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IDBI sanctions $146 million for update of 45 companies
The Industrial Development Bank of India (IDBI) has proposed funding of over $150 million in association with Asian Development Bank (ADB) for modernisation and upgradation programmes in different companies. The companies, belong to five areas -- fertilisers, cement, sugar, metals and textiles. IDBI has already sanctioned $146 million worth of proposals from the companies.
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Centre likely to announce RINL revival package soon
The Centre will soon announce a financial package for the revival of the sick public-sector steel major, Rashtriya Ispat Nigam Ltd (RINL). The ministry for steel and mines is closely examining the capital restructuring proposal (CRP) submitted by the plant management. RINL which owns the Vizag Steel Plant (VSP), submitted the CRP to the centre, based on the recommendations of I-Sec.
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Bank of India global advances rise to Rs 22,939-crore
Bank of India has recorded a 25.10% growth in its global advances for the year 1997-98, according to the provisional data released by the bank. Global advances increased by Rs 4,602 crore to reach a level of Rs 22,939 crore. BoI's domestic credit expanded by 23% (Rs 3,475 crore) to Rs 17,374 crore.
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Exim policy tomorrow; to focus on export boosters and easier norms
The basic structure of the earlier export-import (exim) policy is expected to be retained when changes/revisions in the policy for 1997-2002 will be announced by commerce minister Ramakrishna Hegde on Monday. The thrust of these changes will be on consolidation of all the existing schemes with modifications, in addition to rationalisation of long-winding procedures, in order to make things easier for the exporting community.
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