Three contendors for L&T Cement
Holderbank of Switzerland, Cemex of Mexico and Lafarge of France have emerged as the only three possible partners for Larsen & Toubro's newly-demerged cement company L&T Cement Ltd (LTCL). L&T has asked the possible partners to submit non-binding, indicative price bids for the cement company partnership by January 31, 2001.

Solution to postal strike imminent
Fresh negotiations between the government and unions of striking postal employees were held in New Delhi on Sunday night amidst indications that the 13-day nation-wide strike could be called off soon.

Sebi projects Rs 784cr expenses
The Securities and Exchange Board of India (Sebi) has informed the Supreme Court that it would require a huge sum of Rs 784 crore in the next few years for more efficient regulation of the markets and information dissemination.

HPCL shortlists five firms
Hindustan Petroleum Corporation Ltd (HPCL) has shortlisted five energy companies - New York-based Taxaco Inclusive, Marubeni of Japan, Entergy Power Asia PTA of Singapore, Consolidated Electrical Power Asia and a Larsen & Toubro-CMS consortium - for setting up the Rs 2,811-crore, 500 mw power plant at Visakhapatnam in Andhra Pradesh (AP).

SMC not to buy govt equity in MUL
Suzuki Motor Corporation of Japan has said `no' to buying government equity in the joint venture Maruti Udyog (MUL) and suggested that it be sold to public or new partners.

Videocon acquires 84% in Italian JV
Consumer durables major Videocon on Sunday said it had acquired a majority 84 per cent stake in its compressor joint venture Necchi Compressori for $60 million to better leverage the European market for its entire consumer durables product range.

Enron asked to reduce tariffs
Maharashtra Power Minister Padmasinh Patil, who is under severe attack from the constituents of the Democratic Front government for ruling out the possibility of "reconsideration" of Dabhol phase-II but for favouring its "review," called upon Enron to give the much-needed tariff relief through reduction in the rate of return and the variable charges.

`No time-limit possible for rupee float'
There can be no time-frame for achieving capital account convertibility (CAC), Dr Shankar Acharya, chief economic advisor in the finance ministry, has said. ``It will happen. We are on course. But one cannot chart out a time-frame for this,'' Dr Acharya said.

IRDA norms for life reinsurance
In its newly-announced guideline for transacting life reinsurance business, the Insurance Regulatory & Development Authority (IRDA) has stipulated that every domestic life insurer has to retain the maximum premium earned in India commensurate with his financial strength and volume of business. This effectively means the life insurance companies, which intend to do business in the country, don't have to follow non-life counterpart companies.

Inflation rate rises to 7.45%
Continuing its upward trend, the annual rate of inflation rose marginally by 0.02 percentage points to 7.45 per cent in the week ended December 2, despite fall in prices of primary and manufactured items.