The Telegraph
Since 1st March, 1999
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Business Briefs

PNB ready to embrace Nedungadi

New Delhi, Dec 5: Punjab National Bank's board of directors has approved the proposal of acquiring Kerala-based Nedungadi Bank paving the way for the Delhi-based bank's expansion in the southern state. “The board has approved the merger of Nedungadi Bank with PNB. We have to do the due diligence now,” PNB chairman S. S. Kohli said but did not give the details.

Vectra launched

New Delhi, Dec 5: General Motors India (GMI) today unveiled its luxury car Opel Vectra and said it would roll out two vehicles next year. The car, which would be imported as a completely-built- unit (CBU) from Germany, would be sold at 15 dealerships in 12 cities across the country within the next three weeks.

DPC deadlock

New Delhi, Dec 5: The proposed restarting of the controversial Dabhol power project has received yet another setback with the promoter GE setting a pre-condition of getting its dues cleared before the start of the project. The Centre, however, has rejected the proposal saying that two issues — restarting the DPC Phase-I and clearing the old claims —should not be linked.

Silverline rating

Mumbai, Dec. 5: CARE has downgraded the rating assigned to the outstanding short-term debt programme of Silverline Technologies Limited (STL) from 'PR2' to 'PR4'.

Nestle dividend

Mumbai, Dec. 5: Nestle India's board has declared an interim dividend of Rs 18 per equity share for the year 2002. The dividend is subject to deduction of applicable tax at source, the company informed the Bombay Stock Exchange today.

Tata Tele debut

New Delhi, Dec 5: After cellular services, Delhi is now set to witness a hectic round of competition in basic telephony arena with Tata Teleservices planning to formally launch its services “Indicom” in the capital by December 20.

Gail plan

New Delhi, Dec 5: State-run gas firm Gail India will pick 25 per cent equity in the Rs 19,400 crore Kakinada LNG import project in Andhra Pradesh, company chairman and managing director Proshanto Banerjee said here today.

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