ILFS, DLF make big ticket investments in Gujarat
Ahmedabad: The Gujarat government received total investment commitments of Rs2,05,000 crore ($46.62 billion) through 312 memorandums of understanding (MoUs) on the concluding day of Vibrant Gujarat Urban Summit 2007 today.
ILFS and DLF made the biggest commitments of Rs50,000 crore and Rs30,000 crore, respectively.

ILFS will fund various developers for townships and infrastructure projects and is also pondering a real estate foray through joint ventures with developers.

DLF will develop three integrated townships in three cities.

A total 106 MoUs were signed for township projects with an investment of Rs80,995, 143 MoUs worth Rs1,14,481 crore in the infrastructure sector, while 63 MoUs were signed in the commercial sector with a total investment of Rs9,684 crore.
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ICICI Pru tops private insurers by issuing 1.1 million policies
Visakhapatnam: ICICI Prudential Life Insurance issued over 1.1 mn policies during the initial three quarters of the current financial year.

Anup Rau, vice-president, said that during the first nine months the company could garner Rs2,722 crore in new premium and issued over 1.1 million policies. Further, 300 more branches had been added during the period, taking the total to 470. He said the company had grabbed 9 per cent of the overall life insurance market, with LIC being the dominant player. The company has 29 per cent share among private insurers.
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PNB launches new scheme for farmers
New Delhi: Punjab National Bank (PNB) has launched a new scheme under the name of `PNB Sampurn Rin Yojana' to supplement farmers' incomes.

Under the scheme, farmers are provided with credit for meeting expenditure on growing crops, rearing animals and for purchase of farm assets like tractors, pump sets and farm equipment. Besides, loans are also provided for non-farm sector activities like processing, storage, post-harvest technology.

Farmers who are owner-cultivators, tenants, lessee or allottee farmer with recorded occupancy rights or farmers with ancestral/perpetual rights of cultivation are eligible for loan either individually or in groups under this scheme. A PNB release said that need-based credit would be provided to the farmers in the form of cash credit, term loan, overdraft and composite loans.
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Forex reserves up $5 billion to $185 billion
Mumbai: Foreign exchange reserves rose $5.031 billion to $185.078 billion for the week ended February 9 while foreign currency assets increased $5.119 billion to $178.084 billion, according to the weekly supplement released by the Reserve Bank of India.

While gold reserves remained steady at $6.529 billion, SDRs declined $8 million to $2 million. The Reserve Tranche Position with the IMF dropped $80 million to $463 million.
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