Saturday, June 27, 1998
Centre likely to offer Balco's majority stake to strategic partner
The Centre is considering offering the majority stake in Bharat Aluminium Company (Balco) to a strategic partner and shedding 30% of its shareholding in the National Aluminium Company (Nalco) through a global-cum- domestic issue of equity. The mines ministry had earlier accepted the Disinvestment Commission's recommendations that 40% of the Centre's holding in the aluminium producing PSU be offered to a strategic partner.
GIC Group to help Maharashta seek Rs 5,000 crore investment
US-Based GIC Group will assist the Maharashtra government to seek domestic and foreign investment worth Rs 5,000 crore in agri-industry, horticulture, processing and post harvest management. The GIC Group, involved in investment and trade consultancy, has decided to co-sponsor the Maharashtra government's three-day global convection and exhibition `Agro-Advantage Maharashtra', beginning from November 6.
United Western Bank net up 55% to Rs 34 crore
United Western Bank has recorded a 55% growth in its net profit for the year ended March 31, 1998, at Rs 33.53 crore. The board of directors have suggested a dividend of 25%. The Satara-based private sector bank's deposits during the year have grown by 30.56% to touch Rs 2,668 crore while advances have grown to Rs 1,370 crore, indicating a growth of 27.26%.
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