Indonesia's BNI Securities eyes IPO- Report

Monday, May 1, 2006, 16:26 [IST]

Jakarta, May 1: PT BNI Securities, the securities arm of Indonesia's third largest lender, plans an IPO to raise 500 billion rupiah ( million), local media reported on Monday.

Bisnis Indonesia newspaper said the share sale was expected in the second half of this year at the latest and a foreign institution was expected to underwrite the initial public offering.

''Today we have got a conformation of the full commitment of an overseas investment bank to underwrite the IPO of BNI Securities,'' the firm's corporate finance director, Umar Laksana, told the paper without naming the bank.

BNI Securities is almost completely controlled by state-run PT Bank Negara Indonesia Tbk .

As of the end of 2004, the company's total assets stood at around 353 billion rupiah. It posted a net profit of 49.78 billion that year.

Reuters

Ratnagiri Gas and Power Co resumes operation

Monday, May 1, 2006,16:26 [IST]

Mumbai, May 1: The Ratnagiri Gas and Power Private Ltd (RGPPL) has commissioned the first gas turbine from the plant's block 2 module and is hoping to generate 100 MW of electricity on a 24 hour basis from today.RGPPL Chairman and Managing Director Chandan Roy told sources that the module comprises two gas turbines and one steam turbine. The commisioned turbine is known as 'GT-2A' and the synchronisation of the entire plant will be completed by the mid of May......

BJP National Executive meet from May 25-27

Monday, May 1, 2006,16:32 [IST]

New Delhi, May 1: The National Executive of the BJP will meet in Ludhiana, Punjab for three days from May 25.The meeting will among other issues assess the party's performance in the recently concluded elections in four states of Assam, Tamil Nadu, Kerala and Pondicherry, party spokesman Prakash Javadekar said.UNI.....

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'India needs to shed its socialist legacies'

Monday, May 1, 2006,16:35 [IST]

New Delhi, May 1: A top United States official today said it was India's 'great misfortune of gaining independence at the intellectual high water mark of Fabian socialism and third world nationalism' and lauded the country's recent attempts to usher in an era of market reforms. ''Unfortunately, those economic philosophies held India hostage for several decades. India still has to make up for many years of slower economic growth,'' US Under Secretary of Commerce for International Trade Farklin L Lavin.....

ASEAN Finance Ministers meet to promote ties

Monday, May 1, 2006,16:39 [IST]

Tokyo, May 1: Asian finance ministers, in an effort to sustain the momentum for cooperation nearly a decade after a financial crisis rocked the region, are likely to make small but concrete progress this week in preventing currency turmoil and developing still-immature domestic bond markets.Finance chiefs from the Association of Southeast Asian Nations plus China, Japan and South Korea (ASEAN+3) meet in India on Thursday amid growing pressure on emerging Asian nations to address global imbalances by allowing more exchange.....

MAN-Force Motors to manufacture heavy trucks

Monday, May 1, 2006,16:48 [IST]

Mumbai, May 1: MAN Nutzfahrzeuge AG and Indian major Force Motors Limited will invest 150 million Euros in a joint venture to manufacture heavy trucks at its Pithampur plant, initially for the Indian market and later for export to other Asian and African markets.Christened MAN Force Trucks Private Limited, Force Motors will hold 70 per cent stake in the JV with MAN Nutzfahrzeuge holding the remaining 30 per cent.Similarly, the scope of co-operation between the two partners is.....