Briefly World

PMs economic advisory council chairman C Rangarajan has asked microfinance institutions to overhaul their "flawed" business model for sustainability.

Rangarajan seeks recast of MFI model

Mumbai: PMs economic advisory council chairman C Rangarajan has asked microfinance institutions to overhaul their 8220;flawed8221; business model for sustainability. This comes on the heels of former RBI Bank governor Y V Reddy likening MFIs to moneylenders,stating that most MFIs are either registered or unregistered NBFCs,he said they are following a flawed business model by lending to consumption-related spends.

Rallis acquires stake in Metahelix Life

Mumbai: Rallis India Limited,a subsidiary of Tata Chemicals,on Thursday announced acquisition of a majority stake of 53.5 per cent in Bangalore-based Metahelix Life,a seeds research company. We have acquired Metahelix Life in an all cash deal of Rs 99.5 crore,funded largely through internal accruals. The acquisition will bring in significant capabilities in seeds play, Rallis India8217;s MD amp; CEO,V Shankar said.

Fund crunch affecting infra projects: Govt

New Delhi: Fund crunch is affecting implementation of a central scheme for developing infrastructure in urban areas with most of the states already exhausting their allocation,Rajya Sabha was informed. Yes. 8230; The states are in need of more funds for their urban infrastructure projects but due to non-availability of funds in their seven-year allocation,it is not possible to commit any further assistance to them, MoS for urban development Saugata Roy said.

Unilever to bring Sunil Mittal on board

MUMBAI: Unilever on Thursday has proposed to appoint founder and chairman of Bharti Enterprises Sunil Bharti Mittal as non-executive director on its board. The company said Mittal will be proposed for election to the board at the annual general meeting to be held in London on May 11 and Rotterdam on May 12,2011. He is distinguished in his field and will further strengthen and independence of the board as well as broadening its diversity, Unilever chairman Michael Treschow said.

ONGC bids for stake in Exxon Mobil block

New Delhi: ONGC Videsh Ltd,the overseas arm of state-owned Oil and Natural Gas Corp ONGC,has bid for US energy major Exxon Mobil8217;s 25 per cent stake in a deep-sea oil block in Angola. OVL has submitted a binding bid for an offer made by Exxon Mobil to participate in the sale process of its 25 per cent stake in Block 31 in Angola, MoS for petroleum Jitin Prasada told Lok Sabha.

PSB sets IPO price band at Rs 113-120

Chandigarh: Punjab amp; Sind Bank is proposing an initial public offering of up to 4 crore equity shares of Rs 10 each for cash at a price band of Rs 113 to Rs 120 per equity share. The issue comprises a net issue to the public of 380 lakh equity shares and a reservation of 20 lakh equity shares for subscription by eligible employees. The issue shall constitute 17.93 per cent of the post-issue share capital of the bank.