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LIC pays to GovtMUMBAI: G Krishnamurthy, chairman, Life Insurance Corporation of India LIC, has handed over cheques worth Rs 235.70 cro...

LIC pays to Govt

MUMBAI: G Krishnamurthy, chairman, Life Insurance Corporation of India LIC, has handed over cheques worth Rs 235.70 crore to Yashwant Sinha, Union Finance Minister, at a function organised in New Delhi recently to inaugurate the Metro Area Network and interactive voice response system for Delhi. The amount of Rs 235.70 crore includes 5 per cent of share of central government towards LIC8217;s valuation surplus generated as a result of the 28th actuarial valuation in respect of the life insurance business as also the valuation surplus on capital redemption including annuity certain business.

ZIP Telecom

MUMBAI: Zip Telecom Ltd has unveiled its unique pay phone business model in Mumbai, on the Hughes Ispat Ltd8217;s HIL network. A company-aided exclusive outlet located in Masjid area was inaugurated by Deepak Dutt, CFO of HIL. ZIP Telecom has brought one of the most advanced pay phone instruments and business model to India. It has already set up about 500 STD/ISDpay phone franchise locations across Mumbai, Navi Mumbai and Pune on the HIL Network.

Citibank

MUMBAI: Citibank has introduced a unique insurance benefit package which is now available for the first time in India for its Diners Club and Citibank Card members. Citibank8217;s new and powerful offering of household insurance and package insurance provided free with its cards is in addition to the existing benefits and features of Citibank cards and adds tremendous value for its customers.

Hind Organic

MUMBAI: Hindustan Organic Chemicals Ltd HOCL has commissioned its hydrogen peroxide concentration unit at Kochi well ahead of schedule. This unit will produce hydrogen peroxide with 50 per cent to 70 per cent concentration. With the production of concentrated hydrogen peroxide, HOCL will be able to meet the requirement of food and pharmaceutical industries. The main hydrogen peroxide project of HOCL was commissioned in June 1997, also before schedule.

IMCpresident

MUMBAI: Pradeep B Chinai has been elected without contest as President of the Indian Merchants8217; Chamber for 1999-2000. Anilkumar Ruia has been also elected as vice-president. Both the them will be assuming office after the annual general meeting of the chamber which is scheduled to be held sometime in the last week of April 1999.

IPCL plant

MUMBAI: The Indian Petrochemicals Corporation Ltd has commissioned its 1.6 lakh-tonnes-per annum of high-density polyethylene plant without any cost overrun at Dahej. The process plant was set up under license from Hoechst AG of Germany.

Hyundai India

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MUMBAI: Concerned over recessionary market conditions, Korean auto major Hyundai8217;S Indian arm announced its entry into direct retail sales and service operations in the capital to increase market share. To provide quality after-sales services, Hyundai has set up a company-owned showroom and workshop in Delhi to deal directly with its customers.

Govt8217;sWMA

MUMBAI: The centre8217;s recourse through the ways and means advances went up by Rs 912 crore to Rs 7,765 crore for the week ended March 12. This effectively means that the government is expected to make a market floatation any time as it has breached the 75 per cent limit of Rs 8,000 crore for ten consecutive days.