jaipur, Mumbai-Nariman point and Khar, New Delhi-Siri Fort and K G Marg, Lucknow and Pune. The bank’s product portfolio includes MoneyAcess- ATM, MoneyFlex-Fixed Deposit, MoneyPower-overdraft facility against deposit.

Mormugao Port ore handling plant

MUMBAI: The mechanical ore handling plant at Mormugao Port Trust has shipped 9.4 million tonnes of iron ore for 1997-98 exceeding the previous record of 9.381 million tonnes shipped during the year 1993-94.

The overall traffic in the Mormugao Port Trust has also posted record high, crossing 20.4 million tonnes for 1997-98 against the previous record of 18.881 million tonnes achieved during 1994-95. The increase is mainly due to the spurt in iron ore traffic, port sources said.

The coal/coke and general cargo traffic have also registered increasing trend during the year. The port trust is expecting aspurt in iron ore traffic next year.