ECB rules made easier

Mumbai, Feb. 23: The Reserve Bank of India today further liberalised the norms for tapping international markets. The central bank has permitted eligible resident companies to raise external commercial borrowings (ECB) for overseas direct investment in joint ventures or wholly-owned subsidiaries, including mergers and acquisitions. This decision will enable Indian companies to become global players by facilitating their overseas direct investment, it said.

Dynamix stake

Mumbai, Feb. 23: US-based Schreiber Foods Inc has acquired a 51 per cent stake in Dynamix Dairy Industries Ltd, an Indian dairy product firm. Schriber has brought in Rs 34.6 crore as an equity contribution along with a credit facility of Rs 102 crore and Rs 20 crore customer advances.

Hydrogen plan

New Delhi, Feb. 23: Tata Sons chairman Ratan Tata will head the steering group that will prepare the country’s action plan to utilise hydrogen and fuel cells. CII president Anand Mahindra will be the co-chairman of the group.

Currency chest

Mumbai, Feb. 23: In order to enlarge the currency chest network, the Reserve Bank has decided to set a time limit for granting in-principle and final approvals for opening of currency chests by public sector banks.

Inflation rate

Mumbai, Feb. 23: The rate of inflation, which has firmed up in the recent past, will decline and there is no undue concern on this issue, said Ashok Lahiri, chief economic adviser to the government.