Tuesday, June 16, 1998
ICICI-IL&FS battle hits Baroda Rayon recast plan
Leading financial institutions (FIs) the Industrial Credit & Investment Corporation of India (ICICI) and Infrastructure Leasing & Financial Services (IL&FS) are locked in a bitter battle over the sale of a property of Baroda Rayon Corporation, upsetting the restructuring operations of the Gaekwad-owned company. The institutions' divergent claims have thrown a spanner on the sale of Baroda Rayon's office floor at Hoechst House, Mumbai to IL&FS.
SBI-GE Caps credit card venture awaits FIPB nod
State Bank of India will not be able to launch its credit card joint ventures with GE Caps on July 1 as scheduled earlier. The Foreign Investment Promotion Board (FIPB) has deferred giving nod to the GE Caps proposal to bring in its share of equity. FIPB is expected to take up the application in two or three weeks after it gets the Securities and Exchange Board of India's (SEBI) comment on the application.
Seven Seas Petro, Itochu tie up
The Chennai-based Seven Seas Petroleum Pvt Ltd has signed a joint-venture agreement with Itochu Corporation of Japan for setting up a liquid fuel tank storage facility. The port land for setting up the tankage facility for kerosene and other petroleum products is, however, yet to be identified.
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