RBI on Friday announced auction of two reissued papers worth Rs 5,000 crore--12.32 per cent 2011 worth Rs 2000 crore and 12.40 per cent 2013 for Rs 3000 crore--to be held on June 16. In the current fiscal, the centre has raised Rs 8,000 crore through the private placement of the 12.40 per cent 2013 paper, while last year it raised Rs 2000 crore through the 12.32 per cent 2011 paper.

US House extends sanctions waiver

The US House of Representatives has extended by a year the waiver authority it gave President Bill Clinton to lift some of the sanctions imposed on India and Pakistan for their nuclear tests last year. The House bill, however, has to be reconciled in a House-Senate conference committee before it can be enacted.

Oil pool deficit at Rs 3,486 cr

The oil pool deficit is down to Rs 3,485.88 crore following redemption of Rs 802.05-crore bonds issued to the oil companies. According to sources, the Government hopes to redeemthe balance by the end of the current financial year which will mean that the pool deficit would be nil.

BSES to raise funds

The BSES board has decided to raise funds not exceeding $125 million to part-finance its generation, transmission and distribution projects. The company is, however, yet to decide on the exact nature of the instrument and is open to various funds mop-up options including GDRs and ADRs.

Court restrains police from arresting PAL MD

Mumbai high court has restrained the city police commissioner from arresting Premier Automobiles managing director Maitreya Vinod Doshi. Arrest warrants were isued by various consumer dispute redressal forums that heard complaints of non-refund of booking amounts collected by PAL.

GP Gupta on Iridium board

Former IDBI chairman SH Khan has been peplaced by the FI's present chairman GP Gupta as director on the board of global satellite telephony venture Iridium. IDBI executive director SK Chakraborty has been appointed chairman ofthe company's local arm, Iridium India Telecom. IDBI heads the consortium of financial institutions in Iridium India.

IOC Panipat refinery

Concerned over repeated fire accidents, IOC is re-working the safety aspects of its Rs 3868-crore Panipat refinery project, to be dedicated to the nation by the Prime Minister Atal Behari Vajpayee next week. It has appointed an inspection audit team to carry out a complete check.

Prudential ICICI's FMCG fund

Prudential ICICI Asset Management Company's FMCG fund has reopened for subscription. The open-ended fund, with a collection of Rs 73 crore, seeks to generate long-term capital appreciation with 90 per cent investments FMCG firms' equities. Jaya discharged from coal case

A special judge on Wednesday discharged former Tamil Nadu Chief Minister Jayalalitha and senior AIADMK leader VR Nedunchezhiyan from the multi-crore coal-import case.

Ranbaxy losses up

Ranbaxy Laboratories' losses from overseas operations have risen 80 per centto $7 million during the year ended December 31, 1998, against $3.9 million in the previous year. Nine subsidiaries in Europe, Africa and Asia Pacific and north America suffered net losses of $8.7 million.

Fresh FI loans for Ceat

ICICI, IDBI and UTI have sanctioned Rs 110 crore of long term loans to the RPG group tyre flagship Ceat to retire some of its high cost short-term borrowings.

SCB plans IT revamp

SARASWAT Cooperative Bank has roped in Citicorp Information Technology Industries as a partner as part of its plans to restructure its IT infrastructure. The bank will use Flexcube, a Citil on-line bank automation solution, in all 65 branches.

Tisco to merge operations

Tisco plans to merge its operations and maintenance departments as part of a plan to cut overhead costs. The process, termed `Cluster Manning', is implemented at the synter plant in Jamshedpur.

ICICI evaluates IPCL's plan

ICICI has started evaluating the viability IPCL's Rs 2,500-crore investmentplan ahead of a disinvestment programme which will see the Government divest 25 per cent stake in the petrochemical behemoth to a strategic partner.

Laferge close to DLF Cement takeover

French cement giant Lafarge has emerged frontrunner to take over management control of Delhi-based DLF Cement. Lafarge, which recently bought out the cement division of Tata Steel, is learnt to have made the highest bid at Rs 11 per share for the 1.43 million tonne cement company.

SAIL starts restructuring special steel sector

SAIL has started restructuring of its loss-making special steel sector with an aim to exit from this non-core sector as suggested by McKinsey & Co.

The special steel sector has contributed Rs 415 crore to SAIL's loss of Rs 1573 crore in 1998-99 fiscal.