Briefly Business

Maharashtra gets most industrial proposals

Mumbai: Maharashtra attracted the highest number of industrial proposals in the country between August,1991,and August,2010,the Economic Survey of the state for 2010-11 claims. The survey was released recently. The reasons for the state’s attractiveness as an industry destination were “availability of better infrastructure,skilled human resources and stable social conditions,” the report says. The state’s share in investment,and employment generation in the country is 10 and 15 per cent,respectively.

UBI plans entry into wealth management

New Delhi: State-owned Union Bank of India plans to enter the wealth management business in partnership with a foreign player to increase its fee-based income,after recently receiving Sebi nod for entering into the mutual fund sector. “Once the asset management business is in place,we will start the process of looking for the internationally reputed player for our proposed wealth management business,” Union Bank of India chairman and managing director M V Nair said. Possibly after next 5-6 months,the bank will start scouting for a partner,he said.

PFC FPO likely to hit market on May 10

New Delhi: State-run Power Finance Corporation’s (PFC’s) Rs 6,000-crore follow-on public offer (FPO) is likely to hit the market in the second week of May. The FPO of the Navratna PSU is expected to open on May 10 and close on May 13,investment banking sources said. PFC,which finance infrastructure projects within the country,had earlier this month filed draft prospectus with the capital market regulator Sebi. The issue is awaiting approval of the Sebi,which is expected to come by mid-April. The company would be coming out with an offer for sale of 22.95 crore equity shares of face value of Rs 10 each.

Mayfield,Nexus to invest in SLCM

Mumbai: Mayfield India and Nexus Venture Partners on Sunday announced a new Rs 35.5 crore investment in Sohanlal Commodity Management Pvt Ltd (SLCM). Under the terms of the investment,Mayfield India and Nexus Venture Partners will invest Rs 35.5 crore in SLCM to expand its business,invest in IT and add to warehousing capacity,according to a release.