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Business Briefs

NFL selloff on fast track

New Delhi, Feb. 10: Fertiliser co-operatives Iffco and Kribhco and private player Tata Chemicals are believed to be in the race for government’s 51 per cent stake in National Fertilisers Ltd, the initial bids for which closed today. Iffco and Kribhco are understood to have submitted separate initial bids for NFL, according to sources. Tata Chemicals is believed to have sent a communiqué to the government, confirming its participation in the selloff process.

RBI breather

Mumbai, Feb. 10: Reserve Bank has reiterated that if arrears of interest and principal are paid by borrowers in the case of loan accounts classified as non-performing assets, the account should no longer be treated as non performing and classified as standard account.

CMIE forecast

Mumbai, Feb. 10: Buoyed by the surge in India’s exports for April-December despite global slowdown, the Centre for Monitoring Indian Economy (CMIE) has revised the export growth forecast for 2002-03 from 10 per cent to 18.7 per cent.

Telco sales

Mumbai, Feb. 10: Tata Engineering and Locomotive Co has reported sales of 23,316 vehicles in the domestic market in January, up by 28.73 per cent over 18,112 units sold in the same month last year.

Telecom deal

London, Feb. 10: PCCW, the Hong Kong telephone firm controlled by Richard Li and formerly called Pacific Century CyberWorks, is expected to make an informal offer for Cable and Wireless, the British telecom firm, sources said.


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