Bizbits

Mahanagar Gas

MUMBAI: Mahanagar Gas Ltd MGL, a joint venture company of Gas Authority of India Ltd GAIL and British Gas Plc U K BG, has received an advance of Rs 44.16 lakh as initial contribution of the Government of Maharashtra GOM to the equity capital of the company. This is as per the approval received from the foreign investment promotion board FIPB wherein the government is required to contribute to the equity capital of the joint venture company, besides the share of GAIL, BG and the public.Presently, both BG and GAIL have equal equity shareholding. However, after the public flotations, their equity share will be 35 per cent. The rest will be shared by the public and GOM.

Rallis India

MUMBAI: The directors of Rallis India have recommended a dividend of 50 per cent for the year ended March 1998. The net sales during the year amounted to Rs 1206.12 crore Rs 1162.59 crore and it earned a gross profit of Rs 38.25 crore Rs 29.72 crore. The net profit was, however, maintained at Rs 23.03 crore against Rs 22.80 crore last year.

Mustard oil curbs

NEW DELHI: The government has restricted the use of indigenous expeller mustard/rapeseed oil in the manufacture of vanaspati, upto ten per cent with effect from June 15. This step has been taken as a measure to stabilise the edible oilprices at a reasonable level, an official release said today.