Go-ahead for 20 tech pacts
New Delhi, Oct. 29: Commerce and industry minister Arun Jaitley has approved 20 cases of foreign technology collaboration, including those of Cummins, Bosch and ABB. The cases had been recommended for approval by the ministry’s project approval board. The technical agreement between Cummins India Ltd and Cummins Inc of the US involves the manufacture of internal combustion piston engines. The proposal for trademark agreement between Robert Bosch India Ltd and Robert Bosch GmbH, Germany, is for fuel injection systems for petrol engines.
London, Oct. 29: The LNM group, owned by NRI entrepreneur Lakshmi Mittal, has acquired a Romanian steel plant at a cost of $155 million, a spokesperson said today.
Mumbai, Oct. 29: Reserve Bank of India today said the monetary limits for clearing project export contract will now be denominated in dollars. An uniform monetary limit of $100 million would be applicable to authorised dealers and Exim bank.
Mumbai, Oct. 29: The Reserve Bank of India said that the interest rate on fresh repatriable non-resident external (NRE) deposit accepted by non-banking financial companies on and from October 18, 2003, should not exceed 0.25 per cent above Libor.
Essar oil fields
New Delhi, Oct. 29: A committee of secretaries will next week vet the award of Ratna R-series oil fields to Essar Oil Ltd, petroleum secretary B. K. Chaturvedi said today.
Calcutta, Oct. 29: A crucial meeting between the representatives of banking industry trade unions and Indian Bank Association on November 12 is likely to set a roadmap for 8th wage revision in the industry after the unions rejected most of the demands placed by IBA in this connection.
Calcutta, Oct. 29: The German companies are looking for investment opportunities in India in sectors like coal, infrastructure and tourism. But they want relaxation in bureaucratic control and easing of licensing hassles.