Lenders to seize DPC assets
Mumbai: The Indian and foreign lenders to Dabhol Power Company (DPC) are expected to draw a final blueprint by 9 April for seizing the assets of the idle 2,184 MW plant and may conduct their direct sale instead of buying 85 per cent foreign equity in the beleaguered company.

The Industrial Development Bank of India (IDBI)-led consortium of Indian lenders, which has an exposure of over Rs 6,200 crore in the project, will make a call over the company and its asets by taking over its reigns from the hands of M A Patel, the Mumbai high court receiver.

Forex reserves up to $ 54.154 bn
Mumbai: The foreign exchange reserves moved up $837 million to $54.154 billion for the week ended 29 March 2002 when compared with $53.317 billion in the previous week, according to the RBI.

India's foreign exchange reserves continued with their upward trend following further inflows of $ 837 million to cross the $ 54 billion mark.

06 April 2002

LIC eyes overseas expansion
Mumbai: Life Insurance Corporation (LIC) is all set to embark on an ambitious overseas expansion. During the current fiscal, LIC plans to enter into developed markets such as Canada, Australia, New Zealand as well as Egypt and Botswana.