Briefly Business

Kuwaiti telecoms firm Zain and Indias Bharti Airtel are expected to sign a letter of intent for the 9 billion African assets deal this week,a Kuwaiti newspaper reported on Sunday....

Zain,Bharti to sign letter of intent soon

KUWAIT: Kuwaiti telecoms firm Zain and Indias Bharti Airtel are expected to sign a letter of intent for the 9 billion African assets deal this week,a Kuwaiti newspaper reported on Sunday. The letter will include the official offer and the schedule of payment,al-Rai newspaper said in an unsourced report.Another Kuwaiti paper,al-Anbaa,said Bharti is to meet on Sunday with a Kuwaiti Islamic lender about financing the deal. It did not provide further details.

RIL fully cooperating with audit: CAG

New Delhi: The Comptroller and Auditor General CAG has stated that Reliance Industries is providing full access to records and making available copies of documents it has sought for audit of expenses incurred on the nations largest gas field. CAG,which started audit of the Krishna Godavari basin D6 field on December 21,after completing the first round of scrutiny sought a completely new set of documents and access to RILs entire corporate SAP computer-based accounts.

Rel Media seeks to buy 52.48 in Fame India

New Delhi: The Anil Ambani-led Reliance MediaWorks on Sunday made an public offer to buy an additional 52.48 per cent stake in the multiplex chain operator Fame India for about Rs 180.14 crore,countering an existing takeover bid by rival Inox Leisure. Recently,Inox Leisure had signed an agreement to acquire 43.28 per cent promoters stake in Fame India and earlier this month made an open offer to buy another 20 per cent stake,at a price of Rs 51 per share.

Infinity to invest Rs 800 cr in Assam

Guwahati: The Kolkata-based Infinity Group,which has specialised in creating infrastructural solutions for the IT and ITeS sector,has announced its decision to invest over Rs 800 crore in Assam in the next few years to set up an IT Park and several green residential complexes. Infinity Group CMD Rabindra Chamaria said while his company would set up Guwahatis first IT Park in the next one year or so,it was also looking at the establishment of a 100-acre knowledge city in Assams capital. The company is currently working on two residential projects in Guwahati.

Online fund transfer to be faster,costlier

Mumbai: Online transfer of funds from bank accounts may soon become faster,but this could lead to higher charges for customers,as banks may have to pay the Reserve Bank a fee for this service from April 1. The National Electronic Fund Transfer,which allows bank customers to transfer funds electronically,has been a highly successful service ever since it was launched in late 2005.

Swiss banks ask for names of a/c holders

New Delhi: In the backdrop of India and Switzerland re-negotiating a bilateral tax treaty,Swiss banks have made it clear that any country seeking secret account details must be specific with the names of the individual and the bank involved. The country requesting information must name the specific individual and give the name of the bank, a top official at the apex body of Switzerland-based banks,Swiss Bankers Association,said from Basel.