Centre opens up technology imports frontiers
The central government has liberalised further the technology import regime by expanding the automatic approval list. So far, only 60% of technology imports could be made through the automatic route. Under the new regime, PSUs will also be allowed to import technology through the automatic route without restrictions.
Government seeks Oil India's hand for Hindustan Petroleum alliance
The Centre is believed to be examining a restructuring plan for the oil industry which would involve a strategic alliance of Oil India with Hindustan Petroleum Corporation (HPCL) and Engineers India (EIL). The brainwave is a result of the recent crossholding deal between IOC and ONGC which would pave the way for a strong integrated oil company.
McDowell ties up Rs 20-crore loan from banks
Corporation Bank, State Bank of Mysore, State Bank of Travancore and Federal Bank will part-finance McDowell's Rs 100-crore expansion project. The company has tied up with the banks for a Rs 20-crore term loan.
Ambiguity over funds closure deadline leave IPPs in quandry
Independent power producers are confused over the last date of achieving financial closure for their liquid fuel-based power projects. While the official notification has put January, 31, 1999, as the last date for achieving financial closure, Union power minister PR Kumaramangalam has stated that independent power producers have been given extension till March, 31, 1999.
