NEW DELHI: The government today asserted it would go ahead with the issue of Rs 18,200 crore petro bonds by this financial year end to meet the oil pool deficit."We are working out the details in consultation with the petroleum ministry and it is our expectation that the oil bond process would be completed by the end of this financial year," Finance Secretary Montek Singh Ahuluwalia told reporters here. He, however, clarified that the Rs 14,700 crore raise in the corpus of the contingency fund through an ordinance last night did not reflect the amount required for the issue of petro bonds.This would be met by promulgation of another ordinance when the decision is taken for issue of the petro bonds. He did not indicate when a decision would be taken in this regard. "All I can say is the details are being worked out and that it could be January or February."ICRA ratingsMUMBAI: The non-convertible debentures (NCD) of Paam Pharmaceuticals (Delhi) Ltd (PPDL) has been downgraded by the Investment Information and Credit Rating Agency (ICRA) from `LA' to `LC' indicating substantial risk. The fixed deposit (FD) rating of the company has also been revised from MA to MC, which indicates a high default risk, an ICRA release said here today.The revised ratings take into consideration, PPDL's tight liquidity position due to the cost overrun in its Bhiwadi project and losses from operations in the first half of the current financial year.ICRA has also downgraded the FD rating of Usha Ispat ltd from MA to MB. Taking into account the 21 per cent decline in sales volume of pig iron and resulting fall in profitability, the revised rating indicates inadequate safety.Traxdata groupMUMBAI: Traxdata Group, the world's leading IT products and solution provider, and Pioneer InfoVisiion, the Mumbai-based leader in information solutions have entered into a business partnership agreement. Under this agreement Pioneer InfoVisiion will be the exclusive distributor of the entire range of the latest Traxdata products in certain territories in India.RPG, IOC pactNEW DELHI: RPG has signed the Fuel Supply Agreement (FSA) with the public sector Indian Oil Corporation for its proposed Dholpur power project in Rajasthan.The agreement was signed at Mumbai between the two companies were in IOC would supply 793 thousand tonnes of naptha, an IOC release said here today.The FSA signed is a part of the overall plans drawn up by the IOC to firm up fuel supplies with Independent Power Producers (IPP) who will be setting up plants at different locations across the country, the release said. The agreement with RPG enterprises which has planned the country's largest power plant is the first such agreement covering the northern region, IOC executive director for northern region, Proshanto Banerjee said.CidcoMUMBAI: Eight leading computer companies have already acquired office premises at International Infotech Park developed by City and Industrial Development Corporation (CIDCO) as a regional centre for the software and information technology industry at Vashi in New Mumbai.According to S S Thakkar, General Manager, CIDCO, Heughtes Ispat, MECON, RITES, Sainath Overseas are some of the companies which have already acquired office premises in the park. CIDCO officials are also in in talks with Tata Consultancy Services.
