Core sector norms
Mumbai, April 12: The Reserve Bank today relaxed the asset classification and provisioning norms for infrastructure projects. Under the modified norms, infrastructure projects funded by banks will be treated as a sub-standard asset only if they fail to start production within a year of the specified date of commercial production. The new instructions come into force with effect from March 31, 2007.
ONGC top job
New Delhi, April 12: Eight candidates have been shortlisted for the post of chairman and managing director of ongc. The list includes Najeeb Jung, a former joint secretary in the ministry of petroleum and natural gas. The search committee is likely to meet on April 17 to decide if suitable persons who had not applied should also be called for the interview.
New Delhi, April 12: South African telecom network operator Neotel, in which vsnl holds 26 per cent stake, has acquired Transtel for Rs 140 crore.
Calcutta, April 12: US trade representative Ambassador Susan C. Schwab will lead a delegation to the city on April 14 to assess key issues in the eastern region. She will meet chief minister Buddhadeb Bhattacharjee and also visit the PepsiCo FritoLay plant in Howrah where she will meet potato farmers.
Geneva, April 12: Nestle has agreed to buy baby food brand Gerber from Novartis for $5.5 billion in cash to gain almost four-fifth of the US market.