2. LIC set to recast top brass after IRDA
prod
– The country’s biggest investor Life Insurance
Corporation will restructure its top management
structure to bring in greater transparency in
operations.
– IRDA, in keeping with the corporate governance
practice prescribed for all insurance companies,
the largest insurer too should have a position of
Chief Investment Officer and Chief Finance Officer.
3. FDI inflows rise 40% in September
• India received foreign direct investment worth
$2.11 billion in September an increase of about
40% over that in the same month last year. The
FDI inflows in September 2009 were $1.51 billion.
FDI inflows so far this year stand at $38 billion.
• The sectors that attracted foreign investment
included service, telecommunication,
construction and computer software and
hardware.
4. Six bankers short listed for IOC float
– State run Indian Oil Corporation has appointed six
merchant bankers for its proposed public issue
setting the ball rolling for India’s biggest ever
equity offering.
– The list of the merchant bankers that bagged the
prestigious mandate includes four global giants-
Citigroup, DSP Merrill Lynch, Morgan Stanley and
UBS two investment bankers (ICICI Bank and State
Bank of India) and top officials in IOC and the Oil
Ministry.
5. Dabur buys US hair care Co.
– DABUR India has bought US based hair care
company Namaste Laboratories and its three
subsidiaries for $100 million in an all cash deal.
– Its second overseas acquisition in less than
three months will help Dabur enter the fast
growing $1.5 billion ethnic hair care products
market in Africa besides serving as a gateway
to the US market for its products.
6. Sibal to hold charge of Telecom
– PM Manmohan Singh handed over the reins of
Sanchar Bhawan to HRD minister Kapil Sibal. But
the department will have to be handed over to
the DMK probably in mid-January.
– The prime minister got an opportunity to
exercise his discretion because DMK chief
failed to thrash out the inner dynamics of his
party and choose a successor to disgraced ex-
minister A Raja.
7. Vodafone wants to settle Tax Dispute
– The Dutch Government on behalf of Vodafone
International Holdings BV, has approached the
Indian Government for settling a three year
dispute involving a claim of over Rs 11,000 crore.
– Indian government would examine the request
and decision will be taken in accordance with the
provisions of the India-Netherlands double tax
avoidance agreement.
