PSUs among co.s raising $ 500 m.

A number of state-owned companies are set to raise well over $500 millions through debt offerings in the global market over the next few weeks including in the form of Euro convertible bonds. Leading the list of companies which are seeking to raise foreign currency resources are Indian Petrochemicals Corporation Ltd (IPCL), which has sought the approval of the Ministry of Finance to raise close to $200 millions, and Indian Oil Corporation (IOC), which is planning to launch an debt offering to raise $200 millions.

Rs. 300-cr. shortfall in subsidy to DAP units

The ad-hoc subsidy payable to indigenous di-ammonium phosphate (DAP) units has run short by over Rs. 300 crores with bills running up as high as Rs. 800 crores, against Rs. 500 crores provided for in 1995-96. The Government made an allocation of Rs. 500 crores towards the special concession (subsidy) for domestic producers of DAP as the cost of domestic production was high due to increased international prices of the intermediates. The industry has been seeking a higher allocation as the cost of production had shot up due to a spurt in international input prices.

No progress in Indo-UK air services talks

There has been no breakthrough in the crucial Indo-UK bilateral talks (air services) which ended in London. According to sources, the two delegations decided to meet again in the near future to resolve the impasse and reach a mutually beneficial agreement. Sources said as there were “no serious differences” between India and UK on the need to expand the air operations between the two countries, it was only a matter of time before a meeting ground could be found.

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