MINISTRY OKAYS 30% NALCO DIVESTMENT

Article Abstract:

The Ministry of Steel and Mines has approved of the proposed 30 percent equity divestment in the public sector National Aluminium Company (Nalco). The clearance letter issued by the ministry emphasises massive capital overhauling of Nalco prior to its GDR issue. The letter also recommends incorporation of new corporate governance and autonomy norms in Nalco's management. The divestment is expected to fetch Rs1,300 crore to Nalco. The disinvestment will reduce the government's stake to 57 percent. (gsh)

Comment:

Ministry of Steel and Mines approves proposed 30% equity divestment in this firm

---

NALCO RIDES ON JAPAN'S ILLNESS TO HEDGE 20-BN YEN LOAN

Article Abstract:

With the Japanese yen dropping to 144.15 against the dollar, National Aluminium Co (Nalco) has swapped 50 percent of its 20 billion Japanese yen loan into US dollars. The yen had depreciated to 147 to a US dollar last week. The yen loan of Nalco was due for redemption in September 1998. Nalco has insulated itself from any possible forex fluctuations by covering its exposure. (gsh)

Comment:

Swaps 50% of Y20 bil loan into US dollars as yen depreciates

Financial management

---

CABINET OKAYS DIVESTMENT OF GOVT HOLDING IN ICI INDIA

Article Abstract:

The Union Cabinet has agreed to the disinvestment by the government of 9.2 percent equity stake in ICI India Ltd. The market value of the shares held by the government would be Rs64.64 crore at the current price of Rs171.90 per share. The Cabinet said that there was no justification in the government holding its equity stake as the company had exited the fertiliser sector. (khr)

Comment:

Union Cabinet agrees to disinvestment by government of 9.2% equity stake in this co

Chemicals & Allied Products, Chemical Manufacturing, Chemicals, ICI India Ltd.

Similar abstracts:

• Abstracts: EIH REGISTERS 11% FALL IN NET PROFIT IHCL REGISTERS 6% FALL IN NET ITC HOTELS REGISTERS DROP IN NET PROFIT
• Abstracts: LUPIN LABS POSTS 41% INCREASE IN NET PROFIT LUPIN LABS PLANS THREE MORE ACQUISITIONS IN CHINA, US, EU. LUPIN TO BUY US CO FOR $35 M

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.