Wednesday, August 26, 1998
Resurgent bonds pull-in tops $4 bn, Verma thumbs nose at sanctions
State Bank of India has silenced the Cassandras of doom and challenged global rating agencies by mopping up over $4 billion through the Resurgent India Bonds issue, which closed on Tuesday. As the last report came in, the collection is to the tune of $4.16 billion. The final figure could be marginally more. The largest debt-raising exercise ever conducted in India, the bonds have exploded the myth that the US is the biggest market for the country's debt issues.
Centre accords core status for housing
The Centre on Tuesday accorded infrastructure status to the housing industry, paving the way for more foreign direct investment in the sector. The house-building industry will now be able to get fiscal concessions under Section 80-1(A) of the Income Tax Act.
Tata group sets 2-year timetable for recast
The Rs 40,000-crore Tata group has set itself a two-year deadline to restructure the operations of the 129-company conglomerate. The process, which will include exiting from some businesses and consolidation through possible acquisitions and mergers, is expected to be complete by the second quarter of 2000-2001.
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