The MMTC’s proposal to take care of the handling and distribution of urea within the country has been rejected by the Ministry of Chemicals and Fertilisers. MMTC had made a proposal to this effect, to the Department of Fertilisers while the handling and distributing agencies were being sorted out for the year. MMTC’s plea was turned down as it is one of the major canalising agency for importing urea. The department felt that there may be a conflict of interests if MMTC is allowed to take care of the handling and distribution of urea within the country.

ONGC, IOC to take ADR route

The Oil and Natural Gas Corporation (ONGC) and the Indian Oil Corporation (IOC) are likely to tap the international markets through the American Depository Receipts (ADR) route. No other Indian company has made an ADR offer so far. The stringent disclosure norms that go with ADRs have made Indian corporates prefer the relatively less sophisticated Global Depository Receipts (GDR).

Second Master Plan ready

Increase in the maximum permissible FSI (Floor Space Index) and allowing multi-storey buildings throughout the Madras Metropolitan Area (MMA) are the highlights of the Second Master Plan for MMA. The Madras Metropolitan Development Authority (MMDA) has finalised the Second Master Plan for MMA with 2011 as the horizon year. This is a sequel to the First Master Plan prepared for the MMA in 1975. In essence, the Master Plan outlines the planning strategy to manage the anticipated increase in population within the metropolitan area.

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