Steel trio out of race

London, June 22: Tata Steel, Essar Steel and ArcelorMittal have been ruled out of the race to acquire a stake in Indonesia’s state-owned Krakatau Steel. “Indonesia has ruled out the sale of a stake in state-owned Krakatau Steel, dashing the hopes of foreign investors, including Australia’s Bluescope Steel,” the Financial Times said.

HDFC plan

New Delhi, June 22: hdfc plans to list its asset management arm ahead of the listing of its life insurance venture, which would go public in the third quarter of 2009-10 to fund purchase of stake in hdfc Bank. “The company plans to finance its stake purchase in hdfc Bank by listing its life insurance subsidiary by October-December 2009. The Amc may be listed earlier,” Merrill Lynch said in a report.

Reliance Infra

Mumbai, June 22: Reliance Infrastructure, which has chalked out an ambitious plan to invest Rs 28,000 crore in the next three years, is looking at acquisitions in India and abroad, including coal mines in Indonesia.

SEZ accounts

New Delhi, June 22: The Institute of Chartered Accountants of India is working out separate accounting norms for special economic zones (SEZs).

Social spend

New Delhi, June 22: India may have emerged as a preferred investment destination among the Bric nations, but the country lags behind in social sector development, an Assocham study said.