Coal fund

New Delhi, May 4: The government is planning to set up a sovereign wealth fund to acquire coal assets abroad to meet the fuel demands of power producers. “Even though state-owned Coal India has surplus resources for investing abroad, it is important to have financial support from the government for acquiring very large assets abroad,” coal minister Sriprakash Jaiswal said today.

Facebook IPO

San Francisco, May 4: Facebook aims to raise about $10.6 billion in Silicon Valley’s largest IPO. The company indicated a price range of between $28 and $35 a share on Thursday, which would value it at $77 billion to $96 billion.

RIL reaction

New Delhi, May 4: Smacked by a hefty penalty of over $1 billion for its failure to meet gas output targets, Reliance Industries today hit back at the oil ministry saying there was no provision in the contract to disallow any part of its investment in KG-D6 fields in the Bay of Bengal.

PFRDA move

New Delhi, May 4: Pension fund regulator PFRDA today said it had empanelled six life insurance companies, including the LIC and Bajaj Allianz Life Insurance, to provide annuity plans to NPS subscribers.