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Singur land not 'formally' sought: Industry minister
The West Bengal government had not sought return of the land at Singur from Tata Motors ‘formally’, said West Bengal commerce and industry minister Nirupam Sen, a day after Ratan Tata said the government had not approached for the land. Speaking on the sidelines of a seminar organized by Assocham in association with the Bengal Chamber of Commerce & Industry and Merchants’ Chamber of Commerce, Sen said, though the government had not formally asked for the land, the company had been informed about the Bhel proposal and later the Railways proposal. Sen said, unless the Railways submitted a formal proposal, the government would not ask for the land back. With Sen’s comments, it appears that Singur was once again in limbo, as Railways has made it clear that it would not visit the land as it belonged to Tata Motors.

Gati to raise Rs 78.91cr via warrants issue
Courier service provider Gati today said it will raise Rs 78.91 crore by issue of warrants to different promoters and the Infrastructure Fund of India LLC.

News of the day

Bajaj to ramp up Pulsar production
Bajaj Auto is betting big on its Pulsar bike and plans to ramp up production to 90,000 units per month in the next six months with a sales target of 1 million units per annum by the end of next financial year.
International Business

IIFCL to raise Rs 5,000 cr from taxable bonds in FY10

State-owned infrastructure finance company India Infrastructure Finance Company (IIFCL) today said it is planning to raise up to Rs 5,000 crore to fund various projects. - Govt forms standing committee on infra financing - IIFCL sanctions Rs 6,475 cr for 58 road projects - Vandana Gombar: Shadow-boxing blues">Vandana Gombar: Shadow-boxing blues - IIFCL meets today to decide on Rs 10k cr unused fund - Banks can avail Rs 10,000 cr in next 6-7 months: IIFCL">Banks can avail Rs 10,000 cr in next 6-7 months: IIFCL - Big core sector plans build confidence "We aim to raise Rs 5,000 crore through taxable bonds from domestic market," IIFCL Chairman and Managing Director S S Kohli told PTI. This is over and above Rs 30,000 crore, which the government allowed the IIFCL to raise from the domestic market as tax free bonds to enable refinancing various projects in the core sector, particularly highways and port. The company, Kohli said, has already raised Rs 2,000 crore from the market during the current fiscal. The funds would be raised for financing infrastructure sector projects across the sectors, he said, adding "we are talking to different companies and are waiting for financial closures". The company, which was incorporated by the government in 2006 to fund infrastructure sector projects, has disbursed Rs 4,800 crore for 77 projects till March 2009. During the fiscal, Kohli said, "We have disbursed Rs 3,200 crore, as compared to Rs 1,541 crore in the previous fiscal."


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