November 9, 1995

PSU disinvestment fetches only Rs. 168.62 cr.

Targeted to mop up Rs. 7,000 crores in the current fiscal through disinvestment of equity of 14 Central public sector undertakings (PSUs), the Government has managed to garner a measly Rs. 168.62 crores from the sale of 1.53-crore shares of four PSUs. The Government had invited tenders for the sale of equity shares of Container Corporation of India (Concor), Mahanagar Telephone Nigam Limited (MTNL), Oil and Natural Gas Corporation (ONGC) and Steel Authority of India Limited (SAIL).

ITC nominee directors ‘may be replaced’

BAT Industries, the single largest stakeholder in ITC Ltd, has launched the final phase of ‘Operation Battalion’, a worldwide internal management reorganisation of its tobacco businesses, which at present account for 64 per cent of the group’s overall turnover. Highly-placed corporate sources say that a replacement of the present nominee directors in ITC cannot be ruled out. Michael Predeaux, Director in charge of Group Public Affairs, said a new board comprising five regional directors and some functional directors had been formed.

GDP registers 6.2% growth in 1994-95

The GDP for 1994-95, at factor cost at constant 1980-81 prices, is now estimated at Rs. 2,47,489 crores against Rs. 2,45,306 crores estimated earlier, representing a jump from 5.3 to 6.2 per cent in the growth rate. The estimates have been revised incorporating the latest estimates of agricultural production and index of industrial production for the whole year, which became available subsequently.

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