Petronet plans Mangalore-Bangalore project: Petronet India is gearing up for an important project from Mangalore to Bangalore. The operating company, Petronet-MHB, promoted by PIL and Hindustan Petroleum Corporation, held its first board meeting recently. The Rs 707-crore project is expected to be commissioned by 2001.

Property sale irks VST Industries investors: VST Industries' shareholders raised a ruckus over the cash-strapped company's decision to hive off prime real estate valued at over Rs 50 crore even as chairman A Basuon Thursday announced the company had "long-term plans" to move out of Hyderabad.

Tata Chem sales slip 15%: Tata Chemicals Ltd's sales dropped 15 per cent to Rs 556 crore in the first five months of the current financial year, against around Rs 650 crore in the corresponding period last year. The main problem which put pressure on the company's margins and bogged down sales was realisation in caustic soda, cheaper imports of soda ash from China and the cyclone that hit the Gujarat coast.

Bhadravati power plant: Ispat Industries plans to commence construction of its 1,082mw power plant in Bhadravati by January next year. The company is currently finalising the financing structure of the project and expects funds to be tied up by the end of this year. The project is being appraised by IDBI and foreign lenders.

NINL progressing on schedule: Neelanchal Ispat Nigam Ltd, promoted by MMTC Ltd for producing 1.1 million tonnes of iron and steel, is progressing on schedule at Duburi inOrissa. This fast-track project, due for commissioning in March 2000, is being set up at a cost of Rs 1,510 crore with Rs 600 crore as equity.

Work on KOEL-Denso Corp JV begins: Construction work on the Kirloskar Oil Engines-Denso Corporation joint venture has begun following clearance from the FIPB. KOEL will hold a minority stake in the JV which will manufacture and sell radiators and air-conditioners for automobiles and other applications in India.

Arvind Mills' AGM: Arvind Mills Ltd is seeking shareholders' approval for issuing non-voting shares at its forthcoming annual general meeting. They also plan to seek approval to buy back the company's shares. The company is also seeking the approval of shareholders to increase its authorised share capital from Rs 150 crore to Rs 260 crore.

Piaggio BV asked to sign arbitration pact: The Singhanias have fired a fresh salvo at Piaggio by demanding that the foreign promoter of LML Ltd and Piaggio's Dutch subsidiary -- Piaggio BV -- signthe Arbitration Agreement. Citing Section 44 and 45 of the Arbitration and Conciliation Act, 1966, the Singhanias have, in their counter-affidavit filed in the Kanpur court on Wednesday, said that in the absence of an Arbitration Agreement there can be no reference to arbitration and hence, no effective settlement of the dispute.

IOC expects higher profit: Indian Oil Corporation is expecting to post a net profit of more than Rs 2,100 crore in the current financial year, up from Rs 1,706 crore recorded during 1997-98.

Air India's VRS proposal rejected: The recently-announced voluntary retirement schemes by Air India for its 18,000 employees runs the risk of being grounded by the ministry of civil aviation. According to ministry sources, it has dashed off a letter to Air India's managing director stating that the schemes will `not' be treated as approved.

BANKING & FINANCEState plans bill to regulate finance firms: The Maharashtra government plans to table a comprehensive billon the lines of the Tamil Nadu Act to regulate functioning of non-banking finance companies and plantation companies. The proposed bill will be introduced in the winter session of the state legislature in Nagpur this December.

ECONOMY & INFRASTRUCTUREUmbrella plantation body under consideration: The commerce ministry's plan to set up a tea advisory council may be modified to include all plantation crops. The idea is to form a plantation advisory committee which, apart from tea, will include commodities such as coffee, rubber and spices.

Report on world forests soon: The World Commission on Forests and Sustainable Development will release its report in Chennai on September 20 at the MS Swaminathan Research Foundation. The International Board of Trustees of Iwokrama International Centre for Rain Forest Conservation and Development in the Amazon will also be present.

Insurance-linked savings scheme launched: The Housing and Urban Development Corporation, New India AssuranceCompany and the Kerala government have signed a memorandum of understanding for insurance-linked savings-cum-loan-cum subsidy scheme for provision of housing for women-headed households in Kerala. The scheme will initially cover 100,000 houses in Kerala and then be extended to other parts of the country in five years.

POLITICS & POLICY JMM(S) withdraws support: Jharkhand Mukti Morcha (Soren) on Thursday withdrew support to the Rabri Devi government in Bihar as it had vehemently opposed the Bihar Reorganisation (Vananchal) Bill, 1998, and had withdrawn the resolution unanimously adopted by the state assembly for the creation of Jharkhand state.

Bihar ministry to be expanded: Bihar chief minister Rabri Devi announced that her 14-month old ministry would be expanded and the new ministers would be sworn in on Thursday evening.

EC may reframe affidavit: The Election Commission is contemplating reframing the affidavit filed along with nomination papers listing criminal casespending against the candidate in various courts. "How can a man who is a menace to society and breaks the law be allowed to frame law," Krishnamoorthy asked.

A clarification: In the issue dated September 16, the headline on the Reliance port project should have read as `Reliance clubs 2000mw power plant with Gujarat port plan' and not as mentioned.