Govt to revive 44 NTC mills
New
Delhi: Government plans to spend Rs 5,000 crore for reviving 44 mills of
National Textiles Corporation.
Despite the accumulated losses of Rs 8,505 crore till March 31, 2001,
government has decided to revive 44 NTC mills at a cost of Rs 2,993 crore which
will be mostly generated from the sale of surplus land and assets.
The government has also agreed to write-off the interest on the outstanding
loans, besides standing guarantee for the proposed tax-free bonds of NTC,
converting the government loans into equity to the extent required for making
the networth positive and continuing wage support during the implementation
period.
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Oil PSUs ink
sharing pact
New Delhi: Four public
sector oil companies have entered into a product and tankage-sharing agreement
for the post-APM era starting April 2002. Reliance Petroleum has been excluded
from the agreement.
Indian Oil Corporation, Hindustan
Petroleum Corporation, Bharat Petroleum Corporation and IBP recently agreed to
continue the same sharing arrangement in practice now.
The sharing of products and infrastructure will see the PSU oil majors sharing
around 65-70 million tonnes of refined products. IBP, which is purely a
petroleum marketing company, will source its feedstock requirement from the
three companies.
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Mediclaim
premia to go up 15-20%
New Delhi: Insurance
premia for mediclaim covers will rise from January 1. The increase in rates
will be in the range of 15-20 per cent and will vary for various slabs.
The premium for mediclaim cover varies
depending upon the age of the insured with the rates rising with age. However,
despite the higher rates for older people, claims ratio has been higher in the
upper age bracket. At present there are five age brackets: up to 45 years, 46
to 55 years, 56 to 65 years, 66 to 70 years and 71-75 years.
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