Briefly Business

Govt to sanction Rs 2,000 cr infusion for few banks

new delhi: The government has decided to sanction Rs 2,000 crore to some public sector banks as part of its recapitalisation drive. We are in the process of sanctioning Rs 2,000 crore to a few public sector banks,but the disbursement would take place at later date, official sources said.

India-South Africa CEOs forum to be held today

New Delhi: Commerce and Industry Minister Anand Sharma and his South African counterpart Rob Davies will interact with leading corporate bigwigs of the two countries at the second India-South Africa CEOs Forum being held here today.

RBI to issue guidelines for Basel III implementation

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mumbai: The RBI has said Indian banks will adhere to the globally agreed timeline for implementation of Basel III norms and guidelines in this regard will be issued in the near future.

AIIEA asks Centre to withdraw LIC Amend Bill

Madurai: The All-India Insurance Employees Association has asked the Centre to withdraw the proposed LIC Amendment Bill and Insurance Law Bill,failing which it would go on agitation.

ONGC to start production from KG basin next month

New Delhi: Oil and Natural Gas Corp is likely to start oil and gas production from Krishna-Godavari basin field GS-15,off the Andhra coast from from September,and plans to initiate production from its G-1 marginal field in the KG Basin from July,2012.

CAG censures PFC IPO citing lower price

new delhi: CAG has criticised state-owned PFC for fixing lower price band for the Rs 1,000 crore IPO in 2007,and said the subsidiaries of the issues lead managers made about Rs 11 crore profit by selling the companys shares soon after the listing.

Fieo urges RBI to open forex loans for exporters

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mumbai: The Federation of Indian Export Organisations has asked RBI to open a Libor-linked forex loan facility for exporters to help them overcome fund crunch.

Green panel recommends clearance to SAIL,MOIL JV

new delhi: A proposed ferro alloys joint venture between SAIL and MOIL in Chhattisgarh worth an estimated Rs 400 crore has been recommended for clearance by a green panel,but with certain riders.

CAG indicts former HSCL CMD for R16 cr loss

new delhi: CAG has indicted a former Hindustan Steelworks Construction CMD for arbitrarily forming a Rs 105 crore joint venture with Sricon Infra,which caused a Rs 16.64 crore loss to the company.