The Telegraph
Since 1st March, 1999
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Business Briefs

Forex kitty closer to $ 75 bn

Mumbai, April 5: After a dip last week, India's foreign exchange reserves again went up to record highs and were nearing the $ 75-billion mark during the week ended March 28, 2003. Increased remittances and fresh inflows saw foreign exchange reserves spurt by $ 984 million as against a fall of $ 97 million in the previous week. The reserves now stand at $ 74,805 million, according to RBI’s weekly statistical supplement released here today. The total inflows for the entire fiscal stood at $ 20,651 million as against $ 11,898 million in the previous year, according to the RBI.

Nokia centres

Mumbai, April 5: Mobile phone-maker Nokia has teamed up with leading watch maker Titan to set up care centres at Titan’s 70 locations in India. Initially, the ‘Nokia care centres' would be set in Mumbai, Chennai, Calcutta, Bangalore and Kochi, Nokia said in a release here. The company will extend its operations to other locations in the country in the “near future”, the release added.

SRF plan

New Delhi, April 5: SRF Limited today said it will invest Rs 160 crore to set up a 20 kilo tonne polyester film plant and raise it to 50 KT in the next three years.

L&T deal

Mumbai, April 5: Construction major Larsen & Toubro (L&T) has bagged a $ 98.30 million engineering, procurement, installation and commissioning contract from Qatar Petroleum for construction of two living quarter platforms for the state-owned oil major. The platforms would be built at Maydan Mahzam and Bulhanine oil fields, located off the east coast of Qatar.

Vesuvius move

Calcutta, April 5: Vesuvius India (VIL), leading refractory manufacturer, plans to invest over Rs 25 crore during the current financial year for capacity expansion. The project will mostly be funded by the internal accruals of the company.

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