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Since 1st March, 1999
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Business Briefs

18 FDI proposals cleared

New Delhi, June 9: The government today cleared 18 proposals envisaging foreign direct investment inflow of Rs 168 crore, including the Rs 78.5-crore investment by Florida-based Creative IT in issuing fresh shares as cash. The US company plans to operate from Gujarat and will design, engineer, finance, build and market infocity projects.

IRDA norms

New Delhi, June 9: To stop insurers from promising abnormally high returns, the Insurance Regulatory and Development Authority (IRDA) has come up with stringent “standards of conduct and sound practices” to be complied by life insurers by September this year.

BG plan

New Delhi, June 9: British oil and gas major BG Group has proposed an investment of over $ 800 million over the next two years in the development of Panna-Mukta and Tapti oil and gas fields to enhance production. “About $ 145 million is to be pumped into Panna-Mukta oil and gas field and around $ 659.5 million into the Tapti gas field,” sources said.

UTI mutual

Mumbai, June 9: UTI Mutual Fund will pay 12 per cent dividend per unit (Rs 10 each) to unitholders of its petro fund. “The dividend is tax-free for investors, so the post-tax return will be much higher. The income distribution will be made to unitholders whose name appear on books as on June 25, 2003,” a release said.

Steel meet

New Delhi, June 9: India has opted to skip the upcoming round of negotiations on Steel Subsidies Agreement (SSA) starting tomorrow in Paris citing paucity of time as a factor.

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