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Business Briefs

11 FDI proposals cleared

New Delhi, Sept. 5: The government today approved 11 foreign direct investment proposals including Standard Chartered Bank’s plan for setting up a wholly-owned finance company in the country for Rs 250 crore. The FDI proposals, totalling Rs 254.77 crore, cleared by finance minister Jaswant Singh pertain to non-banking finance, chemicals and petro-chem, textiles, fertilisers, steel, food processing, IT and mines sectors.

Growth forecast

New Delhi, Sept. 5: The economic fundamentals of the country were strong enough to ensure a 6-6.5 per cent growth in the GDP during 2003-04, while fiscal deficit would be under control, finance secretary D. C. Gupta said today.

Sidbi loans

New Delhi, Sept. 5: The government today approved a Rs 900-crore financial package for state finance corporations through reduction in interest rates by 2.0 per cent on outstanding and future loans given by Sidbi. Sidbi will offer a 2.0 per cent reduction in interest rates on all outstanding loans given to 20 odd SFCs.

IDBI Bank

Mumbai, Sept. 5: IDBI Bank’s Rs 154-crore rights issue will open on or before September 30. The rights issue, which received the approval today, was in the ratio of one share for every two shares held by existing shareholders.

NTPC dues

New Delhi, Sept. 5: NTPC has received bonds worth Rs 11,503 crore from state electricity boards towards its past dues, which would help the corporation to achieve its target of adding 20,000 mw by 2012.


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