The Telegraph
Since 1st March, 1999
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Business Briefs

Meet on Unit Trust bailout

New Delhi, Aug. 30: The Cabinet Committee on Economic Affairs is likely to finalise the long-awaited bailout package for the beleaguered UTI to meet liabilities of its flagship US-64 and assured return schemes. “A package is likely to be finalised for UTI on Saturday,” official sources said. UTI might require a payout of Rs 6,400 crore to meet the shortfall arising out of the difference between the net asset value and guaranteed price per unit as on the date of redemption.

LIC Housing

Mumbai, Aug. 30: LIC Housing Finance Limited today announced that it has acquired a housing loan portfolio amounting in excess of Rs 200 crore from Citibank N.A. This is the second acquisition of a housing loan portfolio by LIC Housing Finance. In January 2002, LIC Housing Finance acquired the housing loan portfolio of GLFL Housing Finance Ltd.

BAT move

Calcutta, Aug. 30: British American Tobacco (BAT) formally denied speculations that it was planning to buy out Unit Trust of India’s (UTI) stake in ITC. “We are aware of the Indian government’s restriction on foreign ownership of tobacco companies. We support ITC’s strategy and its management and we are comfortable with our current shareholding in ITC,” a BAT release said.

ITA chairman

Calcutta, Aug. 30: Bharat Bajoria of Bormahjan Tea Company Ltd, was today re-elected chairman of the Indian Tea Association (ITA), the largest body of tea traders and manufacturers in the country.

Indian Oil loan

Mumbai, Aug. 30: Indian Oil Corporation (IOC) has mandated Bank of Baroda to arrange a $ 200 million foreign currency loan facility by way of external commercial borrowings on fully underwritten basis for a two year period.

Goldstone Tele

New Delhi, Aug. 30: The government is understood to have cancelled the letter of intent issued to Goldstone Teleservices for international long distance services after the company failed to complete the formalities within a stipulated time.

Drug order

Mumbai, Aug. 30: The Calcutta High Court has stayed a West Bengal government order prohibiting licensed wholesalers and retailers of drugs from stocking, exhibiting and distributing nutritional, dietary supplements and other food products.

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