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Business Briefs

IFCI awaits better days

New Delhi, Sept. 12: IFCI today said it hopes to break even this fiscal provided liabilities worth Rs 4,000 crore are restructured. The FI has cut losses by 70 per cent to Rs 259.70 crore last fiscal. “We should be able to reduce our losses further. Breaking even is possible this fiscal provided the remaining Rs 4,000 crore liabilities are restructured,” said chairman V. P. Singh. Following the government’s intervention last fiscal, banks and FIs restructured liabilities worth Rs 8,200 crore by reduction in interest rates to 9 per cent and extension of maturity period of the high-cost bonds issued by IFCI.

Meet on PLR

Mumbai, Sept. 12: The Reserve Bank of India has convened a meeting of bank chairmen and managing directors on September 16 to discuss ways to formulate the benchmark prime lending rate, which is expected to be introduced by this month-end. RBI deputy governor Rakesh Mohan would chair the meet.

Jessop selloff

Calcutta, Sept. 12: The Calcutta High Court today directed Jessop and Co Ltd to file an affidavit within two weeks in a writ petition challenging the process of disinvestment followed in the sale of majority shares of the firm to Ruia Cotex Ltd.

MF inflows

Mumbai, Sept. 12: Mutual fund schemes witnessed lower net inflow of Rs 5,065 crore in August 2003 with total assets under management of Rs 1,21,040 crore, according to Association of Mutual Funds in India’s data.

BMW plans

Frankfurt, Sept. 12: Bayerische Motoren Werke (BMW) plans to make its premium cars in India by setting up a joint venture plant with a local automaker, said Luder Paysen, senior vice president (sales).

Wipro unit

Calcutta, Sept. 12: WeP Peripherals Ltd, the IT peripherals solution and services arm of Wipro, is in talks with a Japanese company to set up a manufacturing facility for laser printers in the country.

ADB loan

New Delhi, Sept. 12: Asian Development Bank has got a mandate from the government to enhance its exposure to $2 billion annually from $1.4 billion last year.


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