BoB inks UK pact

New Delhi, Nov. 16: Bank of Baroda today entered into an agreement with the UK-based Legal and General Group to set up a life insurance venture with an initial paid-up capital of Rs 200 crore. The bank will be the lead partner with a 44 per cent stake. The other domestic partner in the three-way venture is Andhra Bank with 30 per cent stake, while the remaining 26 per cent will be with the British firm.

Godrej Ind

Mumbai, Nov. 16: Godrej Industries today announced a Rs 600-crore equity placement with qualified institutions. The qualified institutional placement was priced at Rs 215 per share of Re 1 face value.

PTC proposal

New Delhi, Nov. 16: The Foreign Investment Promotional Board today cleared a proposal of power trading firm PTC India to sell a 40 per cent stake in its new financial services arm for about Rs 155 crore to two overseas investors.

Onion export

New Delhi, Nov. 16: The government has withdrawn the export licence restriction for overseas sale of onion, as the price of the commodity is softening in the domestic market.

Gas deal

Riyadh, Nov. 16: Iranian oil minister Gholam Hossein Nozari has blamed a “misunderstanding” for the fall of the $22-billion deal to export five million tonnes of LNG to India.