IDBI broaches joint funding with SBI

The Industrial Development Bank of India (IDBI) is thinking of entering into a business relationship with State Bank of India (SBI) initially for joint funding of infrastructure projects. Mr. G.P. Gupta, Chairman and Managing Director, IDBI, said, "IDBI has broached the issue of joint funding with SBI for infrastructure. There will be no formal tie-up or memorandum of understanding." To a query whether the move could be a prelude to a merger between the two strongest financial entities in the system, Mr. Gupta said. "a merger is ruled out at present with any bank including SBI at this stage."

Rail freight rates cut for select iron, steel products

Rail freight rates of select iron and steel products have been slashed by four to eight per cent to check diversion of traffic to roadways. The reduction comes on top of the tariff rebate granted to iron and steel during fiscal 1997- 98. Official sources said the Railway Ministry has lowered the tariff for sponge iron by nearly six per cent. The cut has been effected through a reduction in the existing classification. Similarly, the freight rate for hot bricketed iron too has been reduced by nearly eight per cent.

M.S. Oberoi turns 100

Rai Bahadur Mohan Singh Oberoi, the pioneering hotelier and industrialist and founder of the Oberoi group, celebrates his 100th birthday on Saturday, coinciding with the 51st anniversary of the country's Independence. The boy from Bhaun, a small dusty hamlet in present day Pakistan, went on to be India's most "exclusive hotelier" as he was called by none other than the late J.R.D Tata. Mr. Oberoi was among the first to demonstrate that tourism is an industry of the future.

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