Briefly Business

India adds 52.21 mn cell users in July-Sept.

India adds 52.21 mn cell users in July-Sept

NEW DELHI: The country added a whopping 52.21 million mobile users during the quarter ended September 30,2010,taking the wireless subscriber base to 687.71 million. The wireless GSM and CDMA user base grew by 8.21 per cent during the July-September quarter of 2010 to 687.71 million from 635.51 million in the preceding quarter,the Telecom Regulatory Authority of India TRAI said in a statement. The total telecom subscriber base wireline and wireless touched 723.28 million for the quarter ended September 2010 from 671.69 million in the quarter ended June 2010.

IDFC to raise Rs 2,929 cr via infra bonds

Mumbai: Infrastructure Development Finance Company Limited IDFC has planned to raise up to Rs 2,928.60 crore though public issue by selling bonds to retail investors. In its second tranche,the company will issue secured,redeemable,long-term infrastructure bonds. The issue proceeds are proposed to be used for the company8217;s infrastructure lending activities. IDFC has the authority to raise up to Rs 3,400 crore in one or more tranches during fiscal 2011. The issue will open for subscription from January 17 and will close on February 4.

IRDA: Health insurance portability norms soon

NEW DELHI: Health insurers feeling let down due to poor services will have the choice to switch over to another company with the same conditions,under the insurers portability option to be formulated by regulator IRDA next month. Draft guidelines on portability of health insurance policies will be issued by February-end, IRDA chairman J Hari Narayan said on the sidelines of IBAI summit. Currently,there is a portability on motor insurance. Under portability,financial bonuses,pre-existing disease requirement will also get carry forward, he said.

CLB reserves order on TFCI appointments

NEW DELHI: The Company Law Board CLB on Wednesday reserved its order over the deadlock between two finance companies,IFCI and TFCI,over the appointment of directors on the latters board. After hearing both the sides for nearly two hours,CLB chairman,Justice D R Deshmukh,reserved the order. CLB was hearing plea of Tourism Finance Corporation of India,challenging the move by Industrial Financial Corporation of India IFCI to appoint its director on TFCI board.