Business & Economy

Govt favours 100 pc FDI
in pension sector

What is India News Service, Tuesday, 9 November 2004, 2000 hrs IST

The Government favours allowing 100 per cent foreign direct investment in the pension sector. 

"We will pitch for 100 per cent FDI,'' the Joint Secretary (Capital Markets and Pension), U K Sinha, said on the sidelines of a seminar on pensions, organised by India Invest Economic Foundation. 

Sinha said the new pension structure would have only a "limited" number of fund managers. 

He added the Government would be putting in place a `central record-keeping agency' (CRA), which would be the hub of the new pension regime. The CRA is expected to set up in the next 4-5 months.

Independent petroleum regulatory authority soon: Prime Minister Manmohan Singh has assured multinational corporations that an independent petroleum regulatory authority would be set up to provide a level playing field to them in the oil sector. 

15 p.c. dividend from IDBI: Despite a drop in disbursements, the Industrial Development Bank of India (IDBI) has posted a net profit of Rs. 465 crores for the 18-month period ending September 30, 2004, against Rs. 401 crores for the year ending March 31.

Court takes cognisance of case against Reliance: The CBI has charged the company with entering into a criminal conspiracy for receiving and handling secret government documents for its benefit.

Wipro extends Quantum deal: Wipro Technologies has extended its existing deal with the U.S. based Quantum Corp., a storage solutions maker, to provide design and engineering services, a company release said here on Monday. 

DHL to pick up 68% stake in Blue Dart for Rs 566.5 cr: DHL has announced an investment of Rs 730 crore for the acquisition of a majority stake in Blue Dart Express Ltd, the largest domestic express player. 

Nooyi, Kidwai among Women to Watch: Two Indians figure in a list of the world's top 50 business women announced by the Wall Street Journal today.

Pvt airlines may be allowed to fly around the world: The winds of the proposed liberalisation in the aviation sector could soon offer more choices to the international air traveller to and from India.

Festival offers from car majors: Encouraged by the overwhelming response to the Special Limited Edition Opel Corsa 1.4 Elite, targeted at the discerning and exclusivity-seeking customer, General Motors India has launched another Limited Edition.

Indian Oil bets big on Paradip: Orissa is set to emerge as a competitor to Bengal in both petroleum and petrochemicals businesses. 

IA fleet acquisition:The much-awaited meeting of the Public Investment Board (PIB) to clear the proposal of the Indian Airlines for fleet acquisition is likely to be held here on Wednesday. After the proposal gets the PIB nod, the Rs. 10,000 crore ...

Rail Bijlee on the anvil: The Indian Railways and the National Thermal Power Corporation have started the process of setting up a joint venture company named `Rail Bijlee Company' at Nabinagar in Bihar. 

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