State Bank UK rejig

LONDON: The SBI will undertake a major restructuring of its business in the UK from April and ensure greater protection for depositors. SBI's UK operations will transform into a subsidiary named State Bank of India UK Limited from April 1, in compliance with wider ring-fencing of capital requirements by the Bank of England. The move will mean that all retail branches of the SBI in the UK will fall under a new UK-incorporated banking entity instead of their previous status as overseas branches of the Indian entity. PTI

Idea-Voda drill

• BARCELONA: The closure of Vodafone and Idea's mobile tower sale deal and raising FDI limit in the Aditya Birla group firm are holding the government's approval to the merger of two operators to create the largest Indian telecom player, according to sources. PTI

ONGC in Iran

• NEW DELHI: ONGC Videsh Ltd has shelved its plans to build a $5 billion LNG export facility in Iran and has instead opted to only invest in developing a giant gasfield in the Persian Gulf, for which a revised cost is being worked out, an official said. PTI

Dumping duty

• NEW DELHI: India has imposed an anti-dumping duty on the import of ceramic tableware and kitchenware from China. Ceramic tableware and kitchenware shipped in from China will attract an anti-dumping duty of $1.04 per kg, making the imports expensive. PTI

DRL plant

• NEW DELHI: Pharma major Dr Reddy's on Sunday said it has received the establishment inspection report from the US Food and Drug Administration for its formulations facility in Srikakulam, Andhra Pradesh. PTI

WTO revamp

• Visakhapatnam: India on Sunday called for bringing changes in Geneva-based World Trade Organisation (WTO) to transform the global economy. "Organisations need reformation all the time and it needs to be changed with change in times," commerce minister Suresh Prabhu said. PTI