Country likely to clock 6.7% GDP growth: ADB
The Asian Development Bank, in its latest report -- the Asian Development Outlook for 1998 -- has stated that India will clock a GDP growth of 6.7% in 1998-99. The report underscores that higher growth would depend on a recovery in both agriculture and industry. It further adds that industrial recovery would be directly proportional to the extent kinks are ironed out in the infrastructure area.
Danish firm pays $4.5m for R&D to Dr Reddy's Labs
The Hyderabad-based Dr Reddy's Laboratories (DRL) has received a milestone payment of $4.5 million from Danish giant Novo Nordisk for its discovery in the area of diabetes. This is the first time that a domestic company is being recognised for its research and development strength at a global level.
Cambridge Technology Partners sets up shop in India, plans $1m investment
The US-based Cambridge Technology Partners (CTP) has formally entered the country by setting up a new office in Bangalore. The $400 million company is planning an initial investment of $1 million over a period of five years, for which it has sought permission from the FIPB.
Centre may go in for more private placements with RBI
The Union government is likely to have a string of private placements with the Reserve Bank of India (RBI) before the Union budget is presented in the first week of June. Economists predicted that with a widespread gap between the government's expenditure and revenues, the Centre's recourse to the ways and means advances (WMA) will increase.
Castrol Plc not to sell preferential shares without court permission
Castrol Plc of UK has agreed to give an undertaking before the Delhi high court that it will not sell or dispose of the preferential shares allotted to it in Castrol India Ltd without the permission of the court. The undertaking has been given in response to a writ petition filed before the court, challenging the validity of the preferential allotment made to Castrol Plc in 1993.
BIFR puts Pennar Aluminium in ICU
Pennar Aluminum Company (Palco) has been declared sick by the Board for Industrial and Financial Reconstruction (BIFR). The board has appointed IDBI as the operating agency (OA) and asked it to prepare a viability report. The company's promoters have been asked to give IDBI a "comprehensive and fully tied up" revival scheme by June 11.
