Grasim, L&T near pact
Mumbai, June 16: Curtains are set to fall on the demerger drama at Larsen and Toubro with the company’s board scheduled to meet tomorrow to take a final decision on the cement division. It is learnt that Grasim Industries, which has already offered $ 55 per tonne for the cement division, is likely to revise its offer. The board of the AV Birla group company is also meeting tomorrow and speculations are rife that Grasim and the L&T management are likely to announce an amicable settlement after the board meetings are over.
New Delhi, June 16: India will be sending a technical team to the US for an in-depth study of strategic oil reserve system of that country. Petroleum minister Ram Naik said that the US had offered technical expertise to India for setting up its own strategic oil tankage.
New Delhi, June 16: The finance ministry has postponed the date from which tax at source on country liquor and scrap was to have been introduced uniformly by three months to September 1. Earlier, it was scheduled to be introduced by June 1.
New Delhi, June 16: M. K. Sardana, special secretary in the power ministry, was today appointed secretary in the department of company affairs in place of V. K. Dhall, who is believed to be in race for heading the Competition Commission of India, sources said.
Calcutta, June 16: The board of directors of Gujarat NRE Coke Ltd today declared bonus shares to shareholders in the ratio of 1:2.