ICICI Ltd has decided to ask the promoters of all troubled steel firms to put on hold their investments in other sectors. The decision has been taken to ensure that the promoters first stabilised their existing operations, rather than embark on projects in other areas. The financial institution, which has lent significant sums to units in the industry, has also decided against providing any further assistance to those it believes are unviable. ICICI confirmed it will go ahead with the decision even if it meant writing off the entire loans to these companies.

Rs 764-cr shortfall likely in telecom licence fee receipts

With none of the private basic operators coughing up their second-year licence fees on September 30, the Government is likely to face a Rs. 764-crore shortfall in telecom licence fee receipts during the current fiscal. This is over 25 per cent of the total budgeted licence receipts of Rs. 2.800 crores for 1998-99. The Department of Telecommunications said that five companies — Tata Tele-services, Reliance Telecom, Bharti Telenet, Essar Comvission and Hughes Ispat — had requested a one-year deferment by changing the effective date of their licences to September 30, 1998.

Centre plans changes in oil exploration policy

The Centre proposes to carry out certain modifications in the system of offering blocks for exploration to private parties to bring about more flexibility in the overall process. The new system proposes to do away with the concept of offering blocks for exploration. Instead, a broad area would be offered and the interested party would have the option of negotiating with the authorities concerned the exact area for carrying out exploration.

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