New Delhi, March 14: The standing committee on finance is in favour of raising the minimum paid-up capital of Life Insurance Corporation to Rs 100 crore from Rs 5 crore, a move which will bring it on par with private insurers. The panel, however, said any further increase in the capital beyond Rs 100 crore must be infused only by the government, instead of the insurer raising it through public offers.
Calcutta, March 14: Coal India Limited (CIL) is eyeing strategic partnerships or joint ventures with 10 overseas mining companies to bring coal from abroad and plug the country’s demand-supply gap. “The CIL board has given the go-ahead to 10 proposals for strategic partnership or JVs with international mining companies,” Coal India chairman Partha S. Bhattacharyya said.
Mumbai, March 14: National Aviation Company of India Limited, the holding company of Air India, has posted a loss of Rs 5,548 crore in the last financial year because of interest payment on borrowings, depreciation and lease rentals, which account for almost 80 per cent of the loss.
Mumbai, March 14: Power Finance Corporation, the nodal agency for 4,000 MW mega power projects, will invite global bids for the fifth one at Surguja in Chhattisgarh on Monday. Chhattisgarh Surguja Power Ltd is a special purpose vehicle set up for the project.
New Delhi, March 14: The government may pick up the Reserve Bank’s stake in the National Bank for Agriculture and Rural Development (Nabard) next fiscal, for which it had earmarked Rs 1,450 crore in the budget.
Beijing, March 14: China today ruled out withdrawal of the $586-billion stimulus package announced in the wake of the economic slowdown in 2008, saying key sectors have not shown any “fundamental improvement”.
New Delhi, March 14: The government is considering up to 10 per cent equity dilution in Nalco, which may fetch the exchequer about Rs 2,200 crore.
