Cabinet defers stake sale in SAIL

In the absence of the steel minister and secretary, the Cabinet did not take up the proposal moved by the Department of Disinvestment

New Delhi: The Union Cabinet on Thursday deferred a decision on selling 10.82% of its stake in Steel Authority of India Ltd (SAIL) as Steel Minister Beni Prasad Verma was away on official tour, reports PTI.

The Steel Minister is in Tokyo on an official tour and could not attend the Cabinet meeting.

In the absence of Verma and Steel Secretary, who is also in Tokyo, the Cabinet did not take up the proposal moved by the Department of Disinvestment, sources said.

The government has set a target of raising Rs30,000 crore this fiscal by selling stakes in 15 companies including about 10% in SAIL.

The 10.82% stake sale is likely to fetch about Rs4,000 crore at current market price. Government owns 85.82% in the steelmaker.

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Jindal Group to set up Rs1,500-crore textile unit in Nashik

The technical textile unit will manufacture cloth related to automobile applications, sports, security, medical and fire fighting equipment

Mumbai: Jindal Group will set up a Rs1,500-crore technical textile unit in Nashik district of North Maharashtra, reports PTI.

 

Textile Minister Mohammed Arif Naseem Khan told PTI that a letter of intent (LoI) has been issued in this regard after the Group officials met him last week.

 

The Group is currently in the process of acquiring land. About 100 acres will be required for the unit which will manufacture cloth related to automobile applications, sports, security, medical and fire fighting equipment, he said.

 

Technical textile products are used primarily for their technical performance and functional properties rather than their aesthetic or decorative characteristics.

 

Investment proposals worth around Rs5,000 crore had been received ever since the Government announced a new textile policy a couple of months ago, the Minister said.

 

The policy, which focuses on cotton growing belts of Vidarbha, Marathwada and north Maharashtra, provides for incentives like 10% capital subsidy.

 

Khan said 162 projects are being covered under the new textile policy.

 

He said road shows are being planned in Gujarat, Karnataka and Tamil Nadu to attract investors in the key sector.

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Cabinet clears Bill to amend Forward Markets Act

The Bill would help develop commodities futures market and also strengthen FMC by providing it financial autonomy, facilitate the entry of institutional investors and introduce new products for trading such as options and indices

New Delhi: The Union Cabinet on Thursday approved the much awaited Forward Contract Regulation Act (Amendment) Bill that aims to give more powers to commodity markets regulator Forward Market Commission (FMC), reports PTI.

 

Sources said the Cabinet headed by Prime Minister Manmohan Singh approved the amendment Bill which may now be brought in the forthcoming Monsoon Session of Parliament.

 

The Bill is essential for the development of commodities futures market as it aims to strengthen the FMC by providing it financial autonomy, facilitate the entry of institutional investors and introduce new products for trading such as options and indices.

 

The Parliamentary Standing Committee had demand greater autonomy for FMC that also regulates the three spot online commodity exchanges -- Financial Technologies-promoted National Spot Exchange Ltd (NSEL), the National Commodity & Derivatives Exchange-promoted NSpot and Ahmedabad-based National Multi Commodity Exchange (NMCE).

 

It had also suggested allowing financial institutions and banks, mutual funds, and insurance companies to participate in forward market so as to ensure better price discovery and lower volatility.

 

Sources in the government said the Trinamool Congress had written to the Prime Minister at the last minute expressing reservations over the Bill that led to deferring of its consideration.

 

Food Minister K V Thomas said the Bill would be taken up sometime later. He said all consultations have been done and most of the recommendations of the Parliamentary Standing Committee have been accepted.

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