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To: Mohan Marette who wrote (5543)	8/10/1999 3:01:00 PM
From: Mohan Marette	Respond to of 12475

Indian soccer star to play for Bury UK Indian football star in England One of India's best known footballers, Bahichung Bhutia, has become the first player from his country to be signed by a professional European club. He will join the English second division club, Bury on a three-year contract. Bhutia who's originally from Sikkim has a distinguished international record scoring more than thirty goals for the national team. He has recently has been playing for East Bengal, one of India's few professional clubs. Observers say the decision by Bury to sign Bahichung Bhutia could lead to more players from South Asia joining European clubs. (From the newsroom of the BBC World Service) news.bbc.co.uk

To: Mohan Marette who wrote (5543)	8/10/1999 3:04:00 PM
From: Mohan Marette	Respond to of 12475

Italian automobile major Iveco buys Ashok Leyland unit (Wednesday, August 11, 1999) Baiju Kalesh in Mumbai Italian automobile major Iveco has acquired the diesel engine manufacturing plant of Hinduja promoted Ashok Leyland for a consideration of around Rs 226 crore. An agreement to this effect was reached last week. Sources close to Ashok Leyland say the agreement was signed recently and a final announcement is expected to be made shortly. The Hindujas and Iveco together hold around 51 per cent stake in the Rs 2,051 crore Ashok Leyland Ltd, while the rest being held by financial institutions and public. Iveco is a subsidiary of Fiat of Italy. When contacted, a spokesperson of Ashok Leyland at Chennai refused to comment on the issue. Sources claim the plant which manufactures engines with lower capacity is sold out as part of realising a good value for investment. The company has commercial vehicle engine manufacturing lines which is being used for the light and heavy commercial vehicles. The commercial vehicles engine manufacturing unit has a capacity to make 10,000 units per annum for external consumption and 50,000 for captive use. The smaller engine division has been sold off to retire the Rs 1000 crore debt as on 1998-99. The company has informed analysts its intention recently to retire its debt to Rs 750 crore in 1999-00. Industry sources close to Hindujas say Iveco has bought the unit for New Holland, the tractor manufacturing company which is a 100 per cent subsidiary of Iveco. New Holland, which has rolled out tractors of over 50 HP from its 100 per cent subsidiary, has been eyeing the southern market for a long time. The company also plans to introduce a range of lower horse power tractors for the Indian market which, according to industry sources, are bound to be competitively priced and technologically superior to existing products in the market. The engine division has not been exploited by the management as the company has been concentrating on light and heavy commerical vehicles. The sell off is also part of the restructuring exercise being undertaken by the management to see each of its division as a profit making entity. It has already hived off its software division into a separate profit centre. business-standard.com