ICICI to acquire 100% stake in TDICI
Unit Trust of India has decided to sell off its 50% stake in TDICI -- the country's largest and oldest venture capital fund -- to the co-promoter Industrial Credit & Investment Corporation of India (ICICI). TDICI Ltd -- formerly known as Techonology Development & Information Company of India -- was founded joinlty by UTI and ICICI with the objective of providing private equity to companies in the small and medium sector.
GDP growth rate revised upwards to 7.5%
The gross domestic product growth rate for 1996-97 has been revised upwards to 7.5% as against the advance estimates of 6.8% for the year and 7.2% for the previous year. According to the quick estimates of national income, consumption expenditure, saving and capital formation for 1996-97, released by the Central Statistical Organisation (CSO) on Friday, the gross domestic savings (GDS) increased to 26.1% during 1996-97 as compared to 25.3% in the previous fiscal.
RBI to introduce electronic-fund transfer system soon; trial runs successful
The woes of delay in fund flow across bank branches has come a step closer to becoming a thing of the past. The Reserve Bank of India (RBI), early this week, successfully conducted trial runs of the electronic-fund transfer (EFT) scheme, which enables credit and debit from accounts through the electronic mode in less than three days. The massive exercise launched by RBI involved all the 27 public-sector banks and took place at their branches in the four metros.
Oman India Fertiliser board constituted; Macki is chairman
Oman India Fertilizer Company, a joint venture between Oman Oil Company (OOC) of Oman and Rashtriya Chemicals & Fertilizers (RCF) and Khribhco of India, came into being as its board was constituted on Thursday. OOC director Salim Hassan Macki is the first chairman of the company. Besides him, there are 5 members in the board. The chairmanship is on a one-year rotation basis, sources said.
Boots Plc to sever licensing agreement with Knoll India
The UK-based Boots Plc has reportedly issued a notice for discontining its existing licensing arrangement with Knoll India for three over-the-counter (OTC) products. The move is a precursor to Boots forging a new joint venture in the country for marketing these products, even as Knoll plans to focus on its prescription business.
Centre sticks to its guns on ICI-Asian Paints share transfer
The government has not changed its stance on the effort of British chemical major ICI Plc to buy shares of a promoter in blue-chip Asian Paints India Ltd (APIL), according to government sources. ICI had sought the government's help following a refusal issued by the Foreign Investment Promotion Board (FIPB) to consider the ICI application for investing in APIL.
