Saturday, July 11, 1998
ITC finetunes IT policy to achieve Y2K compliance
ITC is finetuning its information technology policy to make its systems Y2K-compliant and have a contingency plan ready to ensure that critical historical data is intact and business unaffected by the millennium bug. Detailing the preparations being made to overcome the Y2K problem, IT audit manager Ajoy Basu said that ITC is committed to protect critical data related to manufacture and sales in various divisions.
Essar group puts in Rs 230-crore insurance claim for cyclone damage
The Essar group has made the largest insurance claim of more than Rs 230 crore for damage at Essar Oil's refinery project at Vadinar caused by cyclone. Contrary to expectations, Essar's claim has surpassed that of Reliance Petroleum, which had submitted a bill of over Rs 100 crore to Oriental Insurance. Essar had insured the project with Chennai-based United India.
Air India board clears private placement plan
The board of directors of Air India (AI) on Friday approved a package of measures for raising funds including private placement of bonds, securitisation of the company's receivables in the US and a wrap-around loan. The funds raised through these means will be used to pay interest on loans taken by AI to purchase aircraft in the past.
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