BIFR clears Reliance Silicones Rs 43-crore rehabilitation plan
The Board for Industrial and Financial Reconstruction (BIFR) has sanctioned a Rs 43-crore draft rehabilitation scheme to revive the private sector Reliance Silicones (India) (RSIL). The scheme envisages speedy implementation of its Khopoli project for manufacturing chlorosilanes, a raw material for the main plant, tying up of need-based working capital facilities along with raising margin money and restructuring long-term liabilities at an approximate cost of Rs 25 crore
SBI merges treasury unit with forex cell
Drawing curtains to the three year-old controversy, the State Bank of India (SBI) has finally merged its treasury division - dealing in the call and gilts market - with the foreign exchange cell. However, the State Bank management's move is likely to snowball into a major political issue in West Bengal with state chief minister Jyoti Basu planning to take up the matter with prime minister IK Gujaral and Reserve Bank of India governor Bimal Jalan.
BMW's manufacturing facility plan is off
In a sudden volte face, BMW AG of Germany has gone back on its plans of setting up a manufacturing facility in India. Instead, it is planning only an assembly line for its top-of-the-line 5 series luxury cars at a drastically pruned investment level of Rs 75 crore. BMW had earlier signed an agreement with the Munjals for a joint venture company, BMW India and had earmarked an amount of Rs 300 crore for the same.
Govt postpones Concor divestment
The government has decided to postpone disinvestment of shares of public sector Container Corporation of India (Concor) in the international market till the completion of general elections. Concor was one of the three public sector undertakings which were to tap the GDR market before March 31 as part of government efforts to mop up Rs 7,000 crore by divesting government equity in select PSUs.
Clutch of litigations may slow down Enron Kannur Power Project march
Enron International plans of acquiring an equity stake in the Kerala government's proposed Rs 1,400 crore 513 MW combined cycle power project with Kannur Power Project is likely to go down the drains. The political controversy over the filing of two writ petitions against the project have cast a shadow over its implementation.
Half-a-dozen networks in Petronet pipeline
Six massive pipeline networks are being proposed to be created by Petronet India for which detailed feasibility reports (DFRs) are already underway for four of them. The total investment for these projects is expected to be well over Rs 2,000 crore.
