Multinationals Motorola, Owens, Adidas, Delphi Automotive Systems and Tupperware have received the centre's clearance to inject fresh capital in their local subsidiaries. Owens, which bought out Ballarpur Industries' stake in Owens Bilt a few months ago to increase its holding to 100 per cent, is making a fresh investment of over $15 million.

Gupta panel to submit report tomorrow: The one-member RV Gupta panel on agricultural credit will submit its report to the Reserve Bank on Tuesday. Sources say the panel's recommendations will have far-reaching implications on agricultural lending in the country. RBI governor Bimal Jalan had instituted the committee in December last year.

P&G brand sale evokes lukewarm response: Proposals from prospective buyers for Procter & Gamble's anti-lice shampoo brand, Mediker, are understood to be falling short of the minimum-bid price fixed for its sale. Sources say the proposed bids are not up to P&G'sexpectations. Now the company will either have to scale down the minimum-bid price or the deal would fall through.

New items steer Glaxo's export growth: Glaxo India's 69 per cent jump in export turnover for the year ended, December 1997, seems to have been largely driven by "several new items" of exports including bulk drugs like ranitidine and sulphamethoxazole (SMX) besides a range of finished formulations. Glaxo's performance comes even as SMX export growth in group company Burroughs Wellcome appears to be diminishing.

Jindal Strips to go it alone for CRM: The OP Jindal group flagship, Jindal Strips, will set up a sophisticated cold-rolling mill on its own after negotiations with overseas partners like Ugine fell through. The Rs 310-crore project, involving term loans of Rs 217 crore, is now being appraised by financial institutions. Jindal Strips' efforts to rope in an overseas partner for the project failed because of the high cost of imported equipment.

SAS Institute to setdomestic unit: SAS Institute, the $750-million US-based software company, plans to set up a consulting-services division in the country. The division, expected to be operational shortly, will provide consultancy services to domestic clients as well as those in the Asia Pacific region and the US.

Maharaja International expects to break even: Maharaja International, subsidiary of the Sweden-based AB Electrolux, expects to break even in 1998-99. The company, however, says it will take three to five years to wipe out its accumulated losses. Maharaja International plans to double its turnover to Rs 300 crore during the period by selling almost 400,000 Kelvinator refrigerators.

ONGC plans additional investment in the east: The Oil & Natural Gas Corporation plans to invest an additional Rs 3,500 crore in the eastern region comprising Assam, Nagaland and Meghalaya during the Ninth Plan. The amount is in addition to the Rs 5,444 crore invested in the region till March 31, 1998, bringing the totalinvestment to around Rs 9,000 crore by the end of the Plan, said the corporation's CMD Bikash Chandra Bora.

Board alters rules for CIL chief selection: The Public Enterprises Selection Board has changed the rules for selecting the next chairman of Coal India Ltd after PK Sengupta retires in September this year. According to the board, candidates for the post must now have a mining background and at least two years of service left.

Inflation drops below 5 per cent: After a brief rise, the inflation rate once again receded below 5 per cent to 4.91 per cent on April 4 on a substantial decline in prices of food articles and products. It was 5.03 per cent in the preceding week.It was 6.66 per cent during the corresponding week last year.

National Shipping Body's concern: The National Shipping Board, the apex advisory body to the government on the shipping industry, has geared up to increase productivity of seafarers. The board has noted that the crew is not performing satisfactorily aswell as the levels seen on foreign vessels. It will soon identify the reasons for this and submit a report suggesting ways to improve productivity.

NHB favours cabotage law: The National Shipping Board has suggested the implementation of the cabotage law in the country. The law entails reserving coastal shipping for the national fleet. Sources said NSB would lay down guidelines for the law's effective.

European Commission sets up panel: An European Commission panel has drawn up an Europe-Asia Cooperation programme in information and communication technology. It will be launched soon after seeking formal approval, EC officials said. The programme is aimed at strengthening technical and technological links between Europe and Asia.

Rangarajan defends PSU divestment: Divestment of government equity in PSUs should not be regarded as a case of "selling family silver", says former RBI governor C Rangarajan. If some part of the original government investments are to be sold for expandingactivities in certain other areas considered urgent, it should not be regarded as undesirable, he says in the book `Indian economy: essays on money and finance'.

BoB profits set to exceed target: Bank of Baroda is likely to generate a surplus of Rs 270 crore owing to a lower yield-to-maturity on government securities in fiscal 1997-98. The bank's profits will exceed its targets substantially in the previous fiscal on improved performance of its treasury operations, a release said.

Japan, Russia conclude landmark greenhouse gas swap: Japan and Russia agreed in summit talks that ended on Sunday to what is believed to be the world's first greenhouse gas-emissions swap since last year's landmark United Nations pact on global warming. Under a pact between Russian president Boris Yeltsin and prime minister Ryutaro Hashimoto, Japanese firms would go into about 20 Russian power plants and factories to cut their greenhouse gas emissions.