MUMBAI -- The Federation of Indian Export Organisations (FIEO) has made arrangements with Mikkai International to set up a warehouse-cum-display centre in Dubai for Indian exporters who wish to use this for purposes of re-export. Dubai is a hub for re-exporting. The arrangement has been approved by the RBI till December 31, 1997 initially.

Mikkai will levy a service charge of 1 per cent on the sale proceeds of the goods sold in the first month; 2 per cent of the sales made in the second month; the maximum service charge will be 3 per cent of the sales. Exporters who use this facility will have to give an undertaking to bring in the sale proceeds in 10 months instead of the usual 6 months from the date of shipment.

Overseas forum

MUMBAI -- According to Ram Buxani, newly elected chairman of the Overseas Indians Economic Forum of the UAE, expatriate Indians are planning to set up an international company to channelise their investments.

This company will be patterned on the concept of Mauritius-registered IndusInd International Holdings. Expatriate Indians, with many from Dubai are collectively bidding for eight infrastructure projects in India worth a total of Rs 3,000 crore. These include 7 power plants and one water supply scheme.

Walchand

MUMBAI -- Walchand Hindustan Ltd has shown an improved performance and maintained its dividend at 40 per cent. The company's net profit moved up considerably by 32 per cent to Rs 2.63 crore for the year ended March 1997 compared to Rs 2 crore last year. The total income stood at Rs 6.1 crore.

Apple Finance

MUMBAI: Apple Finance Ltd has recevied M AAA credit rating from ICRA indicating highest safety for its Rs 50 crore non-convertible debenture programme. Apple will shortly place these debentures with banks and institutions. The debentures will have a maturity of three years.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.