ICICI plans Andhra bonds
HYDERABAD: Kicking off a new concept in the debt market, ICICI has taken the lead in mooting state-specific financial instruments beginning with the Andhra Bonds to be launched towards the end of the year. The bonds are to be deployed exclusively for core sector projects in the state. This is the first time that any financial institution is floating a state-specific SPV, the success or failure of which will set a new trend in the financial markets, according to ICICI officials.The proposal for the special bonds also signifies the special relationship which the ICICI, prodded by the AP chief minister N Chandrababu Naidu, is forging with the state which is fast emerging as one of the preferred destinations for investments in the infrastructure sector.
"This is the first time that ICICI will be committing the full proceeds of a bond issue to one state. Depending upon the success of this issue we may continue the exercise for other states also," ICICI said
Hardwaresops
NEW DELHI: The national task force on information technology (IT) today asked the government to give various tax concessions, including a six year tax holiday, for promoting manufacture and exports of computer equipment.
Suggesting major changes in export, banking and labour policies vis-a-vis computer hardware, the task force, set up by the Prime Minister, submitted its second report to the government this morning.
In an 84-point recommendation the task force sought full credit against modified value added tax (Modvat), exemption from special additional duty for import of components and duty-free import facilities for actual users.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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