Twinstar Software Exports said Friday that the company has started marketing the Yellow Pages space in Britain under an exclusive deal signed with a US-based business process outsourcing firm last month.

Under the deal, Twinstar Software Exports would also provide back office support for developing the Yellow Pages. The company is targeting revenues worth $2 million from this deal, said a statement issued to the Bombay Stock Exchange.

On increasing demand for its services, Twinstar Software Exports said it would expand the capacity of its call centre in Mumbai and acquire two call centres in Hyderabad and Bangalore, respectively.

The negotiations for acquiring a call centre in Hyderabad are in the final stages, said the statement.

The company has identified call centre consultancy as one of its core competencies. It claimed to have developed a proprietary system for setting up call centre projects for clients globally.

Twinstar Software Exports provides expertise in setting up call centre projects that includes technology, recruitment and training, and acquisition services.

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Essar Oil to set up arm for exploration biz

Essar Oil Ltd. said Friday that the company's board of directors has approved a proposal to hive off the exploration and production activities to a wholly owned subsidiary.

The setting up of the subsidiary will be subject to various approvals required for the purpose, said a statement issued by the company to the Bombay Stock Exchange.

Essar Oil has also decided to increase the maximum strength of directors from 13 to 15 and suitably amend the articles of association of the company, added the statement.

The company is also planning to issue foreign convertible currency bonds, global depository receipts or American depository receipts or other convertible financial instruments outside India to raise $300 million.

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Grandix Pharmaceuticals pact with Italian firm

Grandix Pharmaceuticals Ltd. said Friday that the company has tied up with Italian diagnostics major Chromogenix for distributing select products in India.

Under the agreement, Grandix will market Chromogenic Substrates' entire portfolio of more than 70 products in the field of coagulation and fibrinolysis through out India.

Chromegenic Substrates will be used widely in pharmaceuticals and research and development labs, biotechnology companies, blood banks, clinical laboratories and hospitals for various diagnostics purposes.

"We are the first company to import and start supplying Chromogenic Substrates in India," said A. Ramamurthy, managing director of Grandix Pharmaceuticals Ltd.

"Earlier, research and development labs used to import Chromogenic Substrates that were procured after a long wait. Grandix will now supply clients as and when they require it," he added.

Leveraging on its marketing and distribution network, Grandix aims to capture a significant share in the Chromogenic Substrates market in India.

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Lakshmi Overseas board to mull hike in FII limit

Lakshmi Overseas Industries Ltd. said Friday that the company's board of directors would meet next month to consider increase in the shareholding limit of foreign institutional investors (FII).

The company would seek the board's approval to increase FII shareholding limit from 24 percent to 49 percent, said a company statement issued to the Bombay Stock Exchange.

The board would also meet to consider and approve the audited accounts of Lakshmi Overseas Industries for the year ended March 31, 2005.