The Financial Express -- News

Tuesday, December 2 1997

Ashok Leyland mulls refinance to retire high-cost debt

In a major debt-restructuring exercise, Ashok Leyland Ltd is hammering out the pre-payment of loans to the tune of Rs 95 crore with banks and financial institutions (FIs). The high-cost debt is to be retired through fresh loans taken at lower rates. If the move clicks, Ashok Leyland is likely to steer home a net saving of about 2% per annum on the outstanding amount.

Navratnas wait for autonomy package to deliver

The wind changes direction at the Centre just as two public sector mega corporations, the National Thermal Power Corporation (NTPC) and the Steel Authority of India Limited (SAIL), are awaiting the key to their new-found autonomy as "navratnas". The "search committee" was expected to announce the names of the first list of non-functional directors for the public sector enterprises this week in line with the Union industry ministry's directive to revamp the boards before emabrking on the autonomy schedule.

De Beers lines up $500 million investment plans

De Beers Consolidated Mines and De Beers Centenary Ag, the South Africa-based diamond and minerals companies with a combined asset base of over $15 billion, plans to invest $ 500 million (Rs 200 crore approx) in India over the next five years for diamond prospecting and allied activities. This announcement follows the successful conclusion of its much-awaited pact with the Russian government for export and sale of roughs.

State committee to discuss MSEB Rs 250cr bond issue

Duncans to install online management information system