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Briefing
IPSTA gets nod for ICE trading
The Centre has clarified that non-member clients need not register with the International Commodities Exchange (ICE) for pepper trading in dollar contracts. With the India Pepper and Spice Trade Association (IPSTA) receiving this clarification, things are moving smoothly for it to start the dollar-denominated trade at ICE. IPSTA president Kishor Shamji said the union consumer affairs ministry had informed IPSTA, the promoter of ICE, that non-member clients need not register and can trade through member clients. IPSTA had been awaiting this clearance, following the change of FERA to FEMA which meant that the rigidity in norms would be eased. The member of the exchange would have to be responsible for the matters of the non-member client through this new dispensation.Four in race for HCL stakes
Four players including Birla Copper and Sterlite Industries are learnt to be in the race for acquiring majority stake in the public sector Hindustan Copper Ltd (HCL). Official sources said that Phelps Dodge of the United States, leaders in the copper industry along with its associates are also in the contention for acquiring 51 per cent equity stake in the copper major, listed for privatisation during the current Financial year. The government is soon expected to shortlist the players for bidding in the PSU. The government is currently in the process of finalising modalities for divestment in consultation with the global advisor. Under the first phase of divestment the government would hive off two of the profitable units of HCL into a separate company before divesting its stake. The units which are proposed for divestment are the facilities at Khetri in Rajasthan and the downstream continuous casting facility at Taloja in Maharashtra. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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