Business News

·        EIL to pick up equity in AP urea plant

·        UBI, Indiabulls get Sebi nod for MF biz

EIL to pick up equity in AP urea plant

In its maiden foray into the fertilizer sector, state owned Engineers India Ltd (EIL) will take up equity in the `4,000 crore revival of the Ramagundam urea plant in Andhra Pradesh. EIL will join National Fertiliser Ltd to take at least a 51% stake in the Ramagundam revival project, an official privy to the development said.

The Ramagundam plant of Fertilizer Corp. of India has been closed for years and is one of the three plants that the government has now decided to revive by inducting credible partners.

UBI, Indiabulls get Sebi nod for MF biz

After waiting for over a year, the staterun Union Bank of India (UBI) has got the approval from the Securities and Exchange Board of India (Sebi) to enter the mutual fund arena. Meanwhile, Indiabulls Financial Services, too, said it got the regulatory nod for launching its mutual fund company