LPG deposit raised

New Delhi, Jan. 25: The government has raised the security deposit paid by consumers for new LPG connections from Rs 650 to Rs 850 per cylinder following higher prices paid by the distributors in procuring cylinders. The deposit was lowered from Rs 900 to Rs 700 per cylinder in February 2002. It was further reduced to Rs 650 per cylinder in March 2003.

FDI proposals

New Delhi, Jan. 25: A Rs 104.27-crore proposal of Japanese firm Kansai Paints to acquire a stake in Goodlass Nerolac Paints was among the 30 foreign direct investment (FDI) proposals amounting to Rs 305.29 crore approved by the government today. Swiss firm Visa Comtrade AG was given the nod to increase equity in Visa Industries to 74 per cent from 47.41 per cent by issuing fresh shares of Rs 45.31 crore.

IDFC equity

Mumbai, Jan. 25: The government, in consultation with the Reserve Bank, today acquired the equity and subordinated debt of Infrastructure Development Finance Corporation and converted them into sovereign floating rate bonds maturing in 2035. They will carry a coupon rate of 6.49 per cent for the first five years.

Incab revival

Calcutta, Jan. 25: The appellate tribunal for industrial reconstruction is likely to take a final decision on the revival of Incab Industries Ltd in the next few days.