Wednesday, August 19, 1998
Finolex plans to hive off telephone-cable division
Finolex Cables, the Rs 450-crore flagship of the PP Chhabria-controlled Finolex group, has decided to hive off its jelly-filled telephone cables division into a separate company, Finolex Telecommunications. the company is considering two options -- either to sell the division to Finolex Telecommunications or lease it for five years.
Ashok Leyland in talks with institutions to prepay debt
Commercial vehicle major Ashok Leyland is negotiating with financial institutions to prepay some of its high cost debts including debentures. This will help the company bring down its average cost of funds from 11.3 per cent at present.
BoI offers daily interest rates on large deposits
Bank of India has announced on Tuesday that it will change interest rates on very large deposits (above Rs 10 crore)--having maturity of 15 days to 179 days--every day. This is part of the differential interest rates banks are allowed to offer for deposits larger than Rs 15 lakh.
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