Disinvestment in 5 more PSUs by March
Mumbai: Privatisation of at least five more PSUs, including Indian Petrochemicals, National Fertilisers and disinvest in joint venture Maruti Udyog will be completed in the current fiscal.

"In next few weeks we will complete the process of disinvestment in IPCL, NFL, Maruti, Jessop and Paradeep Phosphate Ltd," disinvestment secretary Pradeep Baijal told reporters.
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Govt likely to allow FDI in retail
New Delhi: The government proposes to enhance sectoral caps on foreign direct investment, set up legal framework for speedy clearance of infrastructure and SEZ projects and open up retail, real estate and plantation sectors.

Some of these proposals, now being examined by the high powered steering committee on FDI headed by planning commission member N K Singh, may be announced in the forthcoming budget.

India ranked 126th out of 150 countries in the ratio of FDI to total investment. FDI as a percentage of total investment in India is 2.1 per cent as against an average of 2.5-3.5 per cent for other countries.

With the approach paper having set a target of 8 billion FDI during the Tenth Plan period the committee was focussing on exports through SEZs and infrastructure to attain the said objective.
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Govt relaxes depository norms
New Delhi: The government has allowed conversion and reconversion of shares of Indian companies into depository receipts listed in foreign bourses (ADRs/GDRs), while extending tax incentives to non-resident investors.

The two-way conversion or fungibility of American and Global Depository Receipts (ADRs/GDRs) was allowed through an amendment in the Issue of Foreign Currency Convertible Bonds and Ordinary Shares (Through Depository Receipt Mechanism) Scheme of 1993.
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Telecom sector to grow at 20% in 2001-02
New Delhi: Telecom sector in India is poised to grow more than 20 per cent in terms of subscribers in the current fiscal.

Despite the slowdown, information technology sector has seen a growth of about 30 per cent. "In fact, we expect the telecom sector to grow more than 20 per cent in the current fiscal," Shyamal Ghosh, secretary, Department of Telecom (DoT) said while addressing an Asia-Pacific Telecommunity conference on bridging the digital divide here.
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A-I signs pact with Kuwait Airways
Mumbai: Air India has signed a code share agreement with Kuwait Airways for their thrice-a-week services between Kochi and Kuwait from 24 March.

The flights from Kochi to Kuwait would depart at 7.30 am while the flights from the Gulf country would leave at 11 pm.

A-I would continue to operate a weekly service from Kochi to Kuwait on Wednesdays and from Kuwait to Kochi on Wednesdays and Saturdays with its own Airbus 310 aircraft.

Air India currently operates direct flights with its own aircraft between Kochi and seven other stations in the Gulf (Abu Dhabi, Bahrain, Damman, Doha, Dubai, Kuwait and Muscat).

The national carrier would also continue to operate flights between Chennai/Thiruvananthapuram and Kuwait on a code share basis with Kuwait Airways.
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NIIT to develop software for Sebi
New Delhi: Securities and Exchange Board of India is planning to introduce a software that would provide all relevant information about a company, as part of efforts to facilitate investors and impart transparency to the market.

The regulator has asked NIIT to develop the software in line with EDGAR Online's software used in New York Stock Exchange.

EDGAR system displays all market relevant information, including the negative aspects of a company and is widely used by investors in US before taking an investment decision.

The effort is part of Sebi's efforts to impart transparency to the market and protect investors' interest and carry forward market reforms.
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Net link via powerline
Guwahati: The government of Assam has signed an agreement with the Hyderabad-based communications company, Apind Online Pvt Ltd for providing Internet and other facilities over the electricity grid.

Assam will be the first state in India to have Internet over power line, which would usher in an era of optimum use of IT.

Under the agreement, Apind would set up a PLUS (Power Line Ultimate System) modem manufacturing unit in six months in Guwahati for which the state government had already allotted land near the airport. Provision of power and other requirements of the plant would be made by the government, but it would not invest any funds in the project.

Apind Online Pvt Ltd will invest Rs 1,000 crore in the entire project.
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Bidding of oil exploration in offing
New Delhi: The third round of bidding under the new exploration licensing policy will be launched before the end of the current fiscal. About 25 new oil and gas exploration blocks are expected to be offered under this round.

A total of 47 blocks have been awarded in the last two years under NELP bidding.

The new round of NELP is important in view of the fact that 70 per cent of the country's crude oil requirement is met through imports. Last year, the country spent over Rs 80,000 crore on net imports of crude oil and petroleum products.

The demand for gas has been estimated to be about 390 million cubic metre per day by 2024-25 as against the present 120 million cubic metre per day, and the availability for sale being about 70 million cubic metre per day.
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TN nuke plant to get Russian equipment
Mumbai: The Nuclear Power Corporation of India has signed a contract with Atomstroyexport, Russia, for delivery of crucial equipment for the 2000 MW Kudankulam nuclear power station in Tamil Nadu.

The scope of the contract includes the main large-size equipment for the nuclear power station such as reactor facility, turbine plant and steam generator.

Erection and commissioning of these equipment will be carried out by Indian agencies with technical assistance and under the design supervision of Russian experts.
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