28 september 2000

government clears fdi proposals worth rs 196 crore
new delhi: the foreign investment promotion board (fipb) has cleared foreign direct investment proposals worth rs 196 crore. these proposals include that of gaz de france for transportation of natural gas, birla home finance's foray into home loans to nris and citibank's proposal to set up a financial portal.

the gaz de france proposal included an application to undertake transportation of natural gas with an fdi of rs 55 crores involving foreign equity of 11 per cent.

birla home finance proposal to extend home loans to nris involving an investment of rs 25 crore with 50 per cent foreign equity was also approved, an official statement said on wednesday.

other major proposals approved include citibank overseas investment corporation's intention to set up a financial portal and us-based leinco technologies application for manufacture of monoclonal antibodies and related products.

a total of 35 cases covering fdi in sectors like drugs, petro-chemicals, agriculture, bio-technology, software development, petroleum and natural gas and consumer goods were cleared by fipb at this meeting.

26 september 2000

icici may stun markets - reverse merger with icici bank
mumbai: in an attempt to convert itself into an universal bank, financial institution, icici, may take the reverse merger route with icici bank. it is understood that the term lending institution will shortly make a presentation to the reserve bank of india deputy governor mr. s p talwar on october 5 on its proposed conversion into a bank.