The Telegraph
Since 1st March, 1999
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Business Briefs

Tatas seek govt help for VSNL

New Delhi, May 25:The Tatas are understood to have sought the government’s support to protect the interest of Videsh Sanchar Nigam Limited (VSNL), whose fortunes have taken a dip amid growing competition in the telecom sector. Tata supremo Ratan Tata is believed to have recently met communication and disinvestment minister Arun Shourie to brief about the happenings in the acquired company and problems being faced by it. Shourie had piloted the privatisation of VSNL, where the Tatas bought the Centre’s equity along with management control last year.

Air Deccan

Bangalore, May 25:Deccan Aviation Private Limited, the largest private air charter company in the country, will launch its “low-cost” regional airline, Air Deccan, in August. It will provide connectivity between important cities in the south.

NTPC plants

New Delhi, May 25:National Thermal Power Corporation (NTPC) will pick up a 26 per cent stake in the joint venture for importing gas for its proposed 2600-MW plants coming up in Kawas and Gandhar in Gujarat.

Canara Bank

New Delhi, May 25: Canara Bank is likely to embark on yet another capital restructuring, including returning a portion of the Rs 300-crore government capital, by the end of the third quarter, and said it was open to acquisitions.

SBI strategy

Mumbai, May 25:The State Bank of India (SBI) plans to rope in consultants to frame its information technology and information system security policies. The consulting firm would be required to write a manual of procedures for implementation of these policies and assist SBI in implementing them on a pilot basis, sources said.

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