Discounting news reports that government was considering a proposal to sell half of its 50 per cent stake in the over Rs 8500 crore car venture, officials said that the industry ministry had not mooted any such proposal. Industry ministry sources also clarified that no official delegation was going to Japan for holding talks with MUL partner Suzuki Motor Corporation (SMC) to resolve differences over the appointment of RSSLN Bhaskarudu as managing director of the car venture.

SMC has moved the international court of arbitration over the appointment of Bhaskarudu as managing director as India's nominee and the government was going ahead with the case, sources said, adding there was no move for out of court settlement.

Excel Realty, New Plan to merge
NEW YORK: Excel Realty Trust Inc, anaggressive California shopping centre company, announced plans to buy New York-based New Plan Realty Trust for $1.36 billion in stock.

The transaction will create the nation's largest real estate investment trust (REIT) for local shopping centers, commonly called "strip malls." It also marks renewed interest in the sector, which has lagged the fast-paced consolidation of REITS devoted to office buildings and apartment complexes.

Family-run New Plan is one of the country's oldest and most well-established REITS, but Wall Street had recently questioned its conservative approach and uncertain management succession plan. The bulk of the company's portfolio are shopping centre, although about 35 per cent of its assets are apartments.

Gold, silver prices down
MUMBAI: A subdued trend was noticed in the Bombay bullion market with the precious metals declining moderately today on weak overseas advices. Silver .999 and raw declined by Rs 70 and Rs 60 to Rs 8050 and Rs 7940 per kg respectively on weakoverseas advices coupled with lack of buying support from industrial units and local operators.

Standard mint and 22-carat gold also softened by Rs 50 and Rs 45 to Rs 4150 and Rs 3840 per ten gm respectively with slack buying interest by local operators and poor upcountry demands. Gold ten tola biscuit also lost by Rs 600 to Rs 48,700 due to global price decline and less demand from investors and jewellery industry. Closing rates: silver (per kg) .999 Rs 8050 (8120), raw Rs 7940 (8000), gold (per ten gm) standard mint Rs 4150 (4200), 22-carat gold Rs 3840 (3885), ten tola gold biscuits Rs 48,700 (49,300).