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Business Briefs

Telco, ACC to leave venture

Mumbai, Nov. 18: Tata Engineering and Locomotive Company Limited (Telco) and ACC Limited are in talks with Bridgestone Corporation of Japan to divest their stake in the joint venture, Bridgestone ACC India Ltd, as part of their strategy to exit from non-core business. The company is in discussions with Bridgestone Corp for divesting its 6.4 per cent stake in the JV, Tata Engineering informed the Bombay Stock Exchange today.

Citicorp Capital

Mumbai, Nov. 18: The Reserve Bank of India has granted final approval to Citicorp Capital Markets Limited to operate as a primary dealer in the government securities market.

Reliance plan

New Delhi, Nov. 18: Reliance today said it would be offering the “cheapest telecom service” in the country as the group has managed to create infrastructure that is up to 40 per cent cheaper compared with others.

NTC bonds

New Delhi, Nov. 18: National Textiles Corporation (NTC) will, as part of its rehabilitation package, soon issue bonds worth Rs 500 crore on government guarantee to raise funds to finance its VRS.

Sales tax

New Delhi, Nov. 18: Central sales tax is slated to be phased out in three to four years while additional duties imposed by states are likely to go after value-added tax is implemented nationwide from April 2003.

BPCL project

Bhubaneswar, Nov. 18: Bharat Petroleum Corporation Ltd (BPCL) is working on a Rs 500-crore joint venture product pipeline project from the port township of Paradip to Jharkhand.

Govt loans

New Delhi, Nov. 18: Government borrowings stood at Rs 1,19,034 crore till November 15, which is over 83 per cent of the budgeted level of Rs 1,42,867 crore for the whole fiscal, even as four states plan to raise Rs 782 crore soon.

Markets closed

Mumbai, Nov. 18: Select markets including, BSE, NSE, forex and money markets will remain closed on Tuesday on account of Guru Nanak Jayanti.


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