A host of State Government industrial undertakings will shortly unveil plans to tap the domestic debt market to raise funds. States will compete among themselves to raise funds with credit rating playing a crucial role. The first offering is of the Industrial Promotion Corporation of Orissa (IPICOL). It opened on Thursday and has received an excellent response with several investors picking up the paper which offers a coupon of 15.5 per cent. On the second day, the issuers had received offers for Rs. 100 crores and now plan to close it on Monday after collecting another Rs. 30 crores.

Inmarsat to set up new affiliate

The International Maritime Satellite Organisation (Inmarsat) will set up a separate affiliate company to implement its global mobile satellite hand-held telephone project, Inmarsat-P. It is estimated to cost $2.6 billions. The organisation plans to raise $1.4 billions through equity from its 75 owners. In the first round, it expects to get $1 billion, of which Inmarsat’s share would be $150 millions, the Executive Vice-President, Mr. Jai P. Singh, told newspersons.

National power tariff board likely

A national power tariff board is likely to be set up soon. A proposal to this effect is currently under the Centre’s consideration and the scope of its functioning and responsibilities are being worked out. The proposed board, according to an official press release, will comprise experts holding the rank of secretaries or additional secretaries to the Union Government and are to be drawn from the technical, financial, administrative and managerial streams of the various government departments.

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