Wednesday, March 3, 1999
Task force mulls IOC, ONGC synergy in key areas
A task force set up by Indian Oil Corporation and Oil and Natural Gas Corporation is examining the prospects of the two companies working together in five key areas. These are exploration & production; refining & marketing; research & development/consultancy services; petrochemicals; and power.
SBI cuts deposit rates, IDBI to cut PLR
The State Bank of India has cut its term deposit rates and restructured the deposit slabs close on the heels of a one percentage point cut in its prime lending rate (PLR). Among financial institutions, IDBI will cut its PLR at its forthcoming board meeting on March 8. At present, IDBI's PLR is pegged at 14% with a band of 3.5% at the higher end.
Sengupta panel proposes $145 mn infusion into GIC overseas units
The D Sengupta report on the restructuring of the foreign operations of General Insurance Corporation and its four subsidiaries -- New India Assuarnce, United India, Oriental Insuarnce and National Insurance -- has proposed a capital infusion of $145 million over seven years to turn the overseas offices self-reliant and independent profit centres.
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