Briefly Business

Amid UPA Chief Sonia Gandhi voicing concern over land acquisition norms,a Group of Ministers (GoM) will meet this week to take a view on the new mining bill

Ministerial panel to meet on mining bill

New Delhi: Amid UPA Chief Sonia Gandhi voicing concern over land acquisition norms,a Group of Ministers (GoM) will meet this week to take a view on the new mining bill,which seeks that miners share 26 per cent of profits with those affected by the project. The GoM will meet on September 17 and is likely to take a final decision on the bill.

IDBI Federal Life Ins launches new plan

Mumbai: IDBI Federal Life Insurance on Monday announced the launch of its group cover for loans Loansurance Group Life Plan a solution that would enable customers to help protect their borrowers assets and savings. Customers of the plan will get to cover their borrowers,be it a loan taken by any individual or by a business entity,against default in case of death of the person who is responsible for loan repayment,a press release issued here stated.

MSME sector gets $11.3 mn for energy

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New Delhi: The Finance Ministry on Monday signed a tripartite deal with the World Bank and the Small Industries Development Bank of India (Sidbi) to promote energy efficiency in micro,small and medium enterprises. The project,expected to be completed by December 31,2014,is proposed to be implemented through Global Environment Facility (GEF) grant of $11.3 million,the Finance Ministry said.

Volkswagen launches new Polo variant

New Delhi: Premium car maker Volkswagen on Monday said it has launched a new petrol variant of its small car Polo,priced at Rs 6.16 lakh (ex-showroom,Delhi). “With the introduction of this variant,the Polo becomes even more exciting for our customers as it becomes more powerful and fun to drive,” Volkswagen Group Sales India Board Member Neeraj Garg said in a statement.

Mobile banks to cover every village in 5 yrs

Varanasi: Reserve Bank of India Deputy Governor K C Chakrabarty has said that there is plan to cover all the villages through mobile banks by 2015. Every villager would be financially included in the next 5 years,Chakrabarty told reporters yesterday. Mobile bank is a facility under which vehicle authorised by a particular bank with officials reaches a particular village on specified time. The vehicle with bank official or authorised person provides limited services.

Shriram Group,TPG to buy Vishal Retail

New Delhi: Beleaguered discount chain Vishal Retail on Monday said it would sell its retail trading business to Chennai-based Shriram Group,and the wholesale division to the private equity firm TPG,for a combined value of Rs 100 crore. The sale,however,does not include the firms properties in Hubli,Kolkata,Dehradun and Jabalpur,Vishal Retail said in a statement to the stock exchanges. The company board has decided to conduct a postal ballot to seek shareholder approval for the deal.