Bizbits

Canadian co to fund ModiLuft8217;s revival

NEW YORK: Modiluft seems to be staging a comeback. The SK Modi-owned airline has reached an agreement with a Canadian firm to fund its relaunch under the banner of Royal Airways. According to Modi, the Vancouver-based Verus Group of Companies would raise 35 million. quot;The financing is expected to be completed by April 30,quot; Modi said, quot;and we expect the airline to be operational by the end of June.quot;

Sebi raps Annapurna Industrial

MUMBAI: Sebi has found the acquisition of 48.47 per cent ofthe capital of Annapurna Industrial Resources by Iqbal Singh Anand and Prithipal Singh Anand in 1996, violative of the takeover code. Sebi also found that there was a delay in payment of consideration to shareholders who had accepted the offer. Sebi has directed the acquirers to pay such shareholders interest of 15 per cent on the consideration paid for the delayed period.

Owens commissions Taloja plant

MUMBAI: Owens Corning India, in which the 5 billion US giant Owen Corning holds a 50 per cent stake, has commissioned its greenfield facility at Taloja to manufacture glass fibre reinforcements. The company hopes to generate revenues of around 55 million in the first year itself. The facility has been set up with a total investment of 110 million. In fact, India figures prominently in Owens Corning8217;s global plans. quot;The Indian plant is one of the two manufacturing facilities in Asia where the company has made major investments, with the other being in Korea,quot; Owens Corning chairman and CEO GlenH Hiner said. quot;The way to grow the market and build our position in India is two pronged: local development and development of infrastructure,quot; said Hiner. As part of its efforts to develop the Indian market, the company has set up a market development centre in Bangalore. The Indian market, currently estimated at around 10,000 tonne, is expected to grow at 20-30 per cent per annum. The Taloja project, which has an initial capacity of 30,000 tonne per annum, is expected to achieve 90 per cent capacity utilisation by May next year.

Gold, silver prices decline further

MUMBAI: Gold declined further steeply and silver remained weak on the bullion market today due to fall in the international prices. Standard gold declined sharply by Rs 20 to end at Rs 4305 from the previous close of Rs 4325. 22-carat gold was nominally quoted lower at Rs 3980 as against the last level of Rs 4000, while ten-tola gold bar .999 fell by Rs 100 and closed at Rs 50,550 as compared to the last close of Rs 50,650. Readysilver .999 and tenderable silver declined by Rs 55 each to end at Rs 7600 and Rs 7605. Raw silver .916 fell by Rs 45 to close at Rs 7485 from Rs 7530.