Refinery FDI limit

New Delhi, May 23: The government is likely to consider a proposal tomorrow to raise the FDI cap in joint sector refinery projects to 74 per cent from 26 per cent. If the proposal is cleared L.N. Mittal would be allowed to pick up 49 per cent in HPCL’s Bhatinda project. The petroleum ministry moved a cabinet note for raising the FDI limit after a cooperation agreement was signed between Mittal and HPCL in January to acquire 49 per cent in the PSU’s $3-billion refinery project in Punjab.

Hutch stake

New Delhi, May 23: Shareholders of Hutchison are in for a rich dividend. The sale of Hutchison’s Indian assets is likely to yield nearly $4.12 billion (Rs 17,000 crore), most of which is likely to go to promoter Li Ka-shing.

UTI Mutual

Mumbai, May 23: UTI MF is likely to submit tomorrow its application to the PFRDA for setting up a public sector pension fund to manage the new pension scheme for central government employees.

Rel Capital

Mumbai, May 23: Reliance Capital has acquired a stake in Precision Wires India, a maker of enamelled copper wires, for Rs 17.7 crore.

WTO talks

New Delhi, May 23: India has said developed countries were still not willing to fulfil their commitments under the WTO agreements and warned this could put the entire global trade at risk.