The Telegraph
Since 1st March, 1999
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Business Briefs

Go-ahead for ADB mopup

New Delhi, Sept. 23: The government has cleared the proposal of the World Bank and the Asian Development Bank (ADB) to raise up to $ 250 million in rupees from the Indian debt market for the first time. “The in-principle approval for tapping the Indian debt market for up to $ 100 million was given last week. World Bank was given a similar in-principle approval earlier for tapping upto $ 150 million,” sources said.

Wartsila offer

Mumbai, Sept. 23: Wartsila Corporation of Finland will make an open offer to acquire the balance 11.50 per cent stake in its Indian subsidiary Wartsila India Ltd at Rs 120 per share in cash. The offer, to purchase 13,83,894 shares (of Rs 10 each), will open on November 22 and close on December 21.

Gillette move

New Delhi, Sept. 23: Gillette India today announced its decision to exit the non-alkaline battery business under brandname ‘Geep’ and said it expects its sale to be completed by the year end.

Bengal loan

New Delhi, Sept. 23: The finance ministry has granted West Bengal a medium-term loan of Rs 878 crore for five years to bridge its current fiscal deficit. The coupons will carry an interest rate of 7 per cent per annum.

IFCI liabilities

New Delhi, Sept. 23: IFCI today sought the government’s assistance to restructure liabilities worth over Rs 12,500 crore and RBI exemption from meeting stiff regulatory norms so as to turn around by next fiscal.

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