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ICI proposal for 9.1% stake in Asian Paints rejected
The Secretariat of Industrial Assistance (SIA) in the Ministry of Industry has rejected the proposal of ICI plc, the UK-based international paint manufacturer, to acquire 9.1 per cent of the equity shares of Asian Paints India Ltd (APIL), in the absence of the domestic paint major’s board consent to the transfer. An official communication to this effect has already been addressed to the global paint major. With this, ICI’s efforts to get a stake in Asian Paints has “virtually” come to nought unless it manages to modify its application to the Foreign Investment Promotion Board (FIPB) for approval.
CCEA nod for IBP public issue
The Cabinet Committee on Economic Affairs (CCEA) on Saturday approved a proposal of IBP Co Ltd for the issue of 37,34,500 equity shares to the public in the domestic market. This would in effect reduce the Government’s holding in the company from the present level of 59.6 per cent to 51.01 per cent. The premium at which the share would be issued to the public is yet to be fixed. This would be done in consultation with the merchant bankers. The Government or the President’s share in the company would not come down below 51 per cent.
No overlapping of TRAI, DoT functions, says PM
The Prime Minister, Mr. I.K. Gujral, has directed the Telecommunications Ministry to separate the regulatory functions of the Department of Telecommunications (DoT) which will be performed by the Telecom Regulatory Authority of India (TRAI). At the second of the review meetings of the core sectors, Mr. Gujral directed the DoT to swiftly work out a proposal for the restructuring of the Department, and to corporatise it. The Department has said that it hopes to submit the proposal by the end of the year.
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