Sunday, June 14, 1998
FIPB spikes Tata's airline
The Foreign Investment Promotion Board (FIPB) on Saturday deferred the Rs 1,475-crore Tata Airline proposal. The board has given the civil aviation ministry four weeks' time to seek clarification from the Tatas on whether their domestic airline project conforms to the new civil aviation policy guidelines.
Govt may scrap new import duty
Union commerce minister Ramakrishna Hegde has stated that the Centre would "restore the earlier" special import duty on products that prevailed prior to the presentation of Budget. He also called for a reduction in interest rate on export credit which was a high 11% and said, that it was possible to achieve a $ 10-$ 15 billion agriculture export target in 10 years through a concerted Centre-States effort.
CESC posts Rs 125 cr loss
Calcutta Electric Supply Company (CESC), belonging to the RP Goenka group, has reported a loss of Rs 125 crore for 1997-98 against a net profit of Rs 41 crore in 1996-97. This is for the first time in its 101 years of existence that the company had incurred a loss. However, the company's net sales went up by Rs 146 crore.
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