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Business Briefs

Principal buyout cleared

New Delhi, April 3: Two proposals of the Principal Financial group were among the 52 FDI plans worth Rs 321 crore approved by the government today. The US financial major’s Rs 168-crore infusion to buy out IDBI in a mutual fund joint venture and a Rs 94-crore investment in a trustee company passed the muster. Also cleared were Jumbo World Holding’s plan to raise stake in Gordon Woodroff, Manu Chhabria’s property firm, to 88.59 per cent from 10.11 per cent. South African Breweries and AB Electrolux were the other majors that romped home.

Drug revision

New Delhi, April 3: The government has announced new prices of 42 formulation packs. It has reduced prices by up to 82 per cent for 32 packs and increased it by up to 63 per cent for seven packs. The revised prices would be effected within 15 days from the date of notification.

Reliance move

Mumbai, April 3: Reliance Industries has reduced the prices of polymer, polyesters and fibre intermediates for April following a drop in the feedstock prices.

Balmer Lawrie

New Delhi, April 3: The core group of secretaries on disinvestment is understood to have cleared today the draft transaction documents for sale of 61.8 per cent government equity in Balmer Lawrie.


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