Ispat Industries drops $100m 10-year Yankee bond issue
Ispat Industries, the flagship of the ML Mittal group, has shelved its proposed $100 million, 10 year Yankee bond issue. The bond issue was being planned to retire high cost rupee debt raised from Indian financial institutions for its Rs 4,792 crore integrated steel project in Dolvi, Maharashtra.
FIPB green signal for Mitsui subsidiary
Mitsui Corporation, the $142-billion Japanese trading giant, has got the Foreign Investment Promotion Board (FIPB) nod to set up a 100% subsidiary with an equity investment of $240 million (nearly Rs 936 crore) spread over six to eight years. However, the final approval from the cabinet committee on foreign investment is yet to be obtained.
Minister stays 10% price cut in Rifampicin
Minister of petrochemicals and fertilisers M Arunachalam has stayed a 10% cut in the price of rifampicin, the country's largest selling anti-TB and anti-leprosy bulk drug. The ministerial order means that rifampicin will continue to be valued at Rs 5,220 per kg and not at the recently notified price of Rs 4,707 per kg.
KLM Northwest joins air-fare war with 50 per cent cut
KLM Northwest is the latest to join the bandwagon of carriers bound for US and Europe. In this regard, it has has announced a whopping 50 percent fare cut yesterday, after British Airways and Air India announced discounts ranging between 40 and 45 per cent.
ICICI may put PAL-Peugeot assets on the block
The Industrial Credit & Investment Corporation of India (ICICI) has taken a tough stand and decided to put the assets of Pal-Peugeot on the block if the promoters do not come forward with a solution to break the impasse by February 15. The move by the financial institution was an attempt to recover funds to the tune of Rs 125 crore sunk in the venture.
No unresolved financial issues with any Indian bank: Polysindo
Indonesia-based PT Polysindo Eka Perkasa has denied that it had ever made any dealings with an Indian bank. The company has said that as of date neither the company nor the group has any unresolved financial issues with any bank in the country.
