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Since 1st March, 1999
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Business Briefs

Tatas mull new utility vehicle

Mumbai, Aug. 2: Tata Motors would develop a new platform for utility vehicles for which the project outlay would be finalised by January 2004, a senior company official said today. “Sumo, the flagship utility vehicle, came into the market a decade ago and we have formed a team to internally develop a new platform,” executive director Praveen Kadle said addressing the Indian Debt Investors Conference organised by Fitch Rating and Citigroup here. The company might take the help of an outside agency for designing the utility vehicle, he said.

Forex reserves

Mumbai, Aug. 2: India's foreign exchange reserves inched closer towards the $ 85 billion mark following record inflows during the week ended July 26. The country's foreign exchange reserves rose by$ 803 million at $ 84,904 million in the period under review, according to the Reserve Bank of India's weekly statistical supplement released here today. The reserves had swelled by $ 844 million in the previous week.

SEB dues

Mumbai, Aug. 2:The Reserve Bank of India is likely to issue bonds in excess of Rs 13,500 crore to National Thermal Power Corporation (NTPC) and National Hydro-electric Power Corporation (NHPC) by August-end, as part of a scheme for settlement of dues from state electricity boards.

Telecom licence

New Delhi, Aug. 2:Bowing to demands by various service providers, the Telecom Regulatory Authority of India today said it would formally invite suggestions of additions or subtractions over its consultation paper on unified licensing regime from various stakeholders on Monday. “I have said that we will consider additions and subtractions...any variation proposed on unified licence. The industry was keen that we say it in writing, so we will,” Trai chairman Pradip Baijal told PTI here.

Maruti woes

New Delhi, Aug. 2: Production at Maruti Udyog, country's largest carmaker, may be hit by an over two-month long strike at DCM, one of its major vendors. DCM supplies a bulk of an important component of Maruti engines. The workers’ strike started in June and is likely to continue for a few more weeks.

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