The government on Friday approved the proposals of Motorola and Foxconn, and Singapore-based reality major Ascendas to join as partners in the special economic zones (SEZs) coming up near Chennai.
The board of approvals in the commerce ministry met on Friday after its meeting had been postponed twice in the past because of the controversies surrounding the SEZs. The board did not take up any new case. The board of approvals will not clear any fresh applications till the empowered group of ministers (EGoM) headed by external affairs minister Pranab Mukherjee reaches a decision on the contentious issues of land and tax concessions, said an official.
The board of approval allowed six others to join as co-developers in SEZs that have already been notified. Besides, the board gave approval to 30 zones to begin their operations.
US-based Motorola and Taiwan-based Foxconn will join the SEZ at Sriperumbadur near Chennai that has been promoted by state-owned SIPCOT. Ascendas is joining the Mahindra World City SEZ in Chennai.
Petronet LNG will partner the Cochin Port Trust whereas Leela Lace Holdings would be the co-developer in Info Park SEZ in Kochi. Different companies of DLF and Mahindra group are joining as co-developers in SEZs promoted by their parents.
Wipro, DLF, Ansal, Satyam, L&T, Zydus, FabCity and K Raheja are among the 30 SEZs, which have been allowed to kick-off their operations.
So far, the government has given final approval to 237 cases and in-principle clearances to 167 proposals. Apart from these around 300 applications are pending
Courtesy : www.asianage.com
Motorola, Foxconn to join SEZs as partners
February 3, 2007, 9:00 amStart credit reforms for poor: Yunus
February 3, 2007, 8:59 am
Credit reforms are important to ensure that poor, unprivileged people have access to funds, said Mr Muhammad Yunus, winner of the Nobel Peace Prize for 2006, speaking here on an invitation by the Reserve Bank of India.
"Banks can decide and have the power to make the poor people rise above their poverty," said the Nobel laureate, who is also the founder of Bangladesh-based Grameen Bank.
"Credit should be considered as a human right. Money begets money," Mr Yunus said.
He started the Greameen Bank with the purpose of providing credit to the underprivileged section of the society without any collateral.
"About 80 per cent of the poor in Bangladesh have access to micro-credit. We aim to reach 100 per cent in the next three years," said Mr Yunus.
Last year, the bank had started a programme of supplying nutritional yoghurt to the malnourished populace of Bangladesh along with the French company Danon.
The professor emphasised the need for more such "social businesses", which should not be aimed at any profits but at the upliftment of the poor.
"I also aim at creating a social stock exchange where only such social businesses can be listed," Mr Yunus said.
Such businesses will not earn any dividends to the investors but will certainly help citizens contribute to eradication of poverty, the Nobel laureate said.
Courtesy : www.asianage.com
"Banks can decide and have the power to make the poor people rise above their poverty," said the Nobel laureate, who is also the founder of Bangladesh-based Grameen Bank.
"Credit should be considered as a human right. Money begets money," Mr Yunus said.
He started the Greameen Bank with the purpose of providing credit to the underprivileged section of the society without any collateral.
"About 80 per cent of the poor in Bangladesh have access to micro-credit. We aim to reach 100 per cent in the next three years," said Mr Yunus.
Last year, the bank had started a programme of supplying nutritional yoghurt to the malnourished populace of Bangladesh along with the French company Danon.
The professor emphasised the need for more such "social businesses", which should not be aimed at any profits but at the upliftment of the poor.
"I also aim at creating a social stock exchange where only such social businesses can be listed," Mr Yunus said.
Such businesses will not earn any dividends to the investors but will certainly help citizens contribute to eradication of poverty, the Nobel laureate said.
Courtesy : www.asianage.com
Indian Bank to increase overseas visibility
February 3, 2007, 8:50 am
The Chennai-based Indian Bank is looking at opening more offices overseas, even as the century-old bank readies to tap the capital market. The bank currently has branches in Singapore and Colombo.
Bank officials said here on Friday that Indian Bank was also considering the possibility of setting up more ATMs around the country. The bank currently has over 300 ATMs.
Indian Bank’s IPO will open on February 5 and close on February 9. The bank is offering 85,950,000 equity shares for cash at a premium to be decided through a 100 per cent book-building process. The price band for putting in bids for the IPO has been fixed between Rs 77 and Rs 91 per equity share.
The offer constitutes 20 per cent of the post-issue fully diluted paid-up equity capital of the bank. Post-IPO, the Central government will hold 80per cent of the public sector bank’s equity capital. The bank is tapping the market to augment its capital base to meet future capital requirements.
Courtesy : www.asianage.com
Bank officials said here on Friday that Indian Bank was also considering the possibility of setting up more ATMs around the country. The bank currently has over 300 ATMs.
Indian Bank’s IPO will open on February 5 and close on February 9. The bank is offering 85,950,000 equity shares for cash at a premium to be decided through a 100 per cent book-building process. The price band for putting in bids for the IPO has been fixed between Rs 77 and Rs 91 per equity share.
The offer constitutes 20 per cent of the post-issue fully diluted paid-up equity capital of the bank. Post-IPO, the Central government will hold 80per cent of the public sector bank’s equity capital. The bank is tapping the market to augment its capital base to meet future capital requirements.
Courtesy : www.asianage.com
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