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Business Briefs

CCEA to meet today

New Delhi, June 27:The Cabinet Committee on Economic Affairs (CCEA) is likely to finalise on Saturday a financial restructuring package for loss-making Madras Fertilisers Ltd ahead of its privatisation this fiscal. The CCEA is also likely to take up a proposal for rehabilitation and upgradation of existing highways under the east-west corridor in Gujarat from two lanes to four lanes as part of the National Highway Development Programme. The proposal would entail an investment of Rs 2,573 crore with assistance from multilateral institutions like the Asian Development Bank. The committee chaired by Prime Minister Atal Bihari Vajpayee would also deliberate on an amendment proposal of Bacardi Martin India Ltd.

Jute order

Calcutta, June 27:The Jute Advisory Committee, formed by the Government of India, has no authority to recommend reduction in the use of jute bags for foodgrains and sugar and such intervention was ultra vires of the Constitution, the Calcutta High Court said in an order today.

Govt borrowing

New Delhi, June 27:The Reserve Bank of India (RBI) today indicated that favourable market conditions with soft interest rates and excess liquidity would enable the government to borrow Rs 7,000 crore more next month. RBI governor Bimal Jalan also ruled out a repo rate cut as of now.

PF recovery

New Delhi, June 27:Faced with arrears of Rs 1,200 crore on account of default, the Employees’ Provident Fund Organisation (EPFO) today announced setting up of a directorate of recovery, apart from another directorate for audit. It also said it would give 50 lakh social security numbers during this year.

Indian Bank

New Delhi, June 27:Indian Bank is planning to come out with an initial public offer in 2004-05 as part of its efforts to further strengthen its capital base.

Centurion Bank

New Delhi, June 27:Centurion Bank expects to come out of the red this fiscal and targets to double its assets to over Rs 7,500 crore by 2004-05 after capital infusion of about Rs 219 crore from its strategic partners.


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