- Birla Crop to build Assam Cement Plant
- PNB restructures insurance, MF JVs
- FDI proposals worth Rs. 4,340 cr. approved
Birla Crop to build Assam Cement Plant
Birla Corp. Ltd will set up a 1 million tonnes cement plant in Assam
Under an agreement signed on Thursday, AMDC will receive a 12.5% stake in the plant free of cost in return for several incentives to be offered by the state. The project will entail an investment of `450 crore and create 1,200 direct and indirect jobs, Birla Corp.
PNB restructures insurance, MF JVs
Staterun lender Punjab National Bank (PNB) restructured its insurance and mutual fund (MF) joint ventures (JVs) by buying out its partners' stake from the insurance venture and selling its entire stake in the MF venture, the bank said in a release on Thursday.
PNB bought its partners'--Principal Financial Group Mauritius (PFG) and UK Paints--stake of 26% and 32%, respectively, from the insurance JV, Principal PNB Life Insurance Co. Ltd.
The bank also bought Principal's 26% stake and Berger Paints' 25% in the insurance broking company. PNB also sold its entire 30% stake in mutual fund venture to Principal.
FDI proposals worth Rs. 4,340 cr. approved
The government has approved 19 foreign direct investment (FDI) proposals worth around `4,340 crore, the Press Information Bureau (PIB) said in a statement on Thursday.
Tata Steel Ltd received approval to raise `1,100 crore through the issue of warrants to overseas investors, it said. The government also accepted a proposal by EADS Deutschland GmbH and Larsen and Toubro Ltd for induction of 26% foreign equity for defence production, entailing FDI inflows worth `7.8 crore.