The Financial Express -- News

Thursday, December 25 1997

Andrew Yule's expansion plan comes under cloud

The expansion and diversification plans of Andrew Yule & Co have come under a cloud with the successful bid for a tea estate having backfired and the company being unable to retrieve its investment. Andrew Yule has been unable to capitalise on the costs already incurred on the project. With its net worth completely wiped out, Andrew Yule had to renew the fixed deposits pledged with it.

Imports highest ever as Indians stay sold on gold

India's gold imports through official channels during the first three quarters of the current calendar year touched the 385.60-tonne mark, the highest-ever imported during any single year. The plunging global gold prices, combined with the high domestic demand, have ensured this increase in imports of the yellow metal.

Shipping Corporation shelves $100m ECB plan

The Shipping Corporation of India (SCI) has shelved its $100-million external commercial borrowing (ECB) issue. The ECB option, planned to part-finance the acquisition of Aframax oil tankers and a product tanker, has been dropped because of the poor financial state of Halla Engineering & Heavy Industries, SCI's South Korean partner with which it had an agreement for the construction of the tankers.

SAIL design centre comes of age, offers consultancy services to foreign firms

WTO favours US in dispute with India over IPR