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JCT-Polysindo deal on the rocks
In a new twist to the JCT-Polysindo deal, the Indonesian company has accused JCT of going back on its earlier commitment on the price for its synthetic fibre division. JCT said that Polysindo of Indonesia was keen on completing the transaction but JCT has suddenly raised objections on the valuation of the business and has sought an additional Rs 100 crore for the divestment.
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DoT panel to solve licence row
A high-level empowered committee has been set up by the Department of Telecommunications (DoT) to decide cases of telecom services licences where licensee companies have asked for reliefs or where there are ambiguities in the interpretation of the clauses in the licence agreement itself. The decision to set up this committee was arrived at a meeting of the Telecom Commission held last week.
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Forex reserves jump
The Reserve Bank of India's foreign exchange reserves have grown by $ 458 million during the week ended March 20, 1998. With this, the total forex reserves now stand at $ 28.27 billion, according to the weekly statistical supplement released by the central bank.
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Pfizer to sell Ankleshwar unit
Pfizer has sought shareholder approval for the proposed sale of the company's Ankleshwar facility at its forthcoming annual general meeting. The meeting will also seek shareholder approval for the appointment of B Valentini and Pierre G Etienne as directors of the Indian arm.
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