Nalco's working permit extended for 3 months
Koraput (ORISSA): The union ministry of environment and forests (MoEF) has extended the one-year temporary working permit (TWP) of aluminium major Nalco for three months for operating the central and north block of Panchpatmali mines at Damanjodi in Koraput district. The 12-month TWP, granted in 2012, was to expire on November 16.
Axis Bank to be soon ‘foreign-owned’
New delhi: Axis Bank will become a “foreign-owned” lender, to be governed by FDI policy, following the go-ahead to its proposed increase in foreign investment holding to 62 per cent, entailing inflow of over Rs 6,200 crore. The proposal, recently cleared by the Foreign Investment Promotion Board, now requires go-ahead from the Cabinet Committee on Economic Affairs. The lender seeks to raise foreign holding from 49 per cent to 62 per cent.
LIC outshines others in premium collection
New Delhi: State-owned Life Insurance Corporation has outperformed its peers in the private sector by recording a 7.26 per cent growth in premium collection during the first half of the current fiscal. Several large private sector insurance companies, witnessed a decline in premium collection during the April-September period compared to the same period last year. LIC realised premium income of Rs 37,906 crore during the six-month period ending September.
HSBC evasive on going as wholly-owned unit
Mumbai: HSBC India has sounded evasive about converting itself into a locally incorporated entity, saying that changing the holding structure will not have a bearing on its broader strategy of doing business here. “Whether you operate as branches or whether you operate as a fully-owned subsidiary, makes no difference to our strategy here. Our India strategy remains the same,” HSBC India CEO Stuart Milne said.