The Telegraph
Since 1st March, 1999
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Business Briefs

FDI worth Rs 53 cr cleared

New Delhi, Aug. 29: The government today cleared 33 foreign direct investment (FDI) proposals worth Rs 53 crore. It includes a Rs-33.68 crore proposal of General Atlantic Mauritius for picking up a 14 per cent stake in Gurgaon-based back office processing company Daksh e-Services. The proposal of Japanese two-wheeler giant Yamaha Motor for payment of royalty and lump sum on manufacture of two new four-stroke motorcycle models by its fully-owned Indian subsidiary Yamaha Motor India was also cleared. Detroit Diesel proposal to trade in high-tech diesel engines manufactured by its companies worldwide through Bangalore-based MTU Detroit Diesel India also received approval.

Fiscal deficit

New Delhi, Aug. 29: The Centre’s fiscal deficit during April-July stood at Rs 59,527 crore, which is 43.9 per cent of the estimated Rs 1,35,524 crore for the entire 2002-03. The fiscal deficit, which amounts to 2.33 per cent of the GDP, was relatively lower than the last fiscal, when it was over 50 per cent of the budgeted level.

Tax panel

New Delhi, Aug. 29: The adviser to the finance minister, Vijay Kelkar, will head the task forces being set up to formulate strategies for reforming direct and indirect taxes, besides simplification of tax procedures.

GDP growth

New Delhi, Aug. 29: An internal assessment by the Planning Commission has revealed that the GDP growth projections for the current fiscal may have to be lowered to around 5.5 per cent from 6.5 per cent earlier on account of the drought situation prevailing in some parts of the country.

Novartis move

Basel, Aug. 29: Swiss pharmaceuticals giant Novartis today said it plans to offer around $ 886 million in cash to buy a Slovenian generic drug maker, Lek.

LML output

Mumbai, Aug. 29: Kanpur-based LML Ltd is planning to ramp up its motorcycle production capacity to 25,000 units per month by March 2003 and expects 10 per cent of its business from exports by 2005.

Maruti 800

New Delhi, Aug. 29: Maruti Udyog will launch a limited edition variant of its entry-level car ‘Maruti 800’ on August 31 to cash in on the current surge in demand of the car after the recent price cut.

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