adb approves $350 mn loan for mp
manila: the asian development bank (adb) has approved two loans totaling $350 million to restructure the power sector in madhya pradesh.

a $150 million policy loan and a $200 million investment loan would support the first phase of reforms, the adb said in a statement from its manila headquarters.

the loans would restructure the madhya pradesh state electricity board and improve the policy environment in the power sector, it added.

the policy loan is payable over 15 years with a three-year grace period, while the investment loan will be repayable in 20 years with a five-year grace period.

govt to raise fdi in aviation sector to 49%
new delhi: india is considering raising foreign direct investment in the civil aviation sector to 49 per cent from 26 per cent, civil aviation secretary a h jang told reporters on friday.

"the proposal was discussed at the meeting convened to expedite india's draft aviation policy," he said. "the final proposal will be sent to the cabinet for consideration by next month."

india's attempts to reduce state equity in both domestic indian airlines and the international carrier, air-india, have run into trouble, with bidders pulling out saying the privatisation process was taking too long and lacked transparency.

dabur cgu to infuse rs 110 cr
mumbai: dabur cgu life insurance will bring rs 110 crore into its capital account next week, following which the company will get the operational licence from the regulator.

dabur cgu plans to launch its array of products in january. the launch will take place simultaneously in three cities - delhi, mumbai and chennai.

the company has already tied-up with lakshmi vilas bank, abn amro bank and canara bank for its launch.

sterling infotechs adr, gdr cleared
new delhi: the commerce and industry ministry has cleared sterling infotechs proposal to issue american depository receipt (adr)/global depository receipt (gdr) amounting to rs 2,350 crore. the ministry has also approved 33 foreign direct investment (fdi) proposals worth rs 372 crore.

sterling infotechs proposal for floating 45.6 per cent of its equity in the overseas markets, to raise up to rs 2,350 crore ($500 million) for setting up a eight-fibre pair fully protected undersea cable system, has now been forwarded to the to the cabinet committee on economic affairs.

the government has also cleared rs 350-crore proposal of the indian arm of japanese company yamaha motors for issue of 14 per cent of the redeemable preference shares.

allianz to launch asset mgmt co
mumbai: the allianz group is planning to launch an asset management company by the end of next year. the company, which recently launched products in both general and life insurance along with joint venture partner bajaj, is also in talks with stanchart bank to distribute its products.

bajaj-allianz currently operates its retail network through eight regional branches, which will go upto 22 locations by next year.

allianz ag, which recently acquired dresdner bank, will also be deciding the fate of dresdners operations in india after the merger process is completed in germany and other countries.

idbi to buy $42 mn ifci preference shares
mumbai: ifci has approved placing rs 200 crore worth preference shares with the industrial development bank of india, the bombay stock exchange said monday.

idbi is the lead founder of ifci and is funding a bailout package, approved by the government. the exchange said ifci would place the shares with idbi at par and subject to central bank approvals.

l&t capital ties up with dubai co
mumbai: l&t capital company ltd and the emirates intellectual embryo of dubai have entered into a strategic alliance in the area of venture capital and business incubation.

accordingly, ltcc will generate and process the deal flows by working closely with indian technical institutes, research institutions, universities and corporate entities that are engaged in technological research and product development for funding by eie.

while eie is seeking to fund new technology start ups, ltcc has been an active player in consulting, project advisory, debt replacement equity placement and money market and has plans to grow in the financial services arena.

uti to delist mastershare
mumbai: the unit trust of india is contemplating delisting mastershare from the bourses some time in the beginning of next year and open a repurchase window itself, in line with the move on other schemes, which were delisted earlier.

these schemes include uti masterplus 91, mastergain 92 and 11 other schemes where repurchase windows had been opened for their prevailing net asset values (navs) following their delisting from the bourses last year.

the schemes, which were delisted by uti from april 26, 2000, include master plus 91, ugs 2000, ugs 5000, mastergain 92 and grand master, and mastergrowth from may 22, 2000. monthly equity plan (mep) 1993, mep 1995, mep 1996, us 92, eof were delisted from june 26, 2000 while listing for isef was not renewed from november 20, 2000 and us-95 from august 1, 2000.

go to finance diary index page