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Atlas Copco in revamp drive
In a major restructuring exercise, the compressor manufacturer Atlas Copco India has decided to stop manufacturing and to restrict itself to assembling compressors in India. It has put up its screw-cutting plant at Chakan for sale. The company’s new game-plan to become globally competitive includes switching to packaging of compressors made from imported core elements, developing its construction and mining techniques division as a global sourcing centre for its principals, entering new segments and pruning workforce.
RBI to divest stake in STCI to below 50%
The Reserve Bank of India will divest its stake in Securities Trading Corporation of India to below 50 per cent, according to Dr. Y. V. Reddy, Deputy Governor, RBI. Speaking at a seminar on ‘The future of India’s debt market — 1997’, Dr. Reddy said RBI had agreed in principle to divest its stake in STCI to less than 50 per cent on the lines of the divestment in Discount & Finance House of India Ltd (DFHI). RBI currently holds a 10.5 per cent stake in DFHI. Speaking on the primary debt market, Dr. Reddy said the lack of market clearing yields at primary auctions of Government debt was a significant factor slowing down the development of the secondary market.
Deadline for licence fee payment extended
The Government has extended the last date for the payment of the first year’s licence fee for basic telephone service operators, Tata Teleservices Ltd (Andhra Pradesh circle) and Essar Commvision Ltd (Punjab circle) up to October 31, and for Hughes Ispat Ltd( Karnataka circle ) till November 30. An official statement issued by the Government on Thursday said the effective date of licence i.e September 30, remained unchanged.
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