Su gar exports to be banned

The Government has decided to ban sugar exports following the estimated one million tonne drop in output this season and the sharp depletion in levy sugar stocks. Official sources said that the Agricultural Products Export Development Authority (APEDA) will soon be directed to stop export registration. Prior to decanalisation, the Union Cabinet had approved a quantitative ceiling of 10 lakh tonnes for sugar export which was valid up to September 30. With actual exports touching five lakh tonnes, the balance five lakh tonnes’ authorisation stands unutilised.

VSNL divestment put on hold

The Government has decided to put on hold the launch of its first public disinvestment in the Videsh Sanchar Nigam Ltd (VSNL) due to the slide in the price of the company’s scrip and the time lag involved in splitting the face value of the shares from Rs. 100 to Rs. 10. The offering may now be launched either towards the end of the year or early next year, officials indicated. VSNL had initially thought of launching the flotation in September with the aim of having a wide-spread retail investor base.

Exxon arm proposes fully-owned company

Esso Mauritius Overseas Pvt. Ltd, an affiliate of the $135-billion Exxon Corporation of the US, has put in a proposal to set up a wholly-owned holding and operating company in India. The new company ‘Esso India’, to be set up with a minimum authorised capital of $150 millions (Rs. 540 crores approximately), would further invest in operating divisions in India, while also acting as a vehicle through which Esso Mauritius could invest in subsidiaries or joint venture companies for downstream petroleum activities here, sources told Business Line.

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