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Raasi scouts for white knight, four possible suitors emerge
With the Telugu card failing to bear fruit and falling desperately short of cash to make a counter offer to India Cements Ltd's bid on the company, the Rajus of Raasi Cement Ltd (RCL) have struck negotiations with at least four potential saviours from outside the state. On the other extreme, however, the market is rife with speculation that the 78-year-old family patriarch and group chairman B V Raju is himself not averse to the idea of putting an end to the whole takeover tussle.
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US steel companies accuse India of dumping
American stainless steel wire producers have charged wire makers from six nations with dumping products in the United States and asked the government to impose penalties. Carpenter Technology Corp said it and nine other US manufacturers of stainless steel wire sought the action against producers in India, Japan, Korea, Spain, Taiwan and Canada.
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Govt plans anti-dumping steps
India needs sharper teeth to bite back as international trade rows over dumping become more heated. Prime Minister Atal Behari Vajpayee, when he was sworn in last week, vowed India would be more aggressive in World Trade Organisation negotiations than previous governments.
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Private flows touch $10 billion
For the first time, net private flows to India hit $10 billion in 1997, up from $ 6 billion in 1996. Net foreign direct investment in India in 1997 rose by about $ 500 million to touch $ 3 billion. Portfolio equity flows declined and the bulk of the increase in flows to India came from bond issues and loan commitments.
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