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Business Briefs

19 FDI proposals cleared

New Delhi, Aug. 21: The government today approved 19 foreign direct investment proposals worth Rs 193 crore, including DHL Worldwide’s plan to enhance stake in its domestic arm from 51.85 per cent to 97.4 per cent at an investment of Rs 105 crore, an official release said. The Foreign Investment Promotion Board cleared proposals pertaining to chemicals, mining, posts and telecom sectors.

RBI fiat

Mumbai, Aug. 21: The Reserve Bank of India has said the consideration for transfer of branches in rural and semi-urban centres from one commercial bank to another should be treated as current business income. The consideration should also provide for contingent liabilities that may have to be taken over by the new bank.

Mirc bonus

Mumbai, Aug. 21: The board of Mirc Electronics, manufacturers of Onida TV, is scheduled to meet on August 25 to discuss the allotment of bonus shares to its members.

Basmati norm

New Delhi, Aug. 21: A crucial meeting is scheduled next week in London to discuss the standards for basmati imported into the UK. The meet, convened by UK’s Food Standard Agency, would be attended by representatives from India and Pakistan.

VST selloff

New Delhi, Aug. 21: Seven companies and FIs, including ITC, Godfrey Phillips and LIC, have submitted their initial bids to acquire Andhra Pradesh government’s 4.69 per cent stake in VST Industries.


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