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Government for FDI in pharma sector
Mumbai: The government intends to attract foreign direct investments in
pharmaceutical research and development, says Suresh Prabhu, minister for chemicals and
fertilisers. Mr Prabhu told a meeting of the Pharmaceutical and Allied Manufacturers and
Distributors Association, that huge investments are required in research and development
and, for this purpose foreign investments will be the right choice. "Research centres
will be set up in partnership with our chemical laboratories and an arrangement can be
worked out where property rights to discoveries can be shared between the investors,"
Mr Prabhu said.
He said the government will
organise a round table of international investors and has already informed Indian missions
abroad on this.
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Forex reserves at new
high
Mumbai: The country’s foreign exchange reserves stood at $34,026
million during the week ended 19 November, which marks a new high. According to the weekly
statistical supplement of the Reserve Bank of India, this represents an increase of $241
million over the previous week’s level. The increase is mainly on account of growth
in foreign currency assets.
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Maharashtra
receives highest investment
Chennai: Maharashtra has retained the top position in India’s
investment chart for the fourth quarter in succession. Investments worth Rs 1,46,809 crore
have been made in the state. This is, however, lower than what the state received (Rs
1,51,527 crore) in the previous quarter ending 31 July. Gujarat takes the second place
beating Tamil Nadu. The details are part of the 19th survey of projects by the
Centre for Monitoring Indian Economy. The report said the total investment in the country
rose to Rs 12,53,679 crore as on 31 October 1999 covering 3,201 projects.
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Diesel price revision
on 5 December
New Delhi: The government is likely to announce the price revision in
diesel on 5 December after reviewing the international oil price movement.
Ram Naik, petroleum minister, said the government is
largely following the policy laid down by the previous United front government in 1997 to
bring prices of petroleum products in tune with import parity prices in a phased manner.
He said the country is importing nearly 70 per cent of its petroleum product requirements.
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New loan scheme from Bank
of India
Mumbai: Bank of India has introduced a new loan scheme -- BoI Star
Suvidha Personal Loan Scheme -- to provide financial assistance for marriage, medical
treatment, tours and excursions or for any other personal expenses of bona fide nature. An
unsecured clean maximum limit of Rs 50,000 is available under the loan with the quantum of
advance being 10 times the net emoluments or 50 per cent of gross annual income. The loans
will carry an interest rate of 3.5 per cent above the bank’s prime lending rate plus
interest taxes.
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Centurion Bank to
invest in software
Bangalore: Centurion Bank will invest around Rs 10 crore to acquire
software products to enhance its retail and corporate services. The Bank’s
vice-chairman and managing director V.S. Srinivasan said the bank expand its treasury
trade desks from the current four to 10 during the current financial year. The new desks
will be located in Mumbai, Chennai and Delhi. The bank will also focus on retail financing
and will act as an intermediary between manufactures and customers.
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New Amex card
Hong Kong: American Express will launch a purchasing card in India and
Asia-Pacific countries early in 2000 to cater to the travel sector. The purchasing card
has been developed for all non-strategic purchasing by companies.
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