Briefly Business

The government on Thursday cleared the 20 per cent follow-on offer of Rural Electrification Corporation that is expected to fetch about Rs 3,300 crore at the ruling market prices....

Govt clears REC divestment

NEW DELHI: The government on Thursday cleared the 20 per cent follow-on offer of Rural Electrification Corporation that is expected to fetch about Rs 3,300 crore at the ruling market prices. The government recently offloaded its shares in energy PSUs Oil India Limited OIL and NHPC and proposes to divest equity in another power major NTPC and Sutluj Jal Vidyut Nigam SJVN. The offer by REC would comprise five per cent stake dilution which will ride piggyback on issuance of 15 per cent fresh equity in REC,Home Minister P Chidambaram said.

SFIO begins probe into Sesa Goa

MUMBAI: The government has ordered the SFIO to probe into mismanagement and financial irregularities in Vedanta Group-owned Sesa Goa and its subsidiary Sesa Industries SIL,the company said on Thursday. The scope of SFIO investigation include looking into the state of affairs of the company and its subsidiary Sesa Industries Ltd,in respect of mismanagement,malpractices,financial and other irregularities, Sesa Goa said.

Spanish firm to study common rates for gas

NEW DELHI: The government has appointed Spanish speciality consultancy firm,Mercados Energy Markets International,to examine possibility of a uniform domestic price of natural gas,which is now sold at rates ranging from 1 to 5.73 per mmBtu depending on source. The idea,a brainchild of petroleum secretary R S Pandey,aims to bring about uniformity in rates with a view to put all customers at par.

Sun accuses Taro of misusing fund

NEW DELHI: Sun Pharmaceutical Industries on Thursday accused the Taro directors of misusing the companys money on litigations and said it would hold them accountable,once it acquires control of the Israeli firm. Of course,as in the past they directors are doing all these litigation against Sun using Taros money,in which they hold less than 12 per cent economic stake, Sun Pharma CMD Dilip Shanghvi said.

India imports 37.5 tonnes gold in Sept

NEW DELHI: Gold imports rose by 72 per cent to 37.5 tonnes in September as compared to previous month on the back of increased demand during festive season. The precious metal import stood at 21.8 tonnes in August after witnessing nearly three-fold increase from Julys 7.8 tonnes,data provided by the Bombay Bullion Association showed.

Deven Sharma named Crisil chairman

MUMBAI: Leading rating agency Crisil has appointed Deven Sharma as its chairman. Sharma was serving as the president of Standard and Poors since 2008. He joined Samp;P in 2007,after five years at the McGraw-Hill Companies as executive vice-president in charge of global strategy,a release said here on Thursday.