weekly news update

Weekly news update

Submitted by Ankush Gupta

LIC set to recast top brass after IRDA prod

– The country’s biggest investor Life Insurance Corporation will restructure its top management structure to bring in greater transparency in operations.

– IRDA, in keeping with the corporate governance practice prescribed for all insurance companies, the largest insurer too should have a position of Chief Investment Officer and Chief Finance Officer.

FDI inflows rise 40% in September

• India received foreign direct investment worth $2.11 billion in September an increase of about 40% over that in the same month last year. The FDI inflows in September 2009 were $1.51 billion. FDI inflows so far this year stand at $38 billion.

• The sectors that attracted foreign investment included service, telecommunication, construction and computer software and hardware.

Six bankers short listed for IOC float

– State run Indian Oil Corporation has appointed six merchant bankers for its proposed public issue setting the ball rolling for India’s biggest ever equity offering.

– The list of the merchant bankers that bagged the prestigious mandate includes four global giants- Citigroup, DSP Merrill Lynch, Morgan Stanley and UBS two investment bankers (ICICI Bank and State Bank of India) and top officials in IOC and the Oil Ministry.

Dabur buys US hair care Co.

– DABUR India has bought US based hair care company Namaste Laboratories and its three subsidiaries for $100 million in an all cash deal.

– Its second overseas acquisition in less than three months will help Dabur enter the fast growing $1.5 billion ethnic hair care products market in Africa besides serving as a gateway to the US market for its products.

Sibal to hold charge of Telecom

– PM Manmohan Singh handed over the reins of Sanchar Bhawan to HRD minister Kapil Sibal. But the department will have to be handed over to the DMK probably in mid-January.

– The prime minister got an opportunity to exercise his discretion because DMK chief failed to thrash out the inner dynamics of his party and choose a successor to disgraced ex-

minister A Raja.

Vodafone wants to settle Tax Dispute

– The Dutch Government on behalf of Vodafone International Holdings BV, has approached the Indian Government for settling a three year dispute involving a claim of over Rs 11,000 crore.

– Indian government would examine the request and decision will be taken in accordance with the provisions of the India-Netherlands double tax avoidance agreement.

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