Tata Motors, India’s biggest automobile company, has signed up a contract with Union Bank of India with the aim to finance its range of passenger vehicles.

The company’s aim is to offer an additional facility of car finance to its clientele.

The banking institution provides car loans up to 85% of invoice, for term ranging up to 5 years, at a very competitive rate of 11% to 11.25%.

The facility will be available at UBI divisions and 329 sales touch points of Tata Motors.

Telecom operator Bharti Airtel has withdrawn ‘95’, which it launched for intra-state landline communication through its fixed line service.
 
The decision was taken following the order from Department of Telecom (DoT), Ministry of Communications and IT, Government of India.

The company said that the withdrawal would be effective from midnight of March 9, 2009.

Mumbai, Mar. 9 : Satyam Computer Services has begun the procedure of selecting an investor by inviting expressions of interest from bidders.

SEBI has recently authorized Satyam to sell up to 51 percent stake.

Under the process that started on Monday, the bidders will have to submit detailed EoIs, along with proof of availability of funds of at least 1,500 crore rupees by March 20, Satyam said in a statement.

On Monday, the company issued an expression of interest, according to which there is no floor price for the bidders.

The Department of Telecom (DoT) asked state-owned telecom giants BSNL and MTNL to discontinue their third generation (3G) services till the time the security agencies set up apt monitoring system in order to track traffic on their network.

The decision comes in spite of BSNL and MTNL clarifying to the administration that interception of 3G traffic is possible, during a meeting with the DoT on March 4.

The Intelligence Bureau informed the DoT that BSNL has not provided for monitoring video calls.

Sterlite Industries (India), a division of London based Vedanta Resources promoted by Anil Agarwal, has signed a contract with ASARCO, a Tuscon based mining, smelting and refining company, to get hold of substantially all the operating assets of the company.

The deal is priced at $1.1 billion, which will consist of $1.1 billion in cash and a senior secured non-interest bearing promissory news for $600 payable over a period of nine years.

But, the deal is still awaiting approval from of the US Bankruptcy Court for the Southern District of Texas, Corpus Christi Division.

Anand Jain, Chairman of Jai Corp and a close associate of Reliance Industries Chairman Mukesh Ambani came under the scanner of Income Tax department with the department officials searching his offices and residence to find clues about some land transaction deals.

Confirming the raid by IT department, an official said, "We are conducting search operations at the establishments of Anand Jain and his company, Jai Corp and operation is still going on."