Richmond, Oct 24 (ANI/Business Wire India): MeadWestvaco Corp. announced it has formed a joint venture with India-based corrugated box manufacturer Wadco Packaging Pvt. Ltd. by purchasing a 51 per cent equity stake in the company.

The MWV Wadco joint venture will extend the proven corrugated packaging design, manufacturing and technology capabilities of Wadco and MWV to India's local fresh produce market, where there is a 40 per cent value loss of the produce before it reaches the market due to inefficient post-harvest practices, processing and handling.

The joint venture, a first of its kind in India, will help eliminate waste and strengthen supply chain efficiency by protecting products during transport to the local Indian market place.

"Wadco's manufacturing capabilities and on-the-ground expertise combined with MWV's advanced packaging technology will provide solutions that meet the business challenges of the Indian marketplace," said Bruce Thomas, senior vice president, Global Market Strategy and Emerging Markets, MWV.

"This transaction supports our overall strategy for growth in emerging markets and is an important step in enabling us to better address local needs while building our presence in the fast-growing Indian market," added Bruce.

Under the agreement, MWV will oversee Wadco operations and Pankaj Wadhwa, current owner of Wadco, will continue to run the company as managing director.

Wadco will begin manufacturing MWV's rigid, humidity-resistant agri-produce corrugated packaging, and apply it to the Indian produce market as well as the other markets it currently serves, including consumer goods, household appliances and pharmaceuticals.

The new business model will build on and adapt MWV's packaging expertise, resulting in a broader product portfolio, more value chain experience and cutting edge design, materials, equipment and technology.

"Our packaging solutions have added significant value in Brazil, and we look forward to bringing MWV's and Wadco's strengths together to serve the Indian marketplace," said Bob Feeser, president of MWV Paperboard Operations.

"In addition to produce protection, our packaging is designed to provide an appealing point-of-sale display, demonstrating the multiple benefits of the solution's superior design and technology," Bob added.

"Wadco's business has grown tremendously. The demand for value-added corrugated packaging in India is expanding, and our partnership with MWV will take our business to even greater heights as we collaborate on new capabilities that allow us to meet the growing needs of our customers. MWV's strong history, reputation and global experience make them an ideal partner,' said Wadhwa. (ANI)

New Delhi, Oct 23 (ANI): Finance Minister P. Chidambaram on Thursday advised investors not to indulge in panic sale of stocks.

Chidambaram's comment came after Sensex (the country's main stock index) plunged to its lowest since June 2006 amidst a gloomy economic outlook all over the world.

The Finance Minister also assured that there was adequate liquidity in the banking system and that banks should lend aggressively.

Benchmarks opened below psychological levels (10,000 for Sensex and 3000 for Nifty) following sharp declines overnight in US and Asian stocks, which tumbled to 5-year-lows, amid heightened worries over a global recession.

At 10:13 am, Bombay Stock Exchange's Sensex was at 9,811.77, down 358.13 points.

National Stock Exchange's Nifty was at 2965.55, down 99.60 points or 3.25 per cent.

The stock markets finished the day deep in red amidst volatile trading on concerns over global economic situation.

Sensex closed at 9772 down 398 points and Nifty closed at 2943 down 122 points.

Metal stocks were the worst hit followed by auto, realty and oil and gas. Among the frontlines Tata steel, Tata Motors, Hindalco, Ranbaxy and Mahindra and Mahindra took the brunt of selling.

Meanwhile, lower prices of food and non-food items pushed down inflation to 11.07 per cent for the week ended October 11, from 11.44 per cent a week ago. (ANI)

New Delhi, Oct 23 (ANI): Riding on back of lower prices of food and non-food items inflation fell to 11.07 per cent for the week ended October 11, from 11.44 per cent a week ago.

The prices of fruits and vegetables and eggs declined during the week. And in the non-food category, sunflower and raw cotton became cheaper.

On account of lower prices of furnace oil the index of fuel group too declined marginally by 0.1 per cent.

During the week, the prices of other goods that declined were imported edible oil, oilcakes, polyester, staple fibre and ingots of lead and zinc.

However, tea, ghee, maize, rice, masoor, raw tobacco, mustard seed, lubricants, cotton yarn became expensive during the week. (ANI)

New York, Oct 23 (ANI): The former head of a high-end Manhattan call girl ring has finally confirmed today that disgraced ex- New York Governor Eliot Spitzer was a client.

Kristin Davis, whose Wicked Models had more than 2,000 johns paying 900 dollar-an-hour, was linked to the pervy pol in March, after Spitzer admitted to patronizing a different escort service.

"I'd like to take this opportunity to set the record straight. While it is true that Spitzer, as well as many other celebrities, patronized women employed by my former agencies, what is not accurate are the rumors that I personally serviced Spitzer or acted as his personal Madam Butterfly," the New York Post quoted Davis, as saying.

Davis, 32, pleaded guilty last week to promoting prostitution for running the service. She was sentenced to three months time served and will have to forfeit 476,000 dollar at her December 4 sentencing.

"The past eight months have been long and very difficult for me," she said in the statement.

"By changing my plea to guilty and accepting the plea deal presented to me, I am finally able to see the light at the end of the tunnel and am ready to move on to several exciting new projects I have been working on," Davis added.

Spitzer's unmasking as "Client No. 9" led to his shameful resignation on March 12. He was not charged with a crime, but he became a laughingstock after a tipster revealed he kept his socks on while being serviced. (ANI)