march 2, 1995

Steel at world prices for exporters

The Commerce Ministry today announced an alternative for the International Price Reimbursement Scheme (IPRS) which was abolished on April 1, 1994. The new Engineering Products Export (Replenishment of Iron and Steel Intermediates) Scheme is aimed at making iron and steel available to engineering exporters at near international rates. In return, steel producers will get Value Based Advance Intermediate Licences with which they can import raw material. This licence will be of use to steel units as they can import high-calorific value coal and other items such as fuel oils.

Ashok Leyland may tie up with Renault

Ashok Leyland is considering a tie-up with Renault of France for a car project. Both parties have apparently “sewn up” all formalities for the venture. It was speculated that Fiat would be the partner, but the Italian automaker has tied-up with Premier Automobiles for the Uno model, scheduled to hit the roads next January. It is believed that Renault's Twingo model is the favourite choice for the project, likely to be set up at Hosur where the company makes heavy commercial vehicles.

Audit of private oilfields planned

The Petroleum and Natural Gas Ministry, wary after the Pasarlapudi blowout, has decided to conduct operations audit of the small fields being developed by the private sector. Contracts to develop discovered small field were firmed up recently and operations at acreages are expected to commence soon. Though almost all private consortiums awarded the contracts include at least one experienced operator, the Ministry is not taking chances and plans to keep an eye on the operations.

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