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News Round Up: AIG Offering Retention Bonus To Senior Asia Executives

26 November, 2008

International Coal Ventures Eyeing Stake In An Australian Firm : International Coal Ventures Ltd (ICVL), a special purpose vehicle formed by five leading PSUs to scout for coal properties abroad, in an Australian mining firm, SAIL Chairman Mr S K Roongta told the reporters on the sidelines of a conference.  They are looking for coal mines wherever it is logistically possible to import coal in India.

IJM Infrastructure Looking To Dilute Stake To PE Players: IJM (India) Infrastructure Ltd (IJMII), a subsidiary of IJM Corporation Berhad (IJM)-one of the largest and diversified construction groups in Malaysia, is looking at diluting its equity stake to private equity (PE) partners.

International Monetary Fund Approves A $ 7.6 bn Bailout For Pakistan : International Monetary Fund (IMF) has approved a $7.6-billion rescue fund for Pakistan that will support the country’s economic stabilisation programme. Upon the approval of the IMF’s Executive Board, an amount equivalent to $3.1 billion becomes immediately available to Pakistan, and the remaining amount will be phased in, subject to quarterly reviews in a 23-month stand-by arrangement under which the total amount of resources made available equal 500 per cent of the country’s quota.

Saudi Aramco To Step In As The New Joint Venture Partner In Vishakhapatnam Petrochemical Project : The world’s largest oil company, Saudi Aramco, is likely to step in as the new joint venture partner in one of India’s largest oil and gas projects: the over Rs 50,000-crore refinery-cum-petrochemical project at Visakhapatnam in Andhra Pradesh. The project is currently being set up as a five-way alliance between Hindustan Petroleum Corporation Ltd (HPCL), GAIL, Oil India Ltd (OIL), French energy giant Total and steel czar LN Mittal.

AIG Offers Retention Bonus To Senior Executives In Asia : American International Group (AIG), which recently from the US government, is offering retention bonuses to a few senior executives in Asia, including key officials in India, said a person with knowledge of its plan. AIG has offered to pay such executives an extra year’s salary if they stay on with the company till November 2009. AIG has three main businesses in India: AIG Global Asset Management Company (India) that is fully-owned by AIG, and life insurance and general insurance businesses, which are two independent companies that are majority owned by the Tata Group.

PepsiCo To Sell Its Basmati Brand To LT Overseas : PepsiCo India is planning to sell its decade old basmati brand Season’s Harvest to LT Overseas, which has brands like Daawat under its fold, by the end of this year. However, it plans to continue with its contract farming of basmati rice. Pepsi had an export obligation when it entered India almost 20 years ago. Hence, Season’s Harvest came into being as Pepsi entered contract farming with farmers from Punjab for basmati rice. This was back in 1989 when the soft drink major had an obligation to contribute to the revenue of this country through this route.

 


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News Round Up: AIG Offering Retention Bonus To Senior Asia Executives

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