Videsh Sanchar Nigam Ltd (VSNL), has become the second largest shareholder in ICO Global Communications, an international consortium which aims to provide satellite-based global mobile personal communication service. This follows equity commitments received by ICO global communications in excess of $225 million. Besides VSNL, significant funds were also contributed by Satellite Phone Japan, Korea Telecom, Telecom Mexico, OTE of Greece and Etisalat of the United Arab Emirates.

VSNL pays Rs 23-crore dividend to centre:Videsh Sanchar Nigam Ltd (VSNL) on Wednesday presented a dividend cheque for Rs 22.96 crore to the government for 1996-97. Its revenues increased 18.16 per cent to Rs 5285.3 crore. The total payout for the year was Rs 28 crore. Indian Oil offers high-aromatic naphtha by tender: The state-owned Indian Oil is offering through a tender 30,000 tonnes of high-aromatic naphtha lifting from the Cochin port between November 25-27, industry sources said Tuesday. The tender closes November 13, and is valid for one day.

Tea exports rise in volume, value: The country's tea exports are estimated to have increased 27 per cent in quantity and 35 per cent in value during the first five months of the current fiscal versus the year-ago period, tea board sources said on Wednesday. In value terms, it increased from Rs 509.29 crore to 689.92 crore this year, they said.

Seafood-processing units need Rs 1000 crore for modernisation: The seafood industry, hit hard by the recent ban by the European Union, has sought liberal financial assistance from the government for upgrading about 400 seafood-processing units in the country.

Court directs police to file cases on HPCL fire:The chief metropolitan magistrate court has directed the police to file murder cases against the HPCL management under Section 302 and Section 436 of the Indian Penal Code in connection with the Vizag refinery fire on September 14. The court had earlier directed the police to register cases against the HPCL management under Sections 302 (murder) and 436 (causing mischief by fire or explosives).

Growers dispute Coffee Board production estimates:Growers have pooh-poohed the Coffee Board's production estimates of 2.30 lakh tonnes for July 97-June 98. "The actual crop is expected to be between 2.10-2.13 lakh tonnes," Karnataka Planters Association chairman A Mohsin said. The Central Coffee Research Institute has, however, projected a bumper crop of 2.32 lakh tonnes.

Garment exporters demand status quo in Income-Tax Bill: Garment exporters have urged the government not to go ahead with certain proposals in the Income-Tax Bill, 1997, on the grounds that it will further "cripple" the industry, which is suffering from the recessionary trend in the international markets.

PP Singh is Kribhco managing director:PP Singh has been appointed as Krishak Bharati Cooperative Ltd (Kribhco) managing director, a fertiliser manufacturing and marketing organisation of the country. Singh, prior to this, was executive director (operations). He has been with Kribhco right from its inception. Before joining Kribhco, Singh was with National Fertilisers Ltd.

Trai releases first consultative paper: The Telecom Regulatory Authority of India (Trai) on Wednesday released its first consultative paper on telecom pricing. "The aim of the consultation paper on concepts, principles and methodologies of telecom pricing is to `generate debate' to allow the formulation of a `sound telecom pricing policy'," chairman SS Sodhi said.

ACC six-month results on November 26:Associated Cement Companies Ltd (ACC) will release on November 26 its results for the six months to September 30, 1997, the Bombay Stock Exchange said on Tuesday.

Chatterjee Group to set up software complex in Calcutta: The Chatterjee Group, an affiliate of the New York-based Soros Fund Management, will set up a software and knowledge-intensive industrial complex in the eastern fringes of Calcutta. The project, called as Asian Gateway, will involve an investment of Rs 3,200 crore spanning over 10 years.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.