The Government has decided to permit the private sector to set up air cargo complexes to ensure smoother movement of export cargo dispatched by air. Location of such facilities outside airports will also be allowed as part of the first ever Government policy on air cargo complexes, expected to be announced soon. Once the policy is announced, the enabling provisions for establishment of more than one air cargo complex to route exports through a particular airport will be in place.

L&T to raise Rs. 500 cr. from debt market

Larsen & Toubro (L&T) is tapping the debt market by offering four bond options to raise Rs. 500 crores. The proceeds of the issue will fund the construction of the 1.75-million tonne cement plant at Tadpatri, Andhra Pradesh. L&T is using a variant of the book-building method for collecting the book-building portion between Rs. 350 crores and Rs. 375 crores of the total issue. Though in a proper book-building, price is flexible and negotiable, it is not so in the L&T issue as the yield or the interest rate on the bonds is fixed.

7 groups to explore insurance revamp

The Insurance Regulatory Authority (IRA) has constituted seven working groups to review and recommend changes in the existing administrative and legal framework on critical insurance-related areas. The groups will have to submit their reports by the August 31 deadline set by the apex insurance authority. The seven areas being subjected to intensive study relate to intermediaries, accounting, investments, technical issues, new products, customer protection and law and drafting.

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