Foreign funding review
New Delhi, Nov. 9: The cabinet is likely to review tomorrow the existing foreign direct investment policy with a view to further liberalising it. The meeting will examine in detail the current policy, the caps in various sectors and the FDI flows therein to prepare the future strategy. India is under pressure from developed countries at the WTO negotiations for further opening up key sectors like insurance and banking.
Mumbai, Nov. 9: Wipro chairman Azim Premji today picked up a 4 per cent stake in Himatsingka Seide, a silk and silk-blended fabrics manufacturer, by purchasing 8 lakh shares at Rs 136 apiece in a block deal.
New Delhi, Nov. 9: Reliance Infocomm will raise $500 million from overseas markets, mainly to refinance high-cost debts. According to sources, the company is likely to tap the foreign market in the next 3-4 weeks.
Mumbai, Nov. 9: Bajaj Tempo and Germany-based Man Commercial Vehicles Group today signed a letter of intent for setting up a joint venture firm to manufacture heavy trucks.
Geneva, Nov. 9: WTO trade negotiators conceded on Wednesday hopes for a full draft deal this year were dead. The US and other countries, however, said they would push for the best outcome at the Hong Kong conference next month.