Sunday, February 14, 1999
General Motors gets nod to buy CK Birla stake in venture
The Foreign Investment Promotion Board (FIPB) on Saturday approved General Motors' (GM's) proposal for buying out the 50% shareholding of the CK Birla group in General Motors India Ltd. The board also permitted GM to bring in additional $20 million for launching its new model, Corsa.
Carryforward rates close at 19.75%
The carryforward rates on the Bombay Stock Exchange (BSE) closed at 19.75% annualised weighted average for the week ended February 12. The total outstanding carryforward positions were marked lower at Rs 1,160.69 crore, with the purchase carryforward positions at Rs 1,118.37 crore.
Piaggio plans to go it alone, may sell LML stake
Italian major Piaggio Spa plans to go it alone in India and set up a wholly-owned subsidiary for producing its range of two-wheelers, including the famed Gilera motorcycles. Piaggio is also considering selling off its stake in LML Ltd and pulling out of the venture.
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