Briefly Business

Posco,ArcelorMittal may get idle land

New Delhi: The government is toying with the idea of allotting land lying idle with various non-functional state-run fertiliser and cement companies to ArcelorMittal and Posco which are facing problems in acquiring land for their proposed plants. The need of the hour is to identify free-land areas and compute it,put it on a website for the investors, steel secretary Atul Chaturvedi said.

PMEAC for 1 GST slab for goods,services

New Delhi: The Prime Ministers Economic Advisory Committee (PMEAC) has favoured a single slab each for goods and services or one common rate for both under the proposed goods and services tax (GST). The Centre could follow the pattern in which there is only one rate for goods and one rate for services,or one rate which is common to both goods and services, PMEAC chairman C Rangarajan said.

Reliance Retail plans 85 jewellery stores

Mumbai: Mukesh Ambani-led Reliance Retail Ltd plans to open 85 stores of its jewellery retailing business Reliance Jewels across India over the next three years. The multi-format retailer,which operates 15 Reliance Jewels outlets,has charted a road-map designed to give a greater focus on metros and larger towns.

OBC plans offices in Hong Kong,Africa

New Delhi: State-run Oriental Bank of Commerce plans to open more offices overseas,preferably in Hong Kong,as part its efforts to expand global footprint. The bank is in the process of seeking RBI permission for more overseas offices preferably in Hong Kong, OBC Executive Director S C Sinha said.

Citadel Broadcasting to file for bankruptcy

New York: Citadel Broadcasting Corp,the third-largest radio broadcaster in the US,is planning to file for bankruptcy as soon as Sunday,faced by a harsh advertising climate. Quoting people familiar with the matter,the Wall Street Journal said,Citadel Broadcasting Corp plans to file for bankruptcy as soon as Sunday.

Dr Reddys to launch Lipitor generic in US

Hyderabad: Drug maker Dr Reddys Laboratories plans to launch generic version of the worlds largest selling anti-cholesterol medicine Lipitor in the US market in the next 2-3 years. Lipitor has annual market sales of over $12 billion.