COMPANIES

Mukand Ltd to set up stainless steel wire JV with Belgium's Bekaert
Mumbai: Mukand Ltd will set up 50:50 joint venture with Belgium's Bekaert SA to make stainless steel wires, the company said in a statement.

The project, to be set up at Satara, in Maharashtra, with total investments of around Rs100 crore, would open up new markets for Mukand, it said.
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Aditya Birla group's Indo-Gulf fertiliser unit starts operation
Mumbai: Aditya Birla Nuvo's Jagdishpur plant has commenced fertiliser production and other normal operations from September 1.

The plant's operations were disrupted on account of collapse of urea cooling tower, the company, a part of the Aditya Birla Group, said in a filing with the Bombay Stock Exchange (BSE).

Earlier on august 17, the company said the Indo-Gulf fertilisers division was shutdown due to collapse of the urea cooling tower.

The operation in the plant was initially suspended for a week in mid-July and again it had to be shutdown on August 12.
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GENERAL

Over 190 Indian firms investing in Saudi Arabia
Mumbai: Over 190 Indian companies have lined up investments worth over SR4 billion (Rs43,673 crore) in the Saudi Arabia with the country emerging as a lucrative investment destination for the Indian firms.

The Saudi Arabian Investment Authority has issued licences to over 190 Indian companies over the past two years, Adnan Al-Naeem, deputy secretary general of the Eastern Province Chamber of Commerce and Industry, said after a meeting with an Indian business delegation in Dammam.

The delegation, led by G M Gandhi, expressed a desire to establish joint ventures in plastic and derivatives industries with easy accessibility of cheap raw material from the Saudi Arabian Basic Industries Corporation.

Saudi investments in India are pegged at more than SR858 million in 55 joint ventures. They cover chemicals, computer software, cement, metals and some other industrial products.

Bilateral trade between the two countries rose to 28 per cent to cross the SR13 billion in 2006.
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BANKING AND FINANCE

Indian Bank revises FCNR, NRE deposit rates
Mumbai: Indian Bank has revised interest rates on FCNR and NRE deposits with effect from September 1.

For FCNR deposits, in US dollar the revised interest rate has been fixed at 4.53 per cent for deposits of one year to less than two years from existing 4.50 per cent, while 4.15 per cent for 2-3 years as against 4.42 per cent, the bank said in the release.

For 3-4 years deposits the new rate is 4.16 per cent against 4.46 per cent, while 4.20 per cent for 4-5 years and 4.26 per cent for five years, it said.

For NRE term deposits, the revised interest rate has been fixed at 5.28 per cent for 1-2 years, 4.90 per cent for 2-3 year against 5.17 per cent earlier and 4.91 per cent for 3-5 years.
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RBI allows RRBs to open extension counters at places of worship
Mumbai: The Reserve Bank of India has allowed regional rural banks (RRBs) to open extension counters at places of worship and markets to provide wider access to customers.

"However, RRBs shall be required to obtain necessary licence from the concerned regional office of RBI (RPCD)," RBI said in a communication.

Extension counters provide limited banking services such as deposit/withdrawal transactions, issuing and encashment of drafts and mail transfers, issue and encashment of travellers cheques, sale of gift cheques and collection of bills.
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