Delhi may move WTO over EU anti-dumping steps
India is considering the possibility of raising a dispute in the World Trade Organisation (WTO) on the European Community's decision to impose anti-dumping duties action on unbleached cotton fabric (UCF) and bed linen imported from this country. At the same time, India is also examining the question of filing a dispute in the WTO on anti-dumping measures initiated by South Africa.
Private sector participation in oil exploration to be widened
Union minister for petroleum and natural gas V K Ramamurthy, made a definite commitment to the oil sector reforms in general and the New Exploration and Licensing Policy (NELP) in particular. The was quite categorical that the new government would certainly not reconsider the policy decision to allow greater private sector investment in oil and gas.
IDBI sanctions spurt 41 per cent, disbursements jump 32 per cent
Industrial Development Bank of India (IDBI) has recorded a 41.3 per cent growth in sanctions and a 32.2 per cent growth in disbursements in 1997-98 on the back of massive infrastructure funding. This is against a 4 per cent negative growth in sanctions and a 7 per cent growth in disbursals recorded in 1996-97. The institution's sanctions, which stood at Rs 17,050 crore in 1996-97, leaped to Rs 24,097 crore in 1997-98, while disbursals rose to Rs 15,119 crore from Rs 11,439 crore.
RPG group for divestment, mergers and acquisitions
The Rs 6,500-crore RPG group has chalked out a growth strategy incorporating mergers, acquisitions and divestments. The group will strive to strengthen its core businesses of power, telecom, tyres and retail marketing, while it will divest from some of the non-core areas over the next six months. Simultaneously, the group will also look at enhancing shareholder value, which the group perceives as one of the areas neglected in the past.
ICICI '97-98 sanctions leap 81 per cent past Rs 25,000 crore
Industrial Credit & Investment Corporation (ICICI) has overtaken big brother Industrial Development Bank of India (IDBI) in both sanctions as well as disbursements of loans in 1997-98. Its sanctions in 1997-98 aggregated Rs 25,532 crore, registering an 81 per cent growth, against IDBI's aggregate sactions of Rs 24,097 crore (41.3 per cent).
Saurashtra Cement makes preferential issue; Autoriders cries foul
In the first sensational foreign gambit in the unfolding cement takeovers drama, Denmark-based giant FL Smidth has sneaked in with a 5 per cent equity in Saurashtra Cement. The company's promoters, under siege now following a takeover bid by Autoriders, have quietly hiked the firm's issued capital from Rs 12.15 crore to Rs 47.15 crore, a bulk of the shares going to the promoters and strengthening their control.
