SIDBI DELINKING MAY BENEFIT IDBI BY OVER Rs1,500 CR
Article Abstract:
The Industrial Development Bank of India (IDBI) will benefit by more than Rs1,500 crore if it delinks the Small Industries Development Bank of India (Sidbi) and State Finance Corporations (SFCs) in its balance-sheet. IDBI holds Rs450 crore in the equity of Sidbi and Rs 430 crore in SFCs. It made a profit of Rs405 crore in 1997-98. Its earning per share was Rs9. The value of its scrip now is Rs55. If IDBI gets Rs30 per share from the Government of India or the Reserve Bank of India (RBI), it will still gain Rs1,350 crore from selling its 100 percent stake in Sidbi. The subsidiary will also have to buy from IDBI the Rs430 crore equity in the SFCs. IDBI will get Rs430 crore if the holding is transferred at par. IDBI will gain Rs1,780 crore from the 2 deals. (uh)
Comment:
To benefit by over Rs1,500 crore if it delinks Small Industries Development Bank and State Finance Corp in balance-sheet
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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VOLTAS, UNIT RIG BAG Rs671-Cr ORDER
Article Abstract:
Voltas Ltd and Unit Rig of the US have bagged a contract from Coal India for the supply of 160 Unit Rig Dump Trucks. Each truck has a capacity of 120 tonnes. Unit Rig is a division of Terex Corporation, a leading manufacturer of mining and lifting equipment. These trucks will be manufactured at Tulsa, Oklohama with a delivery period of 14 months. The total worth of the order is Rs671 crore and is being funded by the World Bank as a part of a $1.1 billion loan. Coal India has placed this order as part of its plans for increasing productivity by 2000 AD. The contract is on turnkey basis including erection and commissioning, supply of spares, training and technical support. (nr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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IDBI BAGS MANDATE FOR INDIA'S LARGEST PF
Article Abstract:
The Industrial Development Bank of India (IDBI) will be managing the investment portfolio of Coal India Ltd Provident Fund. It has secured the contract against competition from the Unit Trust of India. It will be managing the Rs12,000 crore fund for 3 years. IDBI will be getting a fee for the service. The fund was earlier being managed by the Bank of India. It has been transferred to IDBI with effect from April 1998. (ag)
Comment:
Will manage the investment portfolio of Coal India's Provident Fund, managing the Rs12,000 crore fund for 3 years
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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