adb approves $350 mn loan for mp
manila: the asian development bank (adb) has approved two loans totaling $350 million to restructure the power sector in madhya pradesh.

a $150 million policy loan and a $200 million investment loan would support the first phase of reforms, the adb said in a statement from its manila headquarters.

the loans would restructure the madhya pradesh state electricity board and improve the policy environment in the power sector, it added.

the policy loan is payable over 15 years with a three-year grace period, while the investment loan will be repayable in 20 years with a five-year grace period.

govt to raise fdi in aviation sector to 49%
new delhi: india is considering raising foreign direct investment in the civil aviation sector to 49 per cent from 26 per cent, civil aviation secretary a h jang told reporters on friday.

"the proposal was discussed at the meeting convened to expedite india's draft aviation policy," he said. "the final proposal will be sent to the cabinet for consideration by next month."

india's attempts to reduce state equity in both domestic indian airlines and the international carrier, air-india, have run into trouble, with bidders pulling out saying the privatisation process was taking too long and lacked transparency.