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India to buy LNG from Iran

Tehran, May 13:India today agreed to import five million tonnes of liquefied natural gas (LNG) from Iran. In exchange, Tehran will give Indian firms equity in its oil and gas fields. The agreement followed discussions between visiting Indian petroleum minister Ram Naik and his Iranian counterpart Bijan Namdar Zanganeh. The term contract for import of close to five million tonnes of crude oil in 2003-04 was also renewed.

FCI pulled up

New Delhi, May 13:The government has sought an explanation from the Food Corporation of India (FCI) for alleged irregularities involving Rs 455 crore in rice exports by way of doling out excess allowance to traders.

Tata Chemicals

Mumbai, May 13:The board of Tata Chemicals Ltd has declared an interim dividend of Rs 5.50 per share for the financial year 2002-03, the company informed the BSE today.

Parke Davis

New Delhi, May 13:The merger of the Indian subsidiaries of Parke Davis and Pfizer has been delayed as the Supreme Court refused to entertain a petition challenging a Bombay High Court order staying the merger process. The merger follows global amalgamation of the pharma giants.

UTIMF scheme

Mumbai, May 13:UTI Mutual Fund will launch an exchange traded scheme whose corpus will be invested in stocks which are part of the National Stock Exchange’s S&P CNX Nifty index.


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