ICICI Bank has got a green light from Singapore’s regulators to begin retail operations in that country. The approval from the Monetary Authority of Singapore allows ICICI to open branches, take deposits, and give out loans like a local bank. As part of a 2005 agreement, India and Singapore agreed to open up their financial sectors to each other. In 2008 SBI got approval to start operations in Singapore. And India has already allowed Singapore’s DBS to open more branches locally.
Aventis Pharma says its promoter Hoechst will buy an extra 10.27% stake from United Breweries. The additional stake will give Hoechst a total of 60.37% stake in Aventis. Aventis says the transaction will take place after 30 March.
The RBI says it expects inflation to ease in the coming months, so long as oil prices remain stable and the country gets a normal monsoon. On Friday the RBI increased its two key policy rates, the repo rate and the reverse repo rate by 25 basis points each.
The Planning Commission says investment in infrastructure will come close to $500 billion in the five years to 2012. Deputy chairman of the Commission, Montek Singh Ahluwalia says money put into the telecom sector will contribute most to reaching the $500 billion target laid out in the 11th five-year plan.
Maruti will roll out its millionth vehicle on Tuesday. The achievement comes soon after it overtook its parent company Suuki in sales. Maruti began selling its cars in December 1983.