Auto cos get FIPB green signal for new models
New Delhi: The Foreign Investment Promotion Board (FIPB) has given a slew of approvals for international automobile majors such as Toyota, Honda and Hyundai and domestic Hindustan Motors to expand their operations and introduce more models.

Hindustan Motors Ltd has secured FIPB clearance for launching its `Lancer' with a more powerful and compact 1.8-litre engine provided by Japan's Mitsubishi Motors Corp. Hindustan Motors had sought to pay a lumpsum technical know-how fee of 12.70 million yen to its Japanese partner and five per cent as royalty payment for parts and components that do not form part of their technical pact.

Hyundai Motor India Ltd has also received approval for its omnibus plan to seek a one-time permission for a whole range of vehicles.

The permission has been granted for vehicles including the Elantra, Tuscani, Tiburon, Lavita, Matrix, Trajet, Santa Fe, Terracan, Grandeur XG, Getz and Carens and various engine options in them.

Toyota Kirloskar Motor has been granted approval to launch a new variant of the Qualis. The new product, `571 N Qualis' is tentatively scheduled to be launched in the market during September-October 2002.

Honda Siel Cars was granted approval to import in bulk quantity spare parts required for individually imported Honda cars in India.
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Finance ministry to repeal UTI Act
New Delhi: The finance ministry has decided to repeal the Unit Trust of India (UTI) Act and corporatise the mutual fund behemoth.

The Malegam Committee had recommended that the Act should be repealed.

In the new avatar, the trust would be converted into a company and would be Securities and Exchange Board of India (Sebi) compliant.

UTI would have a three-tier structure with a trustee company, a sponsoring company and an asset management company (AMC) after the revamp.
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