ICICI plans entry into new areas
Mumbai: ICICI is seeking its shareholders' approval to enter commodities trading, the courier business and event management, apart from businesses connected with its current activities, that is securitisation, e-commerce, housing loans, smart card business, trading in financial derivatives and managing offshore funds.

The company, in a notice to shareholders, has explained that the business of securitisation, which commenced a couple of years ago, is likely to accelerate in future.

ICICI has recently started providing retail finance in the form of auto loans, home loans and consumer durable loans. It is also planning to add new activities such as credit card, debit cards and charge cards.

The notice says: "With the moving into retail business, the company undertakes/may undertake a number of related businesses such as marketing and distribution, e-commerce, software technology development, fund management, printing, courier services, etc. The derivatives and insurance markets are being opened up and the company proposes to avail of such emerging opportunities."
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SBI largest arranger of forex loans
Mumbai: The State Bank of India was the largest arranger of syndicated foreign currency loans in the first half of calendar year 1999, according to the bank.

The bank has participated in four of the five foreign currency loans arranged for the Dabhol Power Company, Industrial Development Bank of India and National Thermal Power Corporation, amounting to $981.60 million. Of this the bank's share is $881.60 million, ranking it first.

ABN Amro Bank is ranked second for participating in three deals amounting to Rs 761.60 million.
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IDBI to enter universal banking
Mumbai: The Industrial Development Bank of India has hired Mritunjay Athreya, management consultant, to chart out a plan for the bank's movement towards universal banking.

Four IDBI directors, Deepankar Basu, Besant Raj, Tarun Das and S.K. Gupta, will interact with Mr Athreya to draw up the course of action for the financial institution to move from its current position to a universal bank.
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Inflation rate up
Mumbai: The rate of inflation has gone up marginally to 1.85 per cent for the week ending 10 July.

The inflation rate had come down to an all-time low of 1.83 per cent for the week ending 3 July.
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Sahara offers a Goa deal
New Delhi: Sahara India Airlines has decided to reduce the Delhi-Goa-Delhi air fare to Rs 13,999 and offer passengers a six days/five nights stay in a five star hotel, including meals, pick-up and sightseeing.

Indian Airlines charges Rs 14,599 for the return ticket and the passenger gets a four-day/ three night free stay at a deluxe hotel, plus meals, airport transfers, sightseeing and "happy hour" benefits.
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