The Telegraph
Since 1st March, 1999
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Business Briefs

SBI plans stake sale in arm

New Delhi, June 30:The State Bank of India (SBI) is likely to sell about 49 per cent stake in its mutual fund arm to a strategic partner to increase capital base and boost business. SBI chairman A. K. Purwar, however, declined to divulge the details. The move comes after SBI, along with LIC, Punjab National Bank and Bank of Baroda, took over the charge of net asset value-based schemes of the erstwhile UTI last fiscal.

Bata resolution

Calcutta, June 30:The resolutions pertaining to adoption of profit and loss account and appointment of directors, which had been put to vote by shareholders at Bata India’s AGM, have been passed by an absolute majority with 99.95 per cent of the votes in favour of the board.

Chambal Fert

Chandigarh, June 30:Chambal Fertilisers and Chemicals Limited, a flagship company of the Rs 5,000-crore K. K. Birla-promoted Zuari-Chambal group of companies, has acquired 51 per cent stake in the Australian agri-biotechnology giant, Technico Pty Ltd, with an investment outlay of Australian $ 18.5 million.

MFL selloff

New Delhi, June 30:Fertiliser major Iifco today emerged as a major bidder for the government’s stake in Madras Fertiliser (MFL).

Patra post

Calcutta, June 30:The picture that accompanied the report titled ‘Writers’ IT evangelist logs in as Mitsubishi top gun’ in the June 30 edition of BT was not that of D. P. Patra. The error is regretted.

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