SAIL Bokaro unit to roll out sheets for car exteriors
The Steel Authority of India's Bokaro Steel Plant and Tisco are locked in a race to become the first local supplier of coated cold-rolled (CR) sheets for car-body exteriors. Bokaro is ahead in the race now, having engaged SAIL's Centre for Engineering & Technology (CET) to prepare a feasibility report on modernising its cold-rolling mill (CRM). Tisco's plans may be slightly delayed following its decision to set up its cold-rolling mill at Jamshedpur and not in Gopalpur as was planned earlier.
IOC ties up $500m refinance at Libor plus 24 points
The state-run Indian Oil Corporation, the country's oil canalising agent, has refinanced a chunk of its $600-million syndicated loan with a fresh $500-million syndicated facility priced at 24 basis points over six-month Libor. IOC's $500-million transaction will be put through by lead arrangers Bank of America (BankAm) and Midland Bank. BankAm's Hong Kong-based arm, BA Asia, was the coordinating arranger and agent for the transaction.
BoB implements autonomy-package norms
Bank of Baroda (BoB) has become the first public-sector bank to implement the autonomy package announced by the ministry of finance in November 1997. The Mumbai-based state-run bank has started implementing three of the seven autonomy measures -- creation of new posts, independent policy for overseas postings and the formation of a committee of directors for considering officers' promotions. The board of directors had early last month approved of the internal policies framed to implement the three measures.
GIC, LIC to float joint venture in Tanzania
Public sector insurance juggernauts General Insurance Corporation (GIC) and Life Insurance Corporation (LIC) have decided to float a joint venture company in Tanzania to undertake insurance business. The joint venture, christened as Tanz-India, will have an equity base of Rs 160 crore. It will undertake both life insurance and non-life insurance businesses. LIC will pick up 20% of the equity while GIC will contribute to the extent of 25%.
PNB approves Ajanta Tubes' wind-up plan
Punjab National Bank (PNB) has given its approval to wind up Pasupati group's Ajanta Tubes Ltd (ATL). At a Board for Industrial & Financial Reconstruction (BIFR) meeting, bank representatives said that against the asset valuation of Rs 26 crore in 1996, the company's one-time settlement (OTS) offer of Rs 9 crore was not acceptable to it. The board had appointed PNB as an operating agency. There was no positive response to the advertisements issued by the bank for change of the management either.
Rubco set to clinch first bulk-export deal by month-end
The Kannur (Kerala)-based Rubco is all set to make a major breakthrough on the export front by clinching the first bulk order for exporting natural rubber from the country. In a related development, the state government has directed Rubco to procure an additional 8,000 tonnes of rubber as the Kerala State Ware Housing Corporation, another state-run agency, has failed in its procurement job following a severe cash crunch.
