IDBI chairman GP Gupta said the bank is planning to form a working group on corporate governance of FIs in the country. A similar working group is being planned by ICICI on corporate governance in the private sector. Though Gupta was tight-lipped on the composition of the working group, he said a formal announcement will be made soon.

BoI plans insurance foray

The Bank of India has firmed up plans to foray into the insurance sector by floating a joint venture subsidiary with a foreign partner. Currently, the bank is scouting for a partner. BoI chairman and managing director S Rajagopal said, "We are just waiting for a green signal from the central bank."

FIPB okays Total proposal

FIPB on Monday cleared 35 proposals involving foreign direct investment worth Rs 100-crore including those of Total SA of France and Carrier Refrigeration of the US to buyout their joint venture partners.

Bridgestone ACC to unwrap tyres

BridgestoneACC India, a Rs 400-crore joint venture of Bridgestone of Japan, ACC and Telco, will introduce new tyres for light commercial vehicles and jeeps. The firm pans to initially import the tyres from its parent company.

SAIL seeks Rs 4,550cr loan waiver

SAIL has approached the Government with a comprehensive restructuring plan, including waiver of about Rs 4,550 crore of its steel-development-fund loan. SAIL has projected its profits to grow to over Rs 1,000 crore in the next five years if the turnaround plan is implemented.

Bajaj Auto Finance net at Rs 15.87 cr

Bajaj Auto Finance Ltd's net profit has risen to Rs 15.87 crore for the year ended March, 1999, from Rs 13.62 crore during the previous year. It has announced a dividend of Rs 2.50 per share of Rs 10 each for the year.

Senbo group ropes in German firm

The Calcutta-based Senbo group has appointed Pharma Plan, a German consultancy firm, to help the group diversify into pharmaceutical products.

Dow Systems scours foralliances

Dow (India) Systems, a 100 per cent subsidiary of the global giant Dow Chemicals, is looking for alliances with Indian players for consolidation of polyurethane business in the country.

Reebok India chief

Reebok India managing director Muktesh Pant is appointed vice president (brand marketing) at Reebok International's corporate office in Boston in the US. Siddharth Varma, executive director (sales & marketing), will be the new managing director of Reebok India.

Lubricant sales get a boost

According to IOC statistics, consumers prefer to buy lubricants from bazars to retail outlets. IOC's lubricants sales through bazars propped up their total lubricant sales, which increased to 3.6 lakh tonnes in 1998-99 from 3.44 lakh tonnes in 1997-98.

Choudhary is Utkal Alumina chief

Indal managing director (operations) NK Choudhary has been made chairman of Utkal Alumina International, a joint venture between Indal, Alcan and Hydro Aluminium of Norway. The decision wastaken at a UAIL board meeting last week.

Usha, Compaq ink pact

Usha Communications Technology, a wholly-owned subsidiary of Usha Beltron, and Compaq Computer Corporation have signed a world-wide solution development and marketing agreement. It will provide billing and customer care software on Compaq hardware.

LIC plans Rs 2,500cr equity exposure

LIC, one of the leading institutional players in the capital market, is planning an exposure of around Rs 2,500 crore in equities as a part of its total investment of around Rs 26,000 crore during the 1999-2000.

HM, JK Industries issues downgraded

Crisil has downgraded the rating assigned to the Rs 53.74-crore FCD issue of Hindustan Motors, flagship company of the CK Birla group, to `c' from `bbb', implying substantial risk associated with the instrument. It has also downgraded JK Industries' Rs 140-crore NCD issue to `bb+' from `bbb+'on account of the continuous increase in financial risk.

PFC plans $250m ECBs

PowerFinance Corporation plans to raise about $250 million from the overseas market in the current fiscal as part of its efforts to mobilise resources for funding the power utilities.

Polaris software IPO in July

Software developer Polaris Software Labs plans to go public in July, offering over 43 lakh shares at a premium ranging between Rs 175 and Rs 210 to mop up Rs 70 crore. It proposes to issue 35 lakh new shares and will offload 8.53 lakh shares from promoters' stake, if Sebi insists on a minimum 25 per cent of paid-up capital for a listing.

BOOE kicks off castor oil futures

Bombay Oilseeds & Oils Exchange on Monday officially launched their international castor oil futures contracts at their premises at Navi Mumbai.Union consumer affairs secretary K Srinivasan said hedging through futures was an important tool to manage price risks.