Briefly Business

Better than projected revenues from the spectrum auction for 3G services and Broadband Wireless Access (BWA) is likely to reduce the Centre's fiscal deficit....

Spectrum revenues to help cuty deficit

New Delhi: Better than projected revenues from the spectrum auction for 3G services and Broadband Wireless Access (BWA) is likely to reduce the Centre’s fiscal deficit to 4.47 per cent of the GDP during 2010-11 from an estimated 5.5 per cent and curtail its huge borrowings. Fiscal deficit and borrowings should definitely come down,unless the government goes for a spending spree on other things, Crisil Chief Economist D K Joshi told PTI here. Exceeding all hopes,the auction for spectrum ensured an inflow of Rs 106,336 crore to the government coffers,over three times the original estimate of Rs 35,000 crore from both the 3G and BWA spectrum auctions.

Tata Housing projects worth Rs 1,000 cr

Kolkata: The Tata Housing Development Company Ltd,a closely-held subsidiary of Tata Sons,today said that it will execute real estate projects worth Rs 1,000 crore across the country during the current financial year. The investment in real estate will be Rs 1,000 crore during this year, Tata Housing Managing Director and CEO Brotin Banerjee said here today,while announcing a luxury housing project spread over eight acres of land.

LIC nod soon to start biz in Singapore

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New Delhi: The country’s largest insurer,Life Insurance Corporation,today said it is expecting a favourable decision from the Singapore authorities to enter the insurance business in the island state. LIC had asked for permission to set up a subsidiary. The process is going on (regulatory clearance), LIC Managing Director A K Dasgupta told PTI.

C S Verma is the new SAIL chief

New Delhi: Chandra Shekhar Verma today took over as the chairman of the country’s leading public sector firm Steel Authority of India (SAIL). Verma,who held the post of Director (Finance) with the state-run engineering and manufacturing utility,Bharat Heavy Electricals Ltd (BHEL),succeeds outgoing SAIL Chairman,SK Roongta who retired last month. Earlier SAIL’s Director (Finance),Soiles Bhattacharya,had taken over from Roongta as the interim chairman on June 1 pending clearance of Verma’s name by the Appointments Committee of the Cabinet (ACC).

Jyoti to raise 100-crore via PEs,debt

MUMBAI: Vadodara-based Jyoti Ltd plans to raise Rs 100-crore through private equity investors as well as debt for its expansion plan. We plans to raise Rs 70-crore through debt from a consortium of banks and around Rs 30-crore through private equities as we are working with private equity fund and investment bankers to raise the fund. We are in advanced talks with investment bankers and hopeful of closing the deal in six-months,CMD Rahul Amin said.