september 29, 1994

HMT is raising Rs. 100 crore through private placement of bonds. This sum will be used primarily for replacement of high-cost debt piled up by the company in the last few years. The Credit Capital Finance Corporation, which has been entrusted this task, has already raised Rs. 80 crore for the company, according to HMT Chairman and Managing Director, Mr P. C. Neogy. Credit Capital has also been entrusted the task of finding a suitable joint venture partner for the ailing lamps division of HMT.

‘Growth in exports phenomenal’

Exports of agricultural products, including vegetables, fruits and flowers, is expected to be Rs. 3,360 crore by the year end, up from Rs. 2,800 crore for the year ending March 1994. Mr Gokuli Patnaik, chairman, Agricultural and Processed Food Products Export Development Authority, told Business Line that growth in exports and had been “phenomenal” during last year. “It was 34 per cent and it has never happened since APDA was formed. This year we are starting with a larger base and we have targetted a 20 per cent growth,” he added.

No fresh plague cases in Surat

The pneumonic plague epidemic showed signs of coming under control with no fresh deaths reported on Tuesday from Surat district, where nearly seven lakh people had fled since its outbreak. Meanwhile, suspected cases of pneumonic plague were reported in Madhya Pradesh, Rajasthan and Delhi. Russia has sent 2200 anti-plague vaccines to India and it is expected to supply another 5000 vaccines. In Gujarat, the plague had taken a toll of 46 lives, most of them in Surat, during the last five days.

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