Monday, August 17, 1998
Peerless submits turaround plan to RBI
Peerless General Finance & Investment Company, the largest non-banking finance company (NBFC) in the country, has submitted a turnaround report to the Reserve Bank of India (RBI). In the report, the company has said that it will downsize its work force by more than 50% and cut the commission doled out to agents to garner deposits from 15% to 3%.
FIPB may defer Tatas' airline proposal again
The Tata Airlines proposal looks all set to be grounded again even as the Foreign Investment Promotion Board is meeting on Monday to discuss the issue. The aviation ministry, which was expected to have given its response to FIPB, is yet to do so giving rise to intense speculation that the project will surely be deferred again.
GNFC board clears Bharuch LNG investment plan
The board of the state-owned Gujarat Narmada Valley Fertilizers Company (GNFC) has given its go-ahead for a proposal to invest close to Rs 1,200 crore in a new ammonia-urea project at Bharuch in Gujarat. The company is in the midst of formally applying to the centre and state government for securing clearances for the investment in its core business of fertilisers.
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