Colombo – The Sri Lanka Navy destroyed at least four Tamil rebel boats and killed 14 cadres off northern Sri Lanka in a fierce sea battle between the two sides on Saturday morning, a navy spokesman said.

The clash broke off Nagarkovil, 390 kilometres after a fleet of rebel boats were intercepted shortly before dawn on Saturday, Commander DKPDassanayaka said.

He also said that according to communication intercepted 16 rebels had also been injured.

Karur Vysya Bank (KVB) has informed that it has signed a memorandum of understanding (MoU) with SME Rating Agency of India
(Smera) to enable its SME Borrowers to get rated themselves.

Under the arrangement, Smera will provide data about external credit rating by considering the financial position and qualitative factors that have a bearing on the credit worthiness of the SME and Karur Vysya Bank will finance the SME.

According to sources, the MoU plans a co-operation between the two institutions for financing of SME by leveraging the strengths of both the organisations.

Ispat Energy Ltd, a part of Ispat Industries Ltd, is planning an investment worth Rs 1,000 crore in the current fiscal, for producing bio-CNG from pressmud, a byproduct of sugarcane processing.

The gas produced can be used as a fuel for transportation and industrial applications.

According to the source, the company has showed it’s willing to work with 20 sugar mills in Maharashtra and Uttar Pradesh for producing bio-CNG.

The firm has decided to invest Rs 35 crore in a bio-CNG facility for Warna Sugar Ltd, Maharashtra.

Life Insurance Corporation of India (LIC), the largest insurance organizations in the country is all set to open a representative office in Singapore next month.

According to the source, the upcoming office will initially explore opportunity for selling insurance products to the people of Indian origin.

Additionally, the insurance giant is also planning to expand its footprints into Australia and New Zealand. At present, LIC has international operations in seven countries - UK, Mauritius, Fiji, Nepal, Gulf, Saudi Arabia and Bahrain.

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