Thursday, August 13, 1998
Indian Rayon in second bid to buy Gaekwads' yarn unit
Aditya Birla group company Indian Rayon is set to buy out the viscose filament yarn (VFY) plant of the Gaekwads-owned Baroda Rayon Corporation for an undisclosed amount. However, sources involved in the deal say that the amount is around Rs 75 crore.
TV software firms to be allowed 100% foreign equity
Television software companies will be allowed to have 100% foreign equity as part of the new foreign direct investment policy on TV firms expected shortly. As many as 13 proposals involving foreign equity in software ventures are pending with the Foreign Investment Promotion Board, which were put on hold in anticipation of a comprehensive broadcasting policy.
PS Subramanyam appointed UTI chairman
The Industrial Development Bank of India (IDBI) executive director PS Subramanyam was on Wednesday appointed chairman of the Unit Trust of India (UTI), with immediate effect. The post of UTI chairman was lying vacant ever since GP Gupta was shifted as the IDBI as chairman and managing director in June this year.
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