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10 heavy industry PSUs await revival package
The Department of Heavy Industry (DHI) in the Ministry of Industry is hopeful of brighter days ahead with a clear picture emerging on the fate of 16 out of its 18 sick units that had been referred to the Board for Industrial and Financial Reconstruction (BIFR) till 1993. Within 18 months. the department has managed to get the packages for all the 18 sick PSUs discussed by the Group of Ministers, headed by the FM, Dr. Manmohan Singh, and has been able to obtain final decisions in respect of 16.
Manu's deal for Bhaskar Palace falls through
The deal struck by Shaw Wallace & Company (SWC) with Mr. Bhaskar Rao for acquisition of the latter's 35 per cent equity stake in Venkataramana Hotels Ltd (VHL) to gain control ever Bhaskar Palace, a five-star hotel in Hyderabad, has come a cropper. Acting on the advice of Industrial Finance Corporation of India (IFCI), Mr. Hao has turned down SWC's offer to acquire his equity stake in the hotel. Now, it is a total reversal of the situation, Mr. Rao himself had approached the SWC Chairman, Mr. M. R. Chhabria, with a proposal to sell his equity stake in Bhaskar Palace. Mr. Chhabria readily accepted the offer as he was keen on entering the hospitality sector.
DD, CNN sign $ 1.5-m. transponder deal
Doordarshan has entered a $ 1.5- million (Rs. 4.7 crores) deal with the Turner International (TI), which runs CNN, in a first-ever leasing of INSAT to bring the US-based 24-hour news channel to India. According to Mr. Bhaskar Pant, India president of TI, apart from the annual fee, the contract envisages exchange of programmes and inclusion of four-hour DD programmes on CNN's channel to be beamed through INSAT.
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