Narasimham panel moots IDBI corporatisation
The Narasimham Committee on Financial System (CFS) has made a strong pitch for corporatisation of the Industrial Development Bank of India (IDBI), the country's largest term lending institution. It is also in favour of removal of tax concessions to IDBI.
Vajpayee promises review of exim policy; pillories Congress, United Front
Prime minister Atal Behari Vajpayee on Monday said his government was committed to revise the import-export policy and reduce the WTO obligations which were detrimental to the country's interests. Delivering the valedictory address at the two-day BJP national council convention, he said India had entered into an agreement with the GATT much before the BJP-led government came to power.
Bayer to focus on output; new venture to handle sales
German multinational, Bayer, on Monday, decided to set up a new joint venture entity to undertake sales and marketing of all pharma products originally handled by Bayer India, the group's 51% subsidiary. Bayer India will, in turn, mainly focus on manufacturing activities at its state-of-the-art facility at Thane, near Mumbai.
Indo Gulf net jumps 31% to Rs 141 cr on back of output spurt
Aditya Vikram Birla group company Indo Gulf Fertilisers & Chemicals Corporation Ltd has posted a smart recovery over last year's travails in the year ended March 31, 1998, with a 31% increase in its net profit and 35% rise in turnover. The company's net profit increased to Rs 141 crore from Rs 108 crore last year.
GE Caps links coupon on debt issue to call rate
GE Capital Services (India) is issuing a floating rate non-convertible debenture (NCD) with an interest rate linked to the Reuters Mumbai Inter-bank Average Rate (Mibor). DSP Merrill Lynch and ABN Amro Bank are managing the Rs 50-crore issue, having a greenshoe option of Rs 25 crore.
