LIC alters bonus rates
Life Insurance Corporation of India (LIC) has announced a bonus for its policyholders for 2002-03. The corporation had recorded a surplus of Rs 9,733 crore of which 95 per cent (Rs 9,246 crore) was being distributed as bonus to policyholders, while the balance 5 per cent (Rs 487 crore) was the yearly dividend to the government, LIC said. The bonus rates show a marginal adjustment over the previous year due to a fall in average yield on investments owing to overall declining interest rate scenario.
The ITC Infotech—ClientLogic joint venture between ITC Infotech India Ltd, a wholly owned subsidiary of ITC Ltd, and ClientLogic Corporation, a leading international business process outsourcer, has inaugurated its new facility at ITC Infotechpark in Bangalore.
Union rural development minister Kashiram Rana inaugurated Electrosteel Casting Ltd’s ductile iron pipes facilities in Khardah. These pipes will facilitate the supply of rural drinking water under the Swajaldhara scheme launched by Prime Minister Atal Bihari Vajpayee in December 2002.
DuPont has set up a safety consultancy arm, DuPont Safety Resources, to provide services in workplace safety, emergency response, ergonomics, contractor safety and asset effectiveness.
Tata AIG course
Tata AIG Life Insurance Company Ltd has launched its training academy, Academy of Excellence, to offer the country’s first on-job certified insurance consultant programme for its employees.
The Federation of Indian Export Organisation will organise the country’s first-ever International Congress on Trade in Services next year. A buyer-seller meet will also be organised as a part of the seminar.
Punjab National Bank has paid the highest-ever dividend of Rs 74.28 crore for 2002-03 to the government. The bank’s net profit stood at Rs 842.20 crore in 2002-03, registering an increase of 49.8 per cent over the previous year.
Woodland, a leading footware firm, has crossed Rs 100 crore turnover in domestic sales in 2002-03. The company plans to achieve a 30 per cent growth in the current financial year and double its sales turnover to over Rs 200 crore in the next three years.
Alstom Projects India Ltd has been awarded a 100 MW corex/blast furnace gas fired boiler plant project by JSW Power Private Ltd, a Jindal Group firm.
AirTel cell base
The report on AirTel published in Business Telegraph’s September 11 edition inadvertently mentioned that the company was eyeing 50 lakh cell customers in Calcutta. The correct figure is 5 lakh. The error is regretted.