Friday, September 18, 1998
SBI gives itself clean chit in NFL urea scam
State Bank of India (SBI) has absolved itself from allegations that it had violated the Foreign Exchange Regulation Act (Fera) in the Rs 133-crore urea import scam of 1996. The bank had channelled the funds of state-owned National Fertilisers (NFL) urea import contract -- a deal that never materialised -- with the Turkish firm Karsan.
Petronet Mangalore-Bangalore project on course
Petronet India (PIL), the joint venture pipelines company, is gearing up for an important project from Mangalore to Bangalore. The 365 km long multi-product pipeline will connect MRPL to Bangalore and will be designed for a final throughput of 8.5 million tonnes.
SBI Caps bags mandate to zero in on buyer for SAIL captive power units
The Steel Authority of India Limited (SAIL) plans to sell all its captive power plants to tide over its acute financial crunch. The public sector giant has appointed SBI Caps as investment banker to negotiate the deal. The move is expected to generate cash in the region of Rs 1,600 crore to Rs 2,000 crore.
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