Wednesday, June 30, 1999
Cabinet sets new benchmark for power projects
The Union cabinet has decided that all the inter-state thermal power projects over 1000 mw and hydel power projects over 500 mw would be recognised as mega projects and would qualify for various concessions and incentives announced by finance minister Yashwant Sinha in his budget speech earlier.
Fund diversion led to rise in NPAs, says RBI
The RBI has admitted that diversion of funds by promoters for expansion, modernisation, setting up of new projects and to sister concerns is mainly responsible for the rising NPAs in the banking system.
Essar plans Rs 300 cr rights
Essar Steel, which is facing a tough time to redeem its overseas floating rate note (FRN) issue, has put forth a proposal to financial institutions for raising around Rs 300 crore through a rights issue of equity shares.
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