november 30, 1995

Foreign lenders agree to standstill deal with Dabhol

Foreign lenders, who have a combined exposure of $150 millions in the Enron power project, have agreed to sign a standstill agreement with the Dabhol Power Company. According to senior bankers, the overseas lenders, led by Bank of America, have already disbursed close to $130 millions to the power developer. The promoters of the project, Enron Development Corporation, had raised $150 millions through Bank of America and ABN Amro Bank, who have jointly syndicated the loan.

Reliance, 3 group co.s seek delisting from BSE

Reliance Industries Limited and three group companies have asked the BSE to delist their shares with effect from December 5. The Governing Board will meet on December 4 to take a decision. The group companies which have sought delisting are Reliance Capital, Reliance Petroleum, and Reliance Industrial Infrastructure. RIL got listed on the BSE in November 1977. BSE authorities feel RIL cannot take a unilateral decision to delist.

Ministerial group to settle wheat MSP issue

The Centre has constituted a Group of Ministers to sort out the issue of hiking the minimum support price of rabi wheat. The move follows the Finance Minister, Dr. Manmohan Singh’s stand against granting a hefty hike in the procurement prices on the grounds that it would fuel inflation. Sources said that Dr. Singh opposed the Agriculture Ministry’s proposal for effecting a hike of around Rs. 20 per quintal in wheat MSP at a Cabinet Committee on Economic Affairs meet. However, the Agriculture Minister, Dr. Balram Jakhar, has been pressing for a steep increase.

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