Finance minister Yashwant Sinha announced the lifting of the Rs 2 lakh ceiling in government of India Relief Bonds for all retiring employees and indicated that other budget proposals would be reviewed as well.
Franklin Templeton Investments has agreed to acquire 100 per cent in Pioneer ITI AMC for $50-55 mn, subject to the outcome of a detailed due diligence exercise.
Reserve Bank of India governor Bimal Jalan said the economy would grow 6-6.5 per cent in 2002-03 and about seven per cent in the medium term.
More From This Section
The $2.9 bn plant of Dabhol Power Co has gone into court receivership. Ruling this, the Bombay High Court has also restrained the company from either being part of any bankruptcy proceedings outside India.
Andersen and KPMG have begun preliminary discussions to merge their Indian operations. Both firms have around 900 professionals each in India.
Indian Oil Corporation, the country's largest refiner, is examining the option of merging its subsidiaries, Bongaigaon Refineries and Chennai Petroleum. Share prices of both companies have already been rising in anticipation of such a move.
Internet service providers will be permitted to offer Internet telephony -- within their service areas -- when the services become operational from April 1, 2002.
Manufacturers belonging to the Indian Cellular Association announced an 8-10 per cent cut in the prices of mobile handsets, allowing prices slide between Rs 500 and Rs 1500 for the most popular models.