IDBI sanctions $146 million for update of 45 companies
The Industrial Development Bank of India (IDBI) has proposed funding of over $150 million in association with Asian Development Bank (ADB) for modernisation and upgradation programmes in different companies. The companies, belong to five areas -- fertilisers, cement, sugar, metals and textiles. IDBI has already sanctioned $146 million worth of proposals from the companies.
BCML acquires 51% in Tulsipur Sugar; 20% open offer to follow
Balrampur Chini Mills Ltd (BCML) yesterday signed a memorandum of understanding (MoU) with the promoters of Tulsipur Sugar Ltd for the acquisition of a 51% stake in the company at a price of Rs 50 per share aggregating Rs 13.50 crore. The funding will be made out of internal accruals.
Reserve Bank mops up Rs 8,364 cr through fixed rate four-day repo
The Reserve Bank of India (RBI) mopped up Rs 8,364 crore through the fixed rate four-day repo. This is the highest amount mopped up by the apex bank since the introduction of repos in December 1996. It also pierces the Rs 8,000 crore barrier in repo mop up for the first time. The previous highest was Rs 7,495 crore on April 7, 1998.
Kia, Asia Motors to be sold off together
South Korea plans to sell off Kia Motors Corp and its affiliate Asia Motors Corp together at an auction instead of nationalising them.
SR Batliboi moots stronger marketing unit at HEC
SR Batliboi Consultants Pvt Ltd, which has been appointed by the union government to monitor the implementation of the revival plan of Ranchi-based Heavy Engineering Corporation, has recommended the recruitment of a director (marketing) and strengthening of the central marketing department of the public-sector unit.
NTPC mulls 2,300mw capacity addition in western region during Ninth Plan
National Thermal Power Corporation (NTPC), a government of India undertaking, has planned a capacity addition of 2,300 MW in the western region during the ninth five-year plan. NTPC has already taken initiative to add 650 MW capacity each at its Kawas and Jhanor-Gandhar gas-based projects.
