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Journalism of Courage
Ambani in Power 508242; list
MUMBAI: Dhirubhai Ambani, chairman of Reliance Industries Limited RIL, is the only Indian industrialist listed among Asia8217;s 50 most powerful people in the forthcoming issue of the Asiaweek magazine. Explaining the inclusion of Ambani in the 8220;Power 508221;, the magazine May 29 issue said, 8220;Despite an economic downturn, his Reliance group has consolidated its status as the best profit earner in India and with three million shareholders has done much to sustain the Bombay stock market,8221; according to a release here today.
Sixtysix-year-old Ambani is one of the 12 tycoons to feature in the 1998 list. The other businessmen include the co-chief executive of Sony Corporation, the president of Toyota Motor Corporation, the chairman of the News Corp Australia, the chairman of Samsung group of South Korea and the Daewoo group chairman. The list ranks Michel Camdessus, managing director of IMF, as the number one because 8220;he is presiding over the U S dollar 100 billion rescueand reform in Asia.8221; The other prominent non-Asian to feature in the list is billionaire financier George Soros.
SAIL for increasing equity
NEW DELHI: Steel Authority of India Ltd SAIL chief executive Arvind Pande has asked the government to increase SAIL8217;s equity by 125 per cent through conversion of its Rs 5000 crore loan from the Steel Development Fund SDF. In addition Pande has sought central intervention for identical tax benefits for the state owned undertakings as are being given by states to private producers.
