Monday, June 29, 1998
ABB, GE in race for Enron order
Multinationals, Asea Brown Boweri (ABB) and General Electric (GE) are in race for the Rs 2,000 crore engineering, procurement and construction (EPC) contract for Enron's 1,444 mw Dabhol phase-II project. The other four multinationals which had bid for the project include Siemens, GEC Alsthom, Mitsubishi, and Westinghouse.
Inflation shoots up to record 62-week high
Reeling under budget hikes, the inflation rate rose once again after a brief halt to touch 62-week high of 6.55% on June 13. However, it was 5.69% during the corresponding week last year (June 14). The impact of the budgetary increases was very much in evidence in the second week of the budget. The prices of many primary articles and food products went up mainly due to the rise in the prices of urea and petrol cess.
Bad loans -- FIs take a big hit
The saga of bad loans is continuing. Reckless financing of projects has started backfiring on institutions with many borrowers failing to return the loans taken from institutions. IDBI, ICICI and IFCI, the three major financial institutions leading industrial activity in the country, have reported a massive increase in non-performing assets (NPAs) -- the banking jargon for loans defaulted by borrowers -- for the year 1997-98.
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