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China objects to ADB funds for Arunachal's irrigation project: Krishna
China had recently objected to Asian Development Bank"s (ADB) funding an irrigation project in Arunachal Pradesh which is a "clear violation" of the charter of the multilateral lending agency, the government informed the Rajya Sabha today.

Experts stress on easing norms for port development
With the projected traffic of the port sector in the country pegged at 1570 million tonne per annum (mtpa) by 2011-12, the government will have to remove various impediments to achieve overall growth of the ports.

News of the day

Bayer in talks to ink drug research deal
Bayer Schering Pharma — a group company of German multinational Bayer — has joined the list of multinational drug majors attempting to tap India’s capabilities in drug research.
Public Relations

REC to launch FPO by February

The follow-on public issue of the power sector financier, Rural Electrification Corporation (REC), is likely to hit the market by February next year. - Rural Electrification Corp FPO likely by Feb - Govt clears follow-on issue of REC - REC net up 60 per cent - Godrej Properties mulls pre-IPO placement of 4% stake - Ashoka Buildcon files DRHP, eyes Rs 225-cr via IPO - StanChart gets RBI nod for Rs 5,000-cr IDR issue “We will file the Draft Red Herring Prospectus (DRHP) with the market regulator, Sebi, by mid-December. The FPO should be announced in February, hopefully,” said P Uma Shankar, chairman and managing director. At the current market price, the offer, comprising 15 per cent fresh equity and 5 per cent disinvestment by the government, could fetch the company around Rs 3,500 crore. After the FPO, cleared by the Union cabinet last week, the government"s shareholding in the company would come down to 66.8 per cent from 81.82 per cent at present. REC’s disbursements to power projects stood at over Rs 92,000 crore by the end of March 2009. For the half-year ended September this financial year, the company"s disbursements were up 22 per cent at Rs 9,122 crore, compared with the same period last year.


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