FIPB clears Alcatel project
The Foreign Investment Promotion Board (FIPB) on Saturday cleared 35 foreign direct investment (FDI) proposals worth Rs 500 crore, including one by Alcatel to launch a satellite. The Rs 1,100 crore satellite project, jointly promoted by Alcatel of France and Skysat Holdings of Singapore, would be used in telecommunications and multi-media services.

Defaulting cellular firms get a breather on payments
The Telecom Commission has decided to soft pedal encashment of bank guarantees (BGs) of defaulting cellular companies in circles by referring the matter to the Committee of Secretaries (CoS). The Commission, in its meeting on September 30, has also decided to direct the Department of Telecommunications (DoT) not to encash bank guarantees of any cellular or paging company which agrees to extend the validity of their bank guarantees.

Hyundai to launch mid-size car in '99
Hyundai Motor India Limited (HMIL) will launch its mid-size car - code named LC - in October next year. The car, which is an improvised version of Hyundai Accent, will be introduced in South Korea in August next year.

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