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Hijackers set new terms
New Delhi: The five hijackers, holding 154 passengers of an Indian
Airlines plane, at Kandahar in Afghanistan, as hostages for the last five days, have set
new terms for their release. The new conditions include release of 35 people held in
Indian jails on charges of terrorism, payment of $200 million and handing over of the
coffin and remains of a terrorist killed in an encounter in a Jammu jail five months ago.
These demands are besides the unconditional release of Pakistani cleric Masood
Ashar, now an inmate of the Jammu jail. The Indian team of officials, which reached
Kandahar, carried out talks directly with the hijackers. Meanwhile, the hostages have been
provided with better facilities, including food and warm clothes. Some of them were also
taken for a walk on the tarmac supervised by one of the hijackers, who stood guard.
The Taliban regime in Afghanistan has been supportive of India and
its efforts to seek the release of the hostages. Meanwhile, several countries, notably the
US, Russia, Japan and China, have come in support of India and demanded immediate release
of the hostages describing the hijack as an inhuman and terrorist action.
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Asian Development Bank
to offer loan
Mumbai: The Asian Development Bank is providing a $200 million loan to
India for developing urban and environmental infrastructure. ADB will extend the loan
through developmental organisations Hudco, ICICI and Infrastructure Development Finance
Corporation against guarantees by the government of India. The loan has a tenure of 20
years and interest rate as per the bank’s variable lending rate system.
The loan will be utilised to improve water supply and
sanitation systems, drainage and sewerage and solid waste management and for slum
improvement and environmental protection.
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IDFC moots separate road
fund
Calcutta: The Infrastructure Development Finance Company has suggested
that the government set up a dedicated road fund. The IDFC’s managing director D.J.
Balaji Rao says IDFC has asked the government not to put approximately Rs 6,000 crore it
proposes to mobilise for road work in 1999-2000 in the Consolidated Fund of India.
Instead, there should be a separate fund for meeting the cost of construction and
improvement of roads. Part of this fund should be provided to the state governments, while
the centre should spend the rest. Mr Rao said IDFC has worked out the structure of the
fund for the government.
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ABN Amro plans subsidiary
New Delhi: ABN Amro is setting up a wholly-owned subsidiary in India to
undertake corporate finance advisory services. ABN Amro had recently taken over the retail
banking division of Bank of America. The subsidiary will be set up under ABN Amro Asia
Corporate Finance, the non-banking arm of the Dutch bank. The Foreign Investment Promotion
Baord has cleared the bank’s proposal recently.
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HDFC Bank opens branch
near BSE
Mumbai: HDFC Bank has opened a branch near the Bombay Stock Exchange to
cater to the needs of the exchange and the broking community. The facilities available at
the branch include clearing services, loans against shares, demat accounts and other cash
management services. This is HDFC Bank’s 17th branch in Mumbai.
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