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Business Briefs

Raha push to SEZ plan

Mangalore, March 19: ONGC is ready to invest Rs 45,000 crore in its proposed special economic zone project here, almost two times the originally planned Rs 25,000 crore, its chairman Subir Raha said today. The project includes setting up a petrochemicals complex and an LNG terminal and expanding the capacity of Mangalore Refinery and Petrochemicals Ltd by 15 million tonnes per annum. ONGC will invite other investors to participate in the project when it starts operations, Raha added.

LIC top job

New Delhi, March 19: Life Insurance Corporation's managing directors T.S. Vijayan and D.K. Mehrotra have emerged as the front runners to succeed A.K. Shukla, who retires as the chairman of the corporation in April this year. A hunt for a third managing director has also begun following the retirement of A. Sridhar in January.

PSE autonomy

New Delhi, March 19: The department of public enterprises will approach the Union cabinet next month with proposals to grant greater functional autonomy to public enterprises. The group headed by Rajya Sabha member Arjun Sengupta had made some radical suggestions on granting more functional autonomy to PSEs.

Unit for NRIs

New Delhi, March 19: The government plans to create an overseas Indian investment promotion unit for the Indian diaspora. The proposal aims to promote investment by overseas Indians in state-level projects.

Novartis chief

Geneva, March 19: Novartis honorary chairman Marc Moret, widely regarded as the architect of the 1996 merger that created the Swiss pharmaceutical giant, has died.


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