Briefly Business

The the Reserve Bank of India has allowed seven more banks,including four associate banks of State Bank of India,to import precious metals gold and silver.

RBI allows seven more banks to import gold

Mumbai: The the Reserve Bank of India has allowed seven more banks,including four associate banks of State Bank of India,to import precious metals gold and silver. With the addition of the seven banks South Indian Bank,Karur Vysya,State Bank of Hyderabad,State Bank of Bikaner,State Bank of Travancore,State Bank of Mysore,and Punjab and Sind Bank the number of banks allowed to import the precious metals now stands at 30. According to a data of the RBI,banks like Allahabad Bank,Axis Bank Ltd,Bank of Nova Scotia,Canara Bank,Federal Bank Ltd,HDFC Bank Ltd,ICICI Bank Ltd,Kotak Mahindra Bank Ltd,Standard Chartered Bank,Syndicate Bank and Union Bank of India,are some institutions that are already allowed to import gold and silver.

GCMMF appoints R S Sodhi as MD

New Delhi: Gujarat Cooperative Milk Marketing Federation (GCMMF),which owns the well-known Amul brand,has appointed R S Sodhi as its Managing Director with effect from on Tuesday 52-year-old Sodhi has been serving as GCMMF’s acting Managing Director for about seven months,following the sudden resignation of B M Vyas in June,2010. “The board has appointed me as Managing Director of the company,” Sodhi said. His appointment,effective from January 4,will be for a period for five years,he added. Sodhi has been associated with GCMMF for 29 years.

Jindal Saw inks pact with Rajasthan govt

New Delhi: Jindal Saw,an OP Jindal group company,today said it inked a lease pact with Rajasthan government to mine iron ore for 30 years from a deposit containing an estimated 180 million tonnes of resources. “Jindal SAW Ltd… today announced the execution of their Mining Lease Agreement with the State of Rajasthan for Iron Ore Mines in Rajasthan. The lease is for a period of 30 years,” the total pipe solution company said in a statement. The total area covered under the lease is 1556.78 hectares and based on the initial estimates,the mines have about 180 million tonnes of reserves of various categories of iron ore,it said.

Sebi gives nod to Muthoot Finance IPO

Mumbai: Market regulator Sebi has given nod to Kerala-based Muthoot Finance to raise about Rs 800 crore through an initial public offer (IPO). Muthoot Finance,which claims to be the largest gold financing company in India in terms of loan portfolio,will issue 5.15 crore shares through the IPO that will see a divestment of 13.85 per cent stake,as per the draft Red Herring Prospectus. According to sources,the company which filed draft prospectus with Sebi on September 30,would raise around Rs 800 crore. The market regulator gave approval to the company on December 31,three months after it filed the prospectus. The IPO proceeds will be utilised to augment capital base for meeting future capital requirements,for funding of loans and for general corporate purposes.