Briefly Business

The Supreme Court on Thursday issued notices to the government and National Highways Authority of India (NHAI) over a dispute on the tendering process and award of contract for a Rs 567 crore project....

Written by Express News Service | Published:August 20, 2010 1:13 am

SC issues notices to Centre,NHAI

New Delhi: The Supreme Court on Thursday issued notices to the government and National Highways Authority of India (NHAI) over a dispute on the tendering process and award of contract for a Rs 567 crore project for four-laning of the Nagpur-Edlabad section of NH 6. A bench comprising Justice Altamas Kabir and Justice A K Patnaik also stayed the construction of a high-level bridge on the Pingalai river under the project.

GPPL plans to raise Rs 500 cr from IPO

Ahmedabad: Integrated port developer and operator Gujarat Pipavav Port Ltd (GPPL) on Thursday said it plans raise close to Rs 500 crore from its public issue,which opens on August 23. “The issue proceeds shall be used for repayment of Rs 300 crore loan,besides for development of rail infrastructure,yards and roads,” GPPL’s Managing Director,Prakash Tulsiani said.

Bharat Petroleum CMD takes charge

MUMBAI: S Radhakrishnan has assumed additional charge of Chairman and Managing Director of Bharat Petroleum Corp Ltd (BPCL),the nation’s second largest state refiner. A mechanical engineer from IIT,Chennai and MBA from IIM,Bangalore,Radhakrishnan,59,has been Director (Marketing) in BPCL since November 2002.

BILT to acquire Premier Tissues

New Delhi: Paper-maker BILT on Thursday said it will fully acquire Bangalore-based Premier Tissues India for a consideration of Rs 76.52 crore,a deal that will make it the largest player in the domestic tissue paper market.The acquisition is likely to be completed by the end of this year,following which Ballarpur Industries Ltd (BILT) will take over the operations and management of Premier Tissues,the company said in a statement.

CBDT,FIU to trade black money info

New Delhi: The Central Board of Direct Taxes (CBDT) and the Financial Intelligence Unit (India),under the Finance Ministry on Thursday signed a pact to exchange information on illegal money parked overseas,among other things. The Memorandum of Understanding (MoU) assumes importance since India recently became a full-fledged member of the Financial Action Task Force (FATF),an inter-governmental body,which will enable FIU (IND) to get information from member countries on money laundering.

Tata Steel plans park in Orissa

Bhubaneswar: Tata Steel on Thursday said it will invest Rs 1,000 core to set up a mega industrial park on 3,200 acres of land acquired for a steel mill in Orissa. Tata’s announcement comes as a fresh lease of air for the state as two big ticket investments by — Posco and Vedanta — in Orissa have run into rough weather within a span of past 15 days. “Tata Steel as tenant anchor of the proposed industrial park will invest Rs 1,000 crore in the project,” Tata Steel managing director H M Nerukar told reporters after a meeting with Chief Minister Naveen Patnaik.

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