Tata Engg, KOEL to sign JV with Iraqi firms
At least five Indian companies including Tata Engineering, Kirloskar Oil Engines Ltd (KOEL), Ajanta Pharma and Cosmos International will sign joint venture agreements with Iraqi companies during the visit of a high-level delegation led by Iraqi vice-president Taha Yassin Ramadhan this week. Tata will sign a joint venture agreement for `progressive manufacturing' of Sumo field vehicles while Kirloskar will ink its tie-up with Iraqi Mechanical Industries, Iskandria, for manufacture of end suction, high head pumps and its ministry of industry for manufacture of diesel engines.Inflation rate further up to 7.55%
The annual inflation rate further rose by 0.28 percentage points to 7.55 per cent in the week ended November 11 due to rise in fuel and manufactured products prices. The point-to-point inflation rate based on Wholesale Price Index (WPI) for all commodities increased to over 7.5 per cent from the previous week's level of 7.27 per cent and 3.23 per cent a year ago.
Jayamkondam power project
The Reliance Industries Ltd-promo-ted 1,500 mw Jayamkondam lignite power project is inching towards financial closure. The phase-I of the project has managed to tie-up a Rs 950 crore term loan sanctioned by the Industrial Development Bank of India.
PMO bid to bail out cement sector
In a bid to bail out the recession-hit cement industry, the Prime Minister's Office (PMO) has asked the National Highways Authority of India (NHAI) to expedite work on the concrete-based constructions required for the ambitious National Highway Development Project. In the first phase of the construction, it is estimated that a total stretch of 500 km will have to be made out of concrete. This would call for cement purchases worth approximately Rs 200 crore.
CII council meet in Jamshedpur
In a swift and strategic initiative aimed at promoting the newly-formed natural resources-rich state of Jharkhand, the Confederation of Indian Industry (CII) has chosen Jamshedpur as the venue for its National Council meeting to be held on December 9. The 50-member hi-profile council will deliberate on various issues relating to Indian economy as well as the socio-economic development of Jharkhand.
HC directive to RBI on BMCBL
The Delhi High Court has asked the Reserve Bank of India (RBI) to treat as "representation" a petition seeking probe into alleged financial bunglings of about Rs 200 crore in the Bombay Mercantile Co-operative Bank Ltd (BMCBL). "It would be appropriate, if the RBI considers this writ petition as a representation and take such steps as are available under the law," a division bench said on Friday while dismissing the petition.
HC notice to PNB chairman
The Delhi High Court has asked the chairman and managing director of Punjab National Bank (PNB) to explain his stand on a petition challenging the voluntary retirement scheme in its present form. The division bench also asked the finance secretary and RBI governor to file their replies by March 9.
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.