The Telegraph
Since 1st March, 1999
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Business Briefs

Call for halt to tea import

New Delhi, Aug. 20: A parliamentary panel has favoured halting the leaf tea and tea imports, particularly from Nepal, and has expressed concern over the increase in imports to 16.02 million kgs in 2001-02 from an average 1-2 million kgs in the past. “With the present alarming decrease in prices, it was important to stop the entry of leaf and tea from abroad, particularly from Nepal which was reported to be sold as a product of Darjeeling,” department-related Parliament standing committee on commerce said.

Hero Honda

New Delhi, Aug. 20: Hero Honda Motors, India’s biggest motorcycle maker, plans to register double digit sales growth this fiscal and the feasibility study to set up its third plant would be completed by year-end, said MD Pawan Kant Munjal.

Godrej plan

New Delhi, Aug. 20: Godrej Industries is planning to invest more than Rs 40 crore in the next 12 months in business process outsourcing as part of a major step towards diversification, group chairman Adi Godrej said.

EPF defaulters

New Delhi, Aug. 20: The labour ministry has been claiming that it is vigorously chasing EPF defaulters. However, the money that employers in public and private sectors owed to the fund mounted to Rs 1,758 crore till July. Employees’ Provident Fund Organisation might be able to realise only Rs 571 crore.

Iffco shuts unit

New Delhi, Aug. 20: Fertiliser co-operative Iffco today shut down its urea plant at Kalol, Gujarat, in order to produce more ammonia for its phosphatic fertilisers plant in nearby Kandla. Iffco said the move has been prompted by the massive increase in global ammonia prices to $238 a tonne from $170 in the past few weeks.

Foreign banks

New Delhi, Aug. 20: Foreign players like Citibank, Standard Chartered Bank, HSBC and ABN Amro bank see opportunities to spread their wings in India after the ceiling on voting rights is lifted by the government. With standing committee on finance approving amendments in the Banking Regulations Act, it is now a matter of time before the new legislation allowing foreign banks to set up subsidiaries in India is enacted.

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