Briefly Business

NRI billionaire L N Mittal-led ArcelorMittal is learnt to have started relocating its staff based in Orissa to other operations,generating speculation that the move was a precursor to the shelving...

ArcelorMittal begins relocation from Orissa

New Delhi: NRI billionaire L N Mittal-led ArcelorMittal is learnt to have started relocating its staff based in Orissa to other operations,generating speculation that the move was a precursor to the shelving of the Rs 50,000 crore steel project that is haunted by delays. The staff relocation has started in Orissa. The company is putting the project on the back burner. Going forward,they may perhaps also completely drop the project, a source said.

Double-digit growth next target,says FM

Chandigarh: With the economy showing signs of a steady recovery,the government on Wednesday said its aim was to soon break the double-digit growth barrier. The advance estimates indicate a 7.2 per cent growth in 2009-10. Exports are also recovering with 11.5 per cent growth in January 2010, finance minister Pranab Mukherjee said here and noted that the target was to quickly revert to high growth and find the means to cross the double digit growth barrier.

Fuel prices likely to rise from April 1

NEW DELHI: Faced with the prospect of revenue loss on fuel jumping to Rs 70,000 crore next fiscal,the Petroleum Ministry has favoured hard decisions even as it hinted that cleaner Euro-IV fuel in 13 metro cities will cost more from April 1. Oil Secretary S Sundareshan said Euro-IV petrol and diesel will be supplied in 13 designated cities,including Delhi,Mumbai,Chennai,Kolkata,Bangalore,Hyderabad and Ahmedabad,from April 1. State-owned oil firms have invested Rs 40,000 crore to produce Euro-IV grade fuel.

ICICI Bank,JBIC tie up for trade finance

New Delhi: ICICI Bank has signed a loan agreement of up to 100 million Rs 460 crore with the Japan Bank for International Cooperation JBIC to support its trade finance. The loan is expected to facilitate trade financing with other Asian countries. This loan is a concrete financing effort under the Trade Finance Initiative launched and expanded by the Government of Japan in February and April 2009. JBIC will continue to steadily implement a series of measures under this Initiative to support trade finance.

Electrolux bids for Daewoo Electronics

STOCKHOLM: Swedish appliance maker Electrolux AB says it has made a bid for Daewoo Electronics Corp. of South Korea. Electrolux spokesman Anders Edholm said Wednesday that 8220;we can confirm we8217;ve made an indicative offer8221; but declined to comment on the amount of the bid. Daewoo Electronics,South Korea8217;s third-largest electronics goods maker by sales,has been under a creditor-led debt-rescheduling program since 2000 after amassing huge debts.

Coal India to launch JV with GAIL,RCF

Kolkata: Coal India Ltd will enter into a joint venture with GAIL India and Rastriya Chemicals and Fertilisers to set up a plant at Talcher in Orissa to produce urea and ammonia nitrate using coal gassification,CIL chairman Partha S Bhattacharyya said. An MoU was signed by the three companies to set up the project although details are yet to be chalked out, he told reporters.