The Telegraph
Since 1st March, 1999
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Business Briefs

Bids for Nalco invited

New Delhi, Aug. 23: The government today invited initial bids for sale of 29.15 per cent stake to a strategic partner along with management control in National Aluminium Company (Nalco). Prospective bidders are required to submit an expression of interest by September 16, official sources said. Interested parties must have a net worth of $ 250 million. However, government has not specified any turnover criteria for bidders. The government has mandated ABN Amro-Rotschild-Enam Consultants to act as global advisors for the deal while J. P. Morgan-ICICI Securities have been appointed as co-book runners.

Cheque norms

Mumbai, Aug. 23: The Reserve Bank of India (RBI) has doubled the ceiling for immediate credit of outstation or local cheques to Rs 15,000 tendered for collection by customers as per the recommendations made by the Indian Banks Association (IBA).

COAI chairman

New Delhi, Aug. 23: Manoj Kohli, CEO of Escotel Telecom, has been unanimously nominated chairman of the Cellular Operators Association of India (COAI) for a year.

SEZ sops

New Delhi, Aug. 23: The government has notified the long awaited duty free imports of inputs and materials by units in special economic zones (SEZs) and set up a committee to approve such imports.

IMF forecast

Frankfurt, Aug. 23: The International Monetary Fund (IMF) has lowered its 2003 world economic growth outlook to 3.7 percent, from 4 per cent, the German newspaper Handelsblatt reported in its Friday edition, citing an IMF report.

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