Business Briefs 18-04-2003

New twist to Dabhol tangle Sify trims loss MRF net up WiLL petition GTL pact ICICI Bank Hutch move

By The Telegraph Online in Mumbai
  • Published 17.04.03

New twist to Dabhol tangle

Mumbai, April 17: The foreign lenders of Dabhol Power project today commenced arbitration proceedings in London against their Indian counterparts, led by Industrial Development Bank of India, for having “blocked them from pursuing rights embodied in the financing documents.” The offshore lenders filed the notice under the United Nations Commission on International Trade Law. The other Indian lenders are erstwhile ICICI, State Bank of India and IFCI.

Sify trims loss

Chennai, April 17: Sify Ltd has reported a reduced net loss of $ 27.96 million during the year ended March 31 against $ 151.53 million in the previous year. Sales during the period were down at $ 10.31 million compared with $ 20.71 million in 2001-02.

MRF net up

Mumbai, April 17: MRF Ltd has posted a 411.6 per cent rise in net profit at Rs 68.25 crore during the second quarter ended March 31 compared with Rs 13.34 crore during the same period a year ago. Its board declared an interim dividend of 30 per cent.

WiLL petition

New Delhi, April 17: The Centre today filed a petition in the Supreme Court challenging a TDSAT order directing the government to give cellular operators copies of certain sensitive documents relating to the contentious WiLL issue and said disclosure of such papers would harm public interest.

GTL pact

Mumbai, April 17: GTL Ltd will form a joint venture with US-based Professional Acess Ltd to offer software-related services. Its board approved the proposal, with an expected total financial exposure of Rs 12 crore, including its paid-up capital.


Mumbai, April 17: Former Chief Justice of India, P. N. Bhagwati, today began an enquiry into the recent panic withdrawals by ICICI Bank customers in Gujarat. He is expected to submit his report in the next 7-10 days.

Hutch move

Calcutta, April 17: Hutch today announced a reduction in airtime rates in mobile to mobile outgoing calls for national and international long distance for both pre-paid and post-paid customers. The new rates will be applicable only in Calcutta from tomorrow.