The Telegraph
Since 1st March, 1999
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Business Briefs

Nalco selloff on slow track

New Delhi, Nov. 2: Faced with stiff opposition from within the party and in the coalition, the government is understood to have decided to go slow on disinvestment of aluminium major Nalco. The move to slow down the tempo follows difficulties in Orissa for Biju Janata Dal, an alliance partner in the NDA government, which is facing a revolt from party dissidents who have already taken control of the Parliamentary party in the Lok Sabha. An indication of the mood of the opponents was evident at Friday’s meeting of inter ministerial group on Nalco disinvestment, where the usually aggressive disinvestment ministry bureaucrats seemed reconciled to a slowdown.

Dabhol revival

Mumbai, Nov. 2: Union power minister Anant Geete today said US-based Bechtel Corporation, engineering contractor having equity stake in the Dabhol power project, has not set any conditions for involving itself in restarting the beleaguered plant. “Bechtel president Tim Statton had assured all possible assistance for revival of DPC plant on my recent visit to the US and the company has not put any condition (like fee) for extending support to NTPC to restart the facility, Geete added.

Forex reserves

Mumbai, Nov. 2: After witnessing a continuous upsurge for the past five weeks, India’s forex reserves declined marginally by $ 19 million to $ 64,039 million during the week ended October 25. The foreign currency assets of the country decreased to $ 60,729 million, registering a fall of $ 19 million in the period under review.

Kinetic sales

New Delhi, Nov. 2: Kinetic Motor has posted a 19 per cent sales growth in October 2002 for its entire product portfolio compared with the same period last year. The monthly sales were fuelled by a 73 per cent growth in the motorcycle segment.

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