Sunday, September 13, 1998
FIPB clears Fiat, Honda projects
The Foreign Investment Promotion Board (FIPB) yesterday cleared foreign direct investments (FDI) worth Rs 760 crore, including that of American company, AES Transpower, Bharti Internet, Honda Siel and GE Lighting. The FIPB, however, deferred a proposal by Vijay Mallya's United Breweries (UB) to restructure its equity for four weeks following a request from the finance ministry.
HPCL, Exxon may tie up for new refinery
Public sector oil major Hindustan Petroleum Corporation Ltd (HPCL) and international oil giant, Exxon are in talks to set up 6 mmtpa greenfield refinery in Bhatinda, Punjab. The two partners are expected to pick up 26 per cent stake each while the rest would be offered to the public.
HM keeps offer of 10% stake to Mitsubishi open
Hindustan Motors Ltd (HML) is still expecting its technical collaborator Mitsubishi Corporation of Japan to pick up 10 per cent stake in the Lancer car project. "We are still open to the idea of Mitsubishi picking up 10 per cent stake.
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