direct investment inflow of approximately Rs 250 crore. The proposalsincluded an application by Canon of Japan to increase its presence in thecountry. FIPB also approved the proposal submitted by Cambatta Aviation forproviding ground handling services through its existing venture in thecountry.

RBI permission on guarantees

RBI has permitted banks to issue guarantees in favour of other banks andinstitutions to fund core projects. In effect, the RBI has for the firsttime allowed banks to separate credit risk from funding risk -- a facility sofar enjoyed by the financial institutions.

Telecom operators caught in a web

The dissolution of Lok Sabha has put basic and cellular telecom operators ina spot. They were pinning hopes on the opinion of attorney general SoliSorabjee on revenue sharing. But the AG is unlikely to give his opinion withthe BJP-led Government reduced to a caretaker one.

P&G Q3 net up 33.73% to Rs 13 cr

Procter & Gamble India net marked a 33.73 per cent growth to Rs 13.44 crorein the third quarter ended March 31, 1999, as against Rs 10.05 crore in thecorresponding period last year.

TVS Suzuki net up 18.3% to Rs 81.39 cr

TVS-Suzuki has recorded a 18.36 per cent increase in net profit to Rs 81.39crore for the 12-month period ended March 31, 1999. It has posted sales ofRs 1313.18 crore for the period, up 28.9 per cent from the previous yearsales of Rs 1018.62 crore.

Marico net up 24.9% to Rs 37.5 cr

Marico Industries' net has marked a 24.9 per cent per cent rise to Rs 37.5crore for the year ended March 31, 1999.

Kesoram net dips to Rs 4.75 cr

The board of Kesoram Industries, a BK Birla group company, on Monday formeda committee of directors and executives to prepare an action plan for theproposed transfer of its textile unit to a new company.

Petronet LNG offered stake

Qatar-based oil major Rasgas has offered over 20 per cent stake to PetronetLNG in their shipping company Qatar Shipping Corp proposed to be set up totransport 7.5 million tonnes of LNG to India. Rasgas-Mobil consortium is thesupplier of LNG to the two terminals of Petronet at Dahej and Kochi and theproposed QSC will be the principal carrier to transport the LNG fromQatar.

ABCL-Canara Bank case adjourned

The ABCL-Canara Bank court case relating to non-payment of Rs 9 crore worthof dues is adjourned till June 22. The case was heard by justice AP Shah onMonday. ABCL was recently referred to the BIFR, a few days after theappointment of a court receiver for taking possession of its assets.

UB Lankan venture

UB group's beer flagship company United Breweries is close to picking up acontrolling stake in a joint venture with Mcalum Breweries of Sri Lanka tomanufacture and market Kingfisher beer in that country. It is also eyeing acouple of breweries in China for joint ventures.

Esorts to dilute stake in venture

Escorts is set to dilute 20 per cent of its stake in its constructionequipment venture with JCB of the UK. JCB will buy out Escorts equity for$11.5 million.

Syndicate Bank loan target

Syndicate Bank has set a target of Rs 22,250 crore and Rs 10,000 croretowards deposits and advances respectively for fiscal '99-2000. Meanwhile,the bank has decided to come out with a public issue to fund its expansionplans.

Banks to sue Shenzhen finance firm

Eight banks are preparing to sue Shenzhen Special Economic Zone DevelopmentFinance, a finance company owned by China's Shenzhen city government, fornot paying $40 million in overdue debt. The company is licensed to raisefunds for companies owned by the SSEZD group.