Business and Economy
Vijaya
Bank gets certification from BSI
Vijaya Bank’s
announced that its Risk Management Department has received ISO 27001
certification from
the British
Standards Institute. The public sector bank claimed that the bank’s department
is first among
Indian banks to
receive such certification.
NMDC,
IndusInd get into Nifty
NMDC Ltd. and
IndusInd Bank were included in the CNX Nifty index of the National Stock
Exchange (NSE),
replacing Wipro
and Siemens. Both companies were included as part of a re-balancing exercise.
Norms
set for insurance JV by CICs
The Reserve Bank
of India (RBI) said that any core investment company (CIC) registered with it
needs
minimum Rs.500
crore owned funds to set up a joint venture company for undertaking insurance
business.
Among other norms,
the RBI said that the level of net non-performing assets shall be not more than
1 per
cent of total
advances. Further, it should have registered net profit continuously for three
consecutive years,
and the track
record of the performance of the subsidiaries, if any, of the CIC concerned
should be
satisfactory. These
companies are required to maintain adjusted net worth which would be not less
than 30
per cent of
aggregate risk-weighted assets on balance sheet and risk adjusted value of
off-balance sheet
items. The RBI
said that no CIC would be allowed to conduct such business departmentally.
Further, an
NBFC (in its group
/ outside the group) would normally not be allowed to join an insurance company
on risk
participation
basis, and, hence, should not provide direct or indirect financial support to
the insurance
venture. The apex
bank said, CICs may be permitted to invest up to 100 per cent of the equity of
the
insurance company
either on a solo basis or in joint venture with other non-financial entities in
the group. In
case where a
foreign partner contributes 26 per cent of the equity, more than one CIC may be
allowed to
participate in the
equity of the insurance joint venture. CICs cannot enter insurance business as
agents and
companies that
wish to participate in insurance business as investors or on risk participation
basis will be
required to obtain
prior approval of the central bank.
L&T
wins EPC deal for Rajasthan supercritical power plant
Larsen &
Toubro (L&T) has bagged a complete engineering, procurement &
construction (EPC) order. The
company announced
that it had secured an order of Rs. 5,689 crore from the Rajasthan Rajya Vidyut
Utpadan Nigam for
setting up a 2 x 660 MW supercritical thermal power project on a complete EPC
basis.
Suzuki
Motor’s stake in Maruti up to 56.21 %
Japanese auto
major Suzuki Motor Corporation's stake in subsidiary Maruti Suzuki (MSI) has
increased to
56.21 per cent
post the merger of its engine and transmission maker Suzuki Powertrain with
India’s largest
car maker. Suzuki
Motor Corporation (SMC) has acquired additional 4.36 per cent in MSI taking its
stake to
56.21 per cent
from 54.21 per cent, according to a MSI filing to the BSE. As per the merger
agreement, the
swap ratio was
fixed at 1:70, which meant SMC received one share of MSI of Rs.5 each for every
70 shares
of Rs.10 each it
held in SPIL.
Prasad
to head Dr. Reddy’s Lab
Dr. Reddy’s
Laboratories announced the appointment of G. V. Prasad as its new Chairman and
Satish
Reddy as
Vice-Chairman.
GAIL
books capacity in U.S. LNG plant
GAIL (India) said it
had booked capacity at a proposed LNG production plant at Lusby in Maryland,
U.S. The
state-owned gas
utility planned to convert the shale gas into liquified natural gas (LNG) for
shipping to India.
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