State Bank, Societe Generale bail out MSEB forex loan
The lead arrangers to the Maharashtra State Electricity Board's (MSEB) eight-year $50 million foreign currency loan priced at 85 basis points over Libor -- State Bank of India and Societe Generale -- have bailed out the offering by taking $35 million onto their books. MSEB may now have to settle for $47 million instead of the intended mop-up of $50 million.
DAP importers may sue centre over decision to reduce subsidy
Importers of diammonium phosphate (DAP) fertiliser are considering taking legal action against the government on its recent move to cut the subsidy on DAP by Rs 250 per tonne, effective from October 1, 1997. The companies are aggrieved because the recent notification to cut subsidy supersedes an earlier decision of the government in June 1997 to keep the increased subsidy level effective till March 31, 1998.
No takers for BTRA carbon fibre technology
Although Bombay Textile Research Association (BTRA) developed a technology to produce carbon fibre, a speciality fibre, more than a decade back in 1985, not a single Indian company has evinced any interest to take up its commercial production in the country. BTRA has spent about Rs 20 crore for developing this technology.
MTNL to take on private operators, mulls tariff sops
Mahanagar Telephone Nigam Ltd is contemplating attractive tariff packages besides stressing on quality services, in Delhi, to face the challenge posed by the private sector in the basic telephone services. MTNL is also looking forwards to offer tariff packages on a par with private operators.
CMC plans to infuse funds into US arm
The public sector CMC Ltd has sought the government's approval for a 15-fold increase in investment in its US-based wholly-owned subsidiary, Baton Rouge International Inc (BRI). The proposal has been cleared by the Department of Electronics and the Reserve Bank of India (RBI). CMC plans to strengthen BRI's equity base with an additional investment of $ 1.5 million.
Andersen moots two-pronged approach to counter linen anti-dumping duty
Management consultant Arthur Andersen is likely to help domestic textile firms fight anti-dumping duties imposed by the European Commission through a specially-designed package. However, buyers will have to shell out a whopping $5,000 each for the package.
