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Monday, August 4 1997
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Torrent plan for preference issue to ally cleared![[Details]](/icons/bullet.gif){kind=icon}
Torrent Power has received clearance from the Foreign Investment Promotion Board for issuing preference shares amounting to Rs 400 crore to its US-based partner, the $3.2 billion MCN Investment Corporation. MCN will bring in the capital along with its subsidiaries.
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Panel restricts private sector role in power transmission projects
As per the recommendations of the Sankaraguruswamy committee, the transmission services projects for the evacuation of power from the generating stations of Independent Power Producers should be open to the private sector.
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Vysya Bank Leasing to be merged with parent
Vysya Bank plans to merge its wholly-owned subsidiary- Vysya Bank Leasing Ltd-with the bank. The approval of a draft scheme of amalgamation in this regard will be taken up after the bank receives the approval of the Reserve Bank of India.
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The Group
