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India Cements to raise stakein Indo Zinc
The southern cement major India Cements is going to considerably increase its recently acquired holding in Indo Zinc in Rajasthan. Indo Zinc holds a limestone mining lease in Rajasthan — an indispensable input for manufacturing cement.

Britannia extends health offerings
With rapid growth witnessed in health and nutrition food products in India, Britannia Industries is looking to extend its presence in the segment. Along with improving the existing brands to make them more healthy, it is planning its future launches with the growing health conscious consumer in the mind.

News of the day

Govt borrowing to put pressure on interest rates: Rangarajan
The huge government borrowing is likely to put pressure on interest rates in the remaining part of this fiscal, Member of Parliament and former Reserve Bank Governor C Rangarajan said today.
Home Business

No BSNL-MTNL consortium yet for buying Zain

The state-run telecom companies-- BSNL and MTNL-- have not formed any consortium so far with any other company to bid for Kuwaiti telecom major Zain Telecom, minister of state for IT and telecom Gurudas Kamat told the Lok Sabha in a written reply today. Sensex pares gains; Hindalco up 4% To a question whether some private telcos are causing losses to the government by under-reporting earnings, Kamat replied in the negative, saying, "the department reconciles the revenues reported by companies with their annual audited published accounts to ensure that the government revenues are collected as per licence terms including applicable interest and penalty." He said the government also has no information to suggest that companies are exaggerating subscriber figures. Kamat said up to October 2009, the government disbursed Rs 1,635.53 crore for universal service obligation by the telecom companies. The targeted allotment for the current fiscal is Rs 2,400 crore, he said. The USO is a levy collected from the telecom service providers to raise resources for offering telecom services in rural and remote areas.


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