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ONGC to diversify into refining
In a major diversification move, the Oil and Natural Gas Corporation (ONGC) proposes to set up an oil refinery in Andhra Pradesh. The refinery would be put up at Tatipaka near Rajahmundry in the Krishna-Godavari basin, with a daily refining capacity of 1,500 barrels.
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RBI's credit squeeze to cost growth
A battery of measures to squeeze credit unleashed by India's central bank to stem a slide in the rupee could sacrifice growth at the altar of short-term stability, say analysts. RBI announced a 2% point rise in the bench-mark bank rate, the interest charged by the central bank on other banks, and buttressed it with other credit control measures to beat back rupee speculators.
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Volvo plans to make India hub to produce truck components for Asia
Volvo Truck Corporation, a division of the $ 20 billion AB Volvo, has drawn up plans to develop India as a global base for its requirement of truck components. It will also be developing India as the hub for its truck manufacturing in Asia.
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Hero, Briggs & Stratton JV gets FIPB clearance
Hero Briggs and Stratton, the 50:50 joint venture between Hero Motors and $1.3-billion Briggs and Stratton, was cleared by the Foreign Investment Promotion Board. The joint venture will manufacture engine and transmission systems for two and three-wheelers.
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