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Business Briefs

Talks to end VSNL standoff

New Delhi, Sept. 24: Deputy Prime Minister L. K Advani today met key Cabinet colleagues, including communications minister Pramod Mahajan and disinvestment minister Arun Shourie, to solve the Videsh Sanchar Nigam-BSNL impasse. The talks focussed on ways to resolve the issue of sharing international traffic between VSNL and other telecom PSUs. Mahajan has set an October 1 as a deadline for VSNL to come up with a fresh proposal for interconnect with BSNL as the former would have to match the terms offered by other international carriers like Bharti to get first priority.

Repo market

Mumbai, Sept. 24: The Reserve Bank of India (RBI) is considering a proposal to permit constituent securities general ledger account holders like corporates to participate in debt repo market to meet their temporary fund requirements. The apex bank is also working on a proposal to allow rollover of the repo transactions.

Madura Coats

Mumbai, Sept. 24: The Foreign Investment Promotion Board has cleared J&P Coats Ltd and Coats Plc’s open offer to acquire 36.8 per cent outstanding share capital of its Indian affiliate Madura Coats Ltd at Rs 40 per share, paving way for delisting the company from the exchanges.

CCIL plan

Mumbai, Sept. 24: Clearing Corporation of India Ltd (CCIL) is planning to introduce a collateralised borrowing and lending obligation instrument to borrow funds from the money markets.


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