PF trustees for higher rate of interest
New Delhi: The Central Board of Trustees of the Employees Provident Fund is wanting a hike in the minimum yield from the present 12 per cent per annum to 13 per cent per annum. The Central Board of Trustees, an autonomous body, is about to convene a meeting to discuss the matter and to make a recommendation to the government.

The yield rate on provident fund is a benchmark for a number of investments, The Central Board of Trustees wants to provide a higher rate of interest as a labour-friendly measure.
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Insurance venture needs more than Rs 100 cr capital
Mumbai: Companies wanting to set up insurance companies in the private sector will need to bring in much more than the stipulated Rs 100 crore, says B.K. Chaturvedi, special secretary for insurance in the finance ministry. He said the initial capital would be utilised in the first couple of years on account of the stringent solvency margins.

With a start-up capital of Rs 100 crore, a life insurance company will be in a position to underwrite business of up to Rs 3,000 crore only. If this was the size of the business, it will be an unprofitable proposition, he said.
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Health insurance venture
New Delhi: General Insurance Corporation of India and its four subsidiaries, Oriental Insurance Company, New India Assurance, National Insurance Company and United India Assurance are to have 20 per cent stake each on the proposed management services company for health and medical insurance schemes. The heads of the five companies are meeting shortly to finalise the plans for the new company.

It is set to be launched in April-May 2000 and will start operating from Mumbai. Later it will launch centres in other cities and towns. The company will enter into tie-ups with various hospitals in the country.
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Three in shortlist for road contract
New Delhi: Dodcell of the Netherlands, a joint venture led by LG group and another led by Larsen & Toubro have been shortlisted for the award of the contract for the Rs 1,000-crore Surat-Manor (Mumbai) four-lane national highway project. The project is funded by the Asian Development Bank.

The NationalHhighway Authority of India evaluated the bids of various parities and it has now sent the shortlisted names to the ADB, which will finally select successful bidder.
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