The Telegraph
Since 1st March, 1999
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Business Briefs

Steel policy on the cards

New Delhi, Sept. 16: The government today said that a steel policy is likely to be formulated by this year-end. It has constituted a high-level committee to look into the issue of iron-ore availability. “We hope to put in place a steel policy by year-end which would lay down the roadmap for the development of the industry,” said V. K. Duggal, Union steel secretary. The policy would be in the form of a vision statement for the future growth of industry, he added.

Gesco issue

Mumbai, Sept. 16: Great Eastern Shipping Co Ltd will raise Rs 95 crore through the issue of non-convertible debentures (NCDs) on private placement. It intends to issue 95 secured redeemable NCDs at the face value of Rs 1 crore each on private placement basis, GE Shipping informed the Bombay Stock Exchange.

Ranbaxy drug

New Delhi, Sept. 16: Ranbaxy Laboratories today said it had received US Food and Drug Administration’s approval to market a semi-synthetic Cephalosporin Panixine Disperdose, a generic version of Ceph International Corp’s Keflex.

Pension plan

New Delhi, Sept. 16: Life Insurance Corporation has asked the government to provide 15-year bonds for subsidising Varishtha Pension Bima Yojana, which received overwhelming response crossing Rs 2,000 crore in sales within three months.

Paradip fate

New Delhi, Sept. 16: Indian Oil Corp has said that Paradip Refinery in Orissa will be unviable despite fiscal concessions because setting up of the 9-million-tonne refinery will end in a glut of products forcing other refineries to export or run below optimal capacity.

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