Govt clears FDI for non-priority sector
In a clear departure from the Bharatiya Janata Party's (BJP) policy, Finance Minister Yashwant Sinha has said he will welcome Foreign Direct Investment (FDI) in non-priority food processing and export-based consumer industry. He also asserted that the BJP government's swadeshi approach would not have any "negative impact" on the FDI flow.
PM to review cut in fertiliser subsidy
Prime Minister Atal Bihari Vajpayee will review the United Front government's controversial decision to cut subsidy levels on all decontrolled potassic and phosphatic crop nutrients. The cuts are likely to be restored in the new ad-hoc subsidy policy to be announced soon.
ADB, French co plans stake in Petronet
The Asian Development Bank (ADB) and Gas de France will pick up equity stakes in the Rs 1,200-crore Petronet LNG Consortium promoted by the public sector oil majors GAIL, ONGC, IOC and BPCL. The Petronet LNG structured on a debt equity ratio of 2:1 is promoting three LNG terminals in Kochi, Dahej and Ennore.
KPMG to audit Nestle India
Swiss multinational, Nestle SA has ordered an "international auditing" of its Indian subsidiary, which has been mired in a controversy of alleged financial irregularities, and insider trading. Auditing will be conducted by KPMG officials from London and Switzerland in close cooperation with officials of the parent company.
Investors, FIs lose heavily in PAL-Peugeot
PAL-Peugeot Ltd is in a major financial mess with investors and financial institutions slowly losing hopes of getting back their funds to the tune of Rs 455 crore (Rs 230 crore through public issue and Rs 195 crore via institutional loans). With both the promoters - Premier Automobiles and Peugeot - ditching the much talked-about project, the company has failed to even finalise the balance sheet for the year 1997.
Plastic flies higher than paper
Don't tell managers at American Express how to prepare for a business slowdown because the economy is in a slump. Or that the much-hyped consumer boom bubble for the exalted figure of 250 million middle class Indians has actually burst. The news is that the middle classes have helped the company launched yet another card which hopes to radically alter the face of the rapidly growing Rs 1200 crore plastic money market.
