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Business Briefs

PNB puts a rider on IFCI deal

New Delhi, July 4: Punjab National Bank has said the merger of the Industrial Finance Corporation with it is possible only after the transfer of the term-lending institution’s non-performing assets to an asset reconstruction company. “The board of the bank has noted that the merger should, inter alia, be subject to transfer of all IFCI’s idle assets to an asset reconstruction company, continuation of restructuring package as approved by the government for IFCI and various other conditions,” PNB chairman S. S. Kohli said.

VSNL launch

Mumbai, July 4: Videsh Sanchar Nigam Ltd (VSNL) has launched its pre-paid broadband initiatives under two plans — volume-based and time-based, which would be offered through the Tata Indicom brand.

TCS listing date

Mumbai, July 4: Tata Consultancy Services (TCS) will weigh the pros and cons of the forthcoming Union budget before finalising the date for its initial public offering.

Dr Reddy’s plan

Mumbai, July 4: Dr Reddy’s Laboratories will pursue possible acquisitions in dermatology segment as part of its strategy to develop a franchise of differentiated products. It also expects to file 15-20 abbreviated new drug applications in the US this fiscal.

Century Textiles

Calcutta, July 4: B. K. Birla group firm Century Textiles & Industries has decided to partially shift its thrust from export market and concentrate more on domestic market as the export market has “become unremunerative”.


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