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Composite silk unit in near Guwahati

Assam, which produces three types of indigenous wild silks – Muga, Pat and Eri, today got a composite silk unit at Chaygaon Industrial Growth Centre, near Guwahati. The composite unit, or Eri Spun Silk Mill, came up with an investment of Rs. 5.5 crore, which includes infrastructure for spun silk mill, machineries, looms etc. The unit is expected to go a long way in adding value to the silk industry of Assam. The unit was inaugurated by union minister of textiles, Dayanidhi Maran. For the establishment of the unit, along with additional facilities like weaving processing and dyeing etc., the Central Silk Board (CSB), under the ministry of textiles, and the state government of Assam had provided a subsidy of Rs. 155.30 lakh and Rs. 48.10 lakh respectively to the promoter of the unit, Fabric Plus Pvt. Ltd., for installation of machineries, equipments etc. The promoter also contributed an amount of Rs. 22.60 lakh.

FinMin keen on ONGC, Indian Oil FPOs

The finance ministry is keen on selling stakes in Oil and Natural Gas Corporation (ONGC) and Indian Oil Corporation (IOC), but follow-on public offers (FPOs) in the two bluechip public sector units (PSUs) are unlikely, as unresolved issues are affecting valuations. Disinvestment Secretary Sunil Mitra last month wrote to his counterpart in the petroleum ministry, R S Pandey, seeking comments on “public offerings from the government’s shareholding” in ONGC and IOC. The petroleum ministry is of the view that raising funds from the capital market was not prudent till issues like fuel pricing and subsidies were resolved, which were affecting share prices of ONGC and IOC, sources in the know said.

News of the day

Food inflation to ease next month: Montek

The Planning Commission today said food inflation will come down next month from a more than a decade"s high of around 20 per cent, as apprehensions about adverse effect of drought were easing.

Public Relations

Godrej Properties listing on Jan 5

Realty developer Godrej Properties will be listed on the Bombay Stock Exchange (BSE) on January 5. - Panel seeks black-listing L&T, Siemens; Infy"s Murthy not spared - AIG Asia unit listing to raise up to $20 bn: report - Investors lap up DB Corp IPO - Godrej Properties fixes IPO price at Rs 490 - Cox & Kings makes an impressive debut - Godrej Properties IPO over-subscribed 1.13 times on debut With effect from January 5, the company would list about 6.98 crore equity shares with a face value of Rs 10 each, the BSE said in a circular. The company fixed the issue price for its IPO at Rs 490 a share--the lower-end of price band, while the IPO was priced in the range of Rs 490-530 per share. The offer, opened on December 9 was subscribed four times and closed on December 11, raising Rs 462 crore. The realty firm, which is promoted by Godrej Industries and Godrej & Boyce Manufacturing Company, intends to use the offer proceeds to acquire land, new projects and to repay loans.