Briefly Business

Public-sector lender Punjab National Bank on Tuesday said it will buy a majority stake in Kazakhstan-based Dana Bank...

PNB to buy 64 pc stake in Dana Bank

CHANDIGARH: Public-sector lender Punjab National Bank on Tuesday said it will buy a majority stake in Kazakhstan-based Dana Bank this fiscal for a consideration of around Rs 93 crore. We hope that total outlay involved in buying the 63.64 per cent stake in Dana Bank will be about $18-20 million … and we hope the bank (Dana) will come into PNBs fold by March 31,2010, PNB executive director Nagesh Pydah said.

Airtel per second plan for US customers

NEW DELHI: Telecom major Bharti Airtel on Tuesday announced the pay-per-second plan on its virtual calling card service,Airtel CallHome,for its customers in the US. Airtel CallHome has so far been available in the UK,Canada and Singapore. With this,Bharti Airtel becomes the first to offer pay per second plans for the US to India calling card market, Airtel said.

Bank of India cuts deposit rates

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MUMBAI: Public sector lender Bank of India on Tuesday reduced deposit rates in select maturities by 0.25 per cent with effect from November 27. Deposits having a maturity of 180-269 days will now offer 5.75 per cent interest to depositors as against six per cent earlier,a press release said. Similarly,deposits under 270-364 days maturity bucket,will offer six per cent as compared to 6.25 per cent earlier,the bank said.

Essar Oil to enter ATF marketing in 9 months

MUMBAI: Essar group company,Essar Oil,is planning to enter aviation turbine fuel (ATF) marketing in the next six-nine months,a senior company official said. Essar Oil has also obtained licences to set up refueling stations in Ahmedabad,Rajkot,Udaipur and Jaipur,he said. We will start selling ATF in Gujarat and Rajasthan in the next 6-9-months. Presently,we have a refueling station in Jamnagar for our captive use,but in future,it will also be used for commercial purposes, CEO S Thangapandian said.

Electric Indica likely by early 2011

NEW DELHI: Tata Motors on Tuesday said it could launch an electric version of its flagship passenger car Indica in the domestic market simultaneously with its European launch,in early 2011. The company will start a feasibility study by next year for introducing the product in the domestic market. It (the electric Indica) will be available for launching in the country simultaneously with the global launch, managing director (India operation) Prakash M Telang said.

AAI raised Rs 380 cr; no change in fares

NEW DELHI: The Airports Authority of India raised Rs 380 crores till September this year through short loans for funding various development projects but the borrowings will not lead to increase in passenger fares. The AAI has proposed to raise Rs 2,000 crore to meet its requirement of funds, civil aviation minister Praful Patel said.