Ucal Fuel acquires US firm

Ucal Fuel Systems Ltd has acquired a 100 per cent stake in the US-based Amtec Precision Products Inc for $28 million (about Rs 125 crore). The Illinois-based Amtec, which manufactures auto ancillary products for supply to US auto majors, has two manufacturing plants in Elgin, a suburb of Chicago, and a wholly-owned subsidiary with one manufacturing facility in Rockford, Ucal Fuel has informed the stock exchanges. All these facilities will come under the Chennai-based Ucal Fuel, helping the company to enter the US markets, company officials said.

Uco Bank

Uco Bank has revised interest rates on NRE rupee term deposits and FCNR(b) deposits with effect from April 1. The bank said for NRE deposits held for one year to less than two years, rates had been increased to 4.40 per cent from 4 per cent. For term deposits for two to three years and three years and above, the rates had been increased to 4.80 per cent and 5 per cent from 4.40 per cent to 4.60 per cent respectively. Rate of interest for NRE savings bank deposits had been increased to 3.40 per cent from 2.80 per cent and would remain valid up to June 30.

AFL solution

AFL Private Ltd, a service provider of integrated supply chain management solutions, has launched its VAT-compliant outbound logistics solution for the automobile component manufacturers in the country. The solution provides local warehousing to auto component makers close to the original equipment manufacturer plant in different states.

Gulf Oil

Gulf Oil Corporation Ltd (GOCL) has entered into a tie-up with the US-based Graco Incorporation to distribute and market its lubrication systems in the country. GOCL will market the lubrication systems to modern auto workshops, vehicle manufacturers and engineering industries, the company said. GOCL will also undertake designing of the systems according to customer requirements with the help of technical inputs from Graco, it added.

Opto Circuits

The board of Opto Circuits (India) Ltd (OCIL), a leading maker of non-invasive healthcare equipment, has cleared plans for $20 million global depository receipts (GDR) with a greenshoe option of $5 million. A portion of the proceeds from this issue will be used to set up a world-class R&D facility in Bangalore. The EGM to seek shareholders' approval will be held on May 5, 2005. The GDRs will be listed on the stock exchanges at London and Luxembourg.

Godrej stores

Godrej and Boyce Manufacturing Company, which is entering the home furniture segment, has planned to open 14 showrooms in the next two years, taking the number of its stores across the country to 50, VP and business head, retailing division, B. N. Doongaji said.