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Business Briefs

Leeway for mutual funds

Mumbai, Nov. 7: Securities and Exchange Board of India (Sebi) has doubled the ceiling on investment by each mutual fund (MF) in foreign securities to 10 per cent of net assets as on March 31, 2002. However, mutual funds would continue to be governed by the minimum of $ 5 million and a maximum of $ 50 million for each fund irrespective of size of their assets, Sebi said in a communication to asset management companies here today.

BSL shares

Calcutta, Nov. 7: The Sardas’ public offer for 30 per cent of BSL Ltd opened today. The Sardas have offered to buy 22 lakh shares of BSL at Rs 80 apiece. The offer is “conditional”, which means the acquirers will not buy any shares unless the offer is fully subscribed. The Sardas currently hold 11.86 per cent in BSL Ltd.

Dabhol power

Mumbai, Nov. 7: In an effort to tide over acute energy crisis in Maharashtra, the state Cabinet today cleared the decks for power purchase from idle Dabhol Power Company’s (DPC) 658 MW Phase-I for Rs 2.80 per unit.

Food industry

Calcutta, Nov. 7: Union minister for food processing N. T. Shanmugam today said the Centre was making serious efforts to promote and develop the food processing industry in the north-east.

Biotech pact

New Delhi, Nov. 7: A memorandum of understanding (MoU) was signed here today between Confederation of Indian Industry (CII) and the US India Business Council to cement Indo-US relations in biotechnology sector.


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