ETF route for state firms

New Delhi, Sept. 16: The department of disinvestment will soon appoint internationally-reputed advisers for setting up an exchange traded fund (ETF) to sell shares of PSUs to meet the divestment target of Rs 30,000 crore. “Internationally reputed merchant bankers, investment bankers, consulting firms and asset management companies, who have advised or have been involved in a relevant capacity or have launched an equity ETF, could be made eligible (as adviser),” an official said.

Steel policy

New Delhi, Sept. 16: The new National Steel Policy will try to sort out issues, including land acquisition and raw material security, that are crippling the sector’s growth in the country, sources said. The new steel policy will address issues which were not fully addressed in the existing policy of 2005.

FII funds

New Delhi, Sept. 16: Overseas investors pumped in nearly Rs 3,000 crore in Indian stock markets in the past two weeks. Investments by foreign institutional investors (FIIs) in the equity market has reached Rs 65,954 crore (about $12.81 billion) so far this year.

Hotel plan

New Delhi, Sept. 16: Global hospitality major InterContinental Hotels Group plans to open 190 hotels by 2016 in India as part of an aggressive expansion strategy. At present, the hospitality chain has 12 hotels in India.