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Business Briefs

Reliance faces fuel sale curbs

New Delhi, Nov. 23: The government is mulling restricting Essar Oil and Reliance Industries from selling diesel to bulk consumers until they fulfil their retail service obligations of supplying the fuel in country's remote and backward areas. The firms were given the licences for retailing petrol and diesel on the condition that they would set up 11 per cent of their stations in low service areas. While the stations have yet to come up, both are selling the fuel to large-volume consumers. Diesel from private firms is quoted at Rs 500 per kilolitre below the price offered by state-run oil firms.

Kerosene plan

New Delhi, Nov. 23: The oil ministry is working on a letter to the commerce ministry asking it to disallow kerosene imports by private firms and allow kerosene only through the state canalising agency to put an end to its adulteration in diesel, Indian Oil officials said.

L&T target

New Delhi, Nov. 23: Larsen and Toubro (L&T) is aiming to cross the Rs 10,000-crore mark in sales turnover in financial year 2004-05. President (operations) J. P. Nayak said one-third of the targeted turnover would come from earnings from overseas engineering and construction projects.

Two-wheelers

New Delhi, Nov. 23: Two-wheeler sales went up 10 per cent at 31 lakh units in April-October from 28.2 lakh units in the year-ago period on the back of a bullish motorcycle market, while scooter sales remained flat and mopeds rode southward.

LG debt

Seoul, Nov. 23: Creditors have stepped up pressure on the patriarch of South Koreaís second largest conglomerate, LG group, warning the groupís ailing credit-card unit could be insolvent this week.


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