Tuesday, October 27, 1998
Alcan changes Indal chairman, MD
With a year of increasing its stake after a bitter takeover battle with Sterlite Industries, Canadian aluminium firm Alcan has restructured Indal's board of directors by replacing chairman S M Datta and vice chairman & managing director Tapan Mitra with expatriates.
RBI to probe spurt in non-food credit
The Reserve Bank of India (RBI) has decided to probe the sudden spurt in non-food credit growth over the last one month. Non-food credit during the fortnight ended October 9, 1998, has shot up by a whopping Rs 6,512 crore. The sudden credit growth when the industrial sector is facing a slowdown is surprising.
"S & P downgrade will not affect investment"
The recent Standard and Poor downgrade of India's sovereign rating is no cause for alarm, according to F P Huddle, US Consul General in Mumbai. Huddle was addressing the media on the eve of the Indian Merchants' Chamber (IMC) business mission to United States and United Kingdom.
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