Wednesday, July 15, 1998
Tatas miffed at Centre for posing hurdles in way of airline
The Tatas are miffed at the Union government's raising hue and cry over its proposed airline venture despite an undertaking given to the civil aviation ministry that the project conforms to all aspects of the new guidelines on foreign investment in the sector announced last month. This follows questions being raised from sections of the government as to whether the Tata group has been transparent on details of foreign equity holding (40%) in the project.
RPG Dholpur funds mopup plan delayed
The financial closure of the RPG group's Rs 2,300-crore Dholpur power project in Rajasthan is likely to be delayed by at least three months. The group, which was planning to tie up the requisite foreign debt and equity for the project by July-end, hopes to achieve closure by October.
Indian Organic approaches banks to fund voluntary retirement scheme
The city-based Indian Organic Chemicals Ltd (IOCL) has approached banks to fund voluntary retirement schemes as part of a restructuring exercise that will see a reduction in its work force and deferring of loans. The plan to reduce the number of employees is part of a wider restructuring exercise which involves a package of measures to reschedule loans and interest.
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