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Monday, May 25, 1998

	SAARC to slash telecom tariff The first meeting of communication ministers of SAARC countries concluded in Colombo on Sunday with an unanimous agreement to lower telecommunication tariffs in the region. The conference also agreed to complete digitalisation of the inter-country telecommunication infrastructure by December 1999, allocate sufficient band-width for regional telecom links and establish an intra-regional high bandwidth hub for leased lines.		Sterlite jacks up Indal offer price to Rs 221 In a swift and strategic move, Sterlite Industries has hiked the offer price for the shares of Rs 1,200 crore Indian Aluminium (Indal) from Rs 115 to Rs 221 per share. The Sterlite offer came late in the night after Alcan Aluminium of Canada hiked the offer price from Rs 120 to Rs 175 per Indal share.
	BIFR package for 4 cos The Board for Industrial and Financial Reconstruction (BIFR) has come out with schemes to rehabilitate three private sector companies and one public sector undertaking (PSU). The board has formulated a Rs 10.85 crore scheme for Indian Turpentine and Rosin Co (ITRC), a Rs 5.32 crore plan for Loharu Steel Industries (LSIL), a 4.60 crore rehabilitation scheme for Matushree Textiles (MTL) and another Rs 50 lakh proposal for Bhiwaniwala Jute Fibres (BJFL).		Hegde bid to push up exports Union commerce minister Ramakrishna Hegde proposes to interact with top 200 corporates in the public and private sectors in a bid to induce and assist them to contribute a minimum 20% of their turnover towards exports. The intention is that the bigger among the corporates take a lead in raising their export turnover.

Inflation rises further
Reflecting the upsurge in prices of food articles and food products, the inflation rate rose for the fourth successive week to touch its highest in 54 weeks at 6.14% on May 9. It was 6.05% the previous week. However, it was below the 6% cent mark at 5.91% during the corresponding week last year (May 10).

CBI seeks nod to sue BHEL officials
The Central Bureau of Investigation (CBI) has sought sanction to chargesheet seven top executives of Bharat Heavy Electricals Limited (BHEL) for frauds in the import of equipment from Germany causing losses of more than Rs 50 crore. After investigations lasting two and a half years, the CBI moved this month to prosecute the officers.