AIG Fund ready to quit Idea
Mumbai, Dec. 4: AIG Asian Infrastructure Fund is willing to exit from Idea Cellular, wherein the Tata and Aditya Birla group hold a substantial stake, at an “appropriate value” for its 1.8 per cent stake in the venture. “The fund is in disposal mode for its approximately 1.8 per cent stake in Idea Cellular. We will not make any fresh investment in the telecom sector till we dilute some of the investments in this sector,” the fund’s CEO Pho Ba Quan said.
Mumbai, Dec. 4: The New York Stock Exchange-listed Wipro Ltd may offload more shares in the overseas market to raise funds for any future acquisition, its chairman Azim Premji said.
Calcutta, Dec. 4: Uco Bank has reduced the interest rates of its home loans effective December 1. The rate of interest would be 9 per cent for loans up to five years, 10 per cent for loans over five years and up to 10 years, and 10.50 per cent for over 10 years. It has also reduced interest rates on deposits by 25 basis points across the board, except for the period 180 days to 364 days where the rate would remain unchanged at 6 per cent, from December 7.
Calcutta, Dec. 4: BPL Telecom has tied up with Bajaj Finance Ltd to offer customers convenient financing options for BPL’s Cybercom Smart Series PCs.
New Delhi, Dec. 4: Ranbaxy Laboratories has received final approval from US Food and Drug Administration to manufacture and market antibiotic Amoxicillin.