Sunday, September 6, 1998
Eight power projects on the fast track
In a bid to kickstart the economy, government has removed major hurdles for starting work in eight power projects by December 15 to add a generation capacity of about 6,400 mw. In a three-hour long review meeting chaired by Finance Minister Yashwant Sinha, ten major items relating to power sector were discussed, including speeding up of financial closure and funding mechanism for starting work at the project sites.
NRI deposits decline by 33% to $1.15 bn
There has been a 33 per cent decline in remittances by the non-resident Indians under various deposit schemes during the year 1997-98. Net inflows under non-resident deposit schemes declined to $ 1,154 million during the year from $ 3,314 million in 1996-97.
FIs reject Escorts recast plan
The financial institutions (FIs) including LIC, GIC and UTI, on Friday, refused to ratify key resolutions of Escorts, the most prominent being halving of the equity base. At a stormy annual general meeting on Friday, the FIs and a section of the shareholders forced the firm's management to amend nearly all the crucial resolutions relating to the equity restructuring scheme, the extent of funding of the proposed rights issue by group company Escorts Finance, investments in other companies and the hike in authorised equity capital.
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