Thursday, June 18, 1998
Tatas claim FII role in airline to be within new DGCA guidelines
The Tatas have named American International Group (AIG) and Government of Singapore Investment Corporation (GIC) as the foreign institutional investors (FIIs) with which it has negotiated inflow of 40% equity investment in Tata Airlines Pvt Ltd. However, the Tatas have stated that the FIIs would need concrete government approvals in hand before committing themselves to the project finally.
Automatic approval for 100% foreign equity in power
The Union government on Wednesday announced automatic approval for 100% foreign equity participation in power projects up to Rs 1,500 crore. The decision to enlarge the provisions for automatic approvals for such projects from the present ceiling of 74% foreign equity was taken after a review of the existing guidelines for automatic approval.
Ispat-Hughes venture in troubled waters
Ispat group's foray into basic telecom services in Karnataka and Maharashtra has run into serious trouble. According to a note sent by DoT to the cabinet secretary, the alternative gameplan evolved by the Ispat group and its US partner, Hughes Electronics, to kick-start operations in the Karnataka basic telecom circle has fallen flat following conditions imposed recently by the Telecom Regulatory Authority of India and the refusal of the promoters to meet them.
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