Delay in opening letter of credit sees Reliance make a quick buck
A strategic delay in the opening of a letter of credit (LC) for the import of special quality steel plates for Reliance Industries liquified natural gas terminal project has yielded a foreign-exchange bonanza, thanks to rival undercutting bids from two steel giants Pohang Steel of Korea and Germany's Preussag Stahl.
Dunlop management submits revival plan
The Dunlop India board submitted its revival plan to the Union finance ministry. However, the plan has not yet been forwarded to the West Bengal government. The plan submitted to the Union finance ministry hinges on the immediate availability of working capital from banks and financial institutions.
IDBI to stop funding new iron, steel projects
The Industrial Development Bank of India (IDBI) has decided against funding any new proposals for grassroot projects in iron and steel sector. The move comes in the wake of poor performance witnessed by the steel industry in general.
EU strictures on aflatoxin norms spread panic among groundnut exporters
The European Union (EU) plans to tighten the permissible levels of aflatoxin in HPS groundnut for human consumption and other non-edible varieties while also making the sampling norms more stringent. The proposed legislation is subject to clearance from the World Trade Organisation. If passed, it will be binding on all countries within the EU.
Siemens to prune medical-engineering business
Power-utilities major Siemens India, in a bid to prune its medical-engineering business, plans to close down its oldest medical-equipment factory at Worli in central Mumbai. The Worli unit manufactures various types of X-ray machines, sonography equipment, generators and other machines related to medical diagnosis.
Air-India to raise $46.5m SBI loan for wet-lease of 6 aircraft
Air-India is raising $46.5 million (about Rs 180 crore) FCNR(B) loan from the State Bank of India for wet leasing six aircraft to transport Haj pilgrims from India to Jeddah, Saudi Arabia. The nine-month facility will carry an interest rate of 1.25 per cent (125 basis points) over Libor.
