Saturday, January 16, 1999
Capital goods import sops may go
Concessions such as zero-duty imports of select capital goods may be withdrawn in the forthcoming budget. The government will also try to whittle down the number of excise duty slabs to just three -- basic, merit and de-merit -- in a bid to further simplify the existing tax structure.
Chase Manhattan to buy HDFC Bank stake
The board of directors of HDFC Bank has approved the strategic business collaboration between the bank and Chase Manhattan Bank. This will pave the way for Chase Manhattan to pick up a 20% stake in HDFC Bank from the bank's earlier strategic partner, NatWest group.
SSIs flay Govt's Tata package
The Maharashtra government's decision to grant a Rs 170-crore package to the automobile major, Telco has stirred a hornet's nest with the small scale industry associations demanding a similar package for them. The state government windfall for the Tatas comes at a time when many SSIs are closing down due to the ongoing recession and steady increase in production cost in the State.
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