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Business Briefs

IFCI revamp by March

New Delhi, Jan. 23: The revamp of Industrial Financial Corporation of India (IFCI) is slated to be completed by this fiscal with banks agreeing to restructure liabilities worth Rs 7,000 crore. “All banks have agreed to restructure our liabilities worth Rs 7,000 crore and some of them have obtained approval from their respective boards,” IFCI chairman V. P. Singh said. He also said IFCI was in talks with other players to reduce the interest rates on remaining debts and extend their maturity period.

Pendse bail

New Delhi, Jan. 23: The Delhi High Court today granted interim bail to D. S. Pendse, former managing director of Tata Finance Limited, against whom a non-bailable warrant was issued for alleged involvement in the misappropriation of Rs 2 crore in a group company.

Gold soars

Mumbai, Jan. 23: War fears continued to attract heavy interested and speculative demand for gold on the bullion market here today as the yellow metal rallied further to close at yet another all-time high of Rs 5,850.

ONGC move

New Delhi, Jan. 23: Oil and Natural Gas Corporation (ONGC) may buy back within five years the 21 per cent equity that the institutions will hold in the loss-making Mangalore Refinery and Petrochemicals Limited post financial restructuring.

Xerox stake

New Delhi, Jan. 23: B. K. Modi and some top group officials have offloaded their entire stake in Spicecorp, through which the group holds about 25 per cent stake in joint venture Xerox Modicorp.


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