SAIL which incurred a loss of Rs 1,573 crore in 1998-99, has set down a savings target of over Rs 1,000 crore for 1999-2000. The decision was taken on Thursday after a two-day workshop held in Ranchi and presided over by SAIL chairman Arvind Pande. SAIL had launched a similar cost-cutting exercise in 1997 and saved Rs 732 crore in 1997-98 and Rs 902 crore in 1998-99.

Alstom-ABB merger okayed by EC

Alstom and ABB on Thursday announced they have received approval from the European Commission for the formation of their proposed 50-50 joint company in power generation. Regulatory clearances for the formation of ABB Alstom Power are till pending in the US and other jurisdictions are expected within the next few days.

Texaco calls off merger talks with Chevron

US oil giant Texaco on Wednesday announced that it had called off merger talks with Chevron, a deal worth $42 billion. "The Texaco board found no compelling basis for discussions tocontinue, and Chevron's proposal to be unacceptable for reasons including complexity, feasibility, risk and price," a Texaco statement said in New York. Reports that Chevron was in talks to acquire Texaco surfaced in the Wall Street Journal on May 10. But the parties until Wednesday had not confirmed that discussions were taking place.

WBSEB to increase LoCs to NTPC

The West Bengal State Electricity Board has agreed to increase its letter of credit (LoC) to the NTPC, though WBSEB is yet to finalise a decision on repaying its Rs 994 crore debt to the corporation within June 7. WBSEB has agreed to increase its LoC to the NTPC Rs 15 crore to Rs 20 crore per month from July, as the corporation has threatened to reduce supply by 200 mw daily from the existing 600 mw from June 7.

Tripura demands reduction in gas price

The Tripura government has demanded that the Centre should reduce the price of natural gas from the existing rate of Rs 1250 per thousand cubic metre to Rs 900.

State industryminister Pabitra Kar made this demand at a high-level meeting between minister of state for petroleum and natural gas Santosh Kumar Gangowar and chairmen of ONGC B C Bora and GAIL C R Prasad held at New Delhi on Wednesday. Gangowar has assured the state government to looking into the matter.The meeting also discussed the speedy implementation of the Rs 5.24 crore `Agartala city gas project' which is expected to supply gas to 30,000 domestic consumers through pipelines.