RBI approves 216 overseas investment proposals in 1997-98
The Reserve Bank of India (RBI) approved 216 overseas investment proposals in 1997-98, down from 297 proposals in the previous financial year. The proposals, however, involved a higher equity and loan amount of $450.11 million and guarantees worth $111.28 million, up from $284.15 million worth of equity and loan and $183.35 million worth of guarantees in 1996-97.
WTO asks India to speed up economic reforms
While lauding India for notching a dramatic increase in economic growth from the early nineties until 1996, the WTO has cautioned New Delhi that it should continue liberalising its trade and investment regime faster to sustain the momentum, which slackened somewhat last year.
Diesel Opel Astra to hit the roads in September
General Motors India (GMI) will introduce its small car `Opel Corsa' next year and a diesel Opel Astra in September this year. The company slashed its sales target to 8,000 cars for calendar year 1998 due to sluggish sales in the mid-size segment.
Dharani Cements goes to Grasim for Rs 52 crore
Grasim Industries, the Aditya Birla group flagship, has made its first foray into the `cement deficit' southern market by taking over the Tamil Nadu-based Dharani Cements (DCL) for a total consideration of Rs 52 crore.
LG Electronics chalks out Rs 1,040cr investment plan
LG Electronics India Pvt Ltd (LGEIL), a wholly-owned subsidiary of LG Electronics, South Korea, has unveiled a Rs 1,040-crore investment plan which will give it a major manufacturing presence in the brown and white goods sectors in the country.
ABN Amro to up stake in Hoare Govett Securities
ABN Amro Hoare Govett Asia Holdings of Hong Kong has received the Foreign Investment Promotion Board's approval to hike its stake in its joint venture with IL&FS from 40% to 75%. The stake is being hiked through the acquisition of the company's shares from other shareholders and a rights issue.
