Tata Steel bid to up fund limit
Mumbai, Feb. 23: Tata Steel has sought shareholders’ permission to raise its borrowing limit by 25 per cent to Rs 50,000 crore to part-finance several ongoing expansion activities. At present, the steel producer can borrow up to Rs 40,000 crore. “Taking into consideration the requirements to meet the cost of greenfield projects in India, and investments in raw materials projects globally... It is expected that the limit of Rs 40,000 crore sanctioned by the shareholders will not be adequate,” Tata Steel said.
New Delhi, Feb. 23: A ministerial panel that was to meet tomorrow to decide a road map for the auction of a 5 per cent government stake in oil major ONGC is now likely to meet on February 27. “The EGoM (empowered group of ministers) is now scheduled for February 27,” oil minister S. Jaipal Reddy said without giving any reason for postponing the meeting.
New Delhi, Feb. 23: UK-based telecom operator Vodafone has filed a writ petition in the Bombay high court challenging a demand made by the income tax department. The company, however, did not state what the nature of the tax demand was or the amount of money sought by the authorities.
New Delhi, Feb. 23: The Swiss government has asked its banks to prevent acceptance of “untaxed assets” in their accounts without violating client confidentiality.
New Delhi, Feb. 23: Electronic firm Samsung, which plans to grab a 12 per cent market share in the ultrabook segment this year, today launched its Series 5 high-end notebook in the country.
