Bizbits

LONDON: British Aerospace and Daimler Benz Aerospace of Germany are planning to merge early next year to create a giant pan-European defence contractor, The Financial Times reported on Monday. After a year of negotiations, a big merger of British Aerospace, Daimler-Benz Aero and Aerospatiale of France seems unlikely, the report added. However, there would be aninvitation to Aerospatiale to be represented on its board.

Steel secretary pressure on IDBI

NEW DELHI: Steel secretary Ashok Basu has written to Industrial Development Bank of India IDBI chairman G P Gupta seeking the support of financial institutions in completing projects that have suffered cost overruns. The missive specifically requests IDBI to reschedule term loans and substitute external commercial borrowings with domestic funds, wherever possible. quot;Let there be conditions, if necessary,quot; said a ministry official.