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.

Punjab National Bank, a leading public sector lender, has decided to reduce the Benchmark Prime Lending Rate (BPLR) by 50 bps from 14% to 13.50% w. e. f. November 01, 2008.

The bank stated in the release that the revised BPLR shall be applicable in respect of all existing and new accounts linked with BPLR where rates are charged at BPLR and above.

In addition, the interest rates on Housing Loans, Car Loans and Education Loans which were reduced w. e. f October 16, 2008 as a part of festival bonanza will continue at the reduced rates.

State-run gas utility Gas Authority (India) Limited has signed a Memorandum of Understanding (MoU) with Indian Oil Corporation Limited (IOCL) to explore possibility of setting up a Rs 10,000 crore petrochemical plant at Barauni in Bihar.

Under the arrangement, a joint working committee consisting of two representatives from each company shall be formed for undertaking techno-economic feasibility study of the project including feedstock (naphtha and natural gas) management.

Educomp Solutions, a globally diversified education solutions provider has secured an order worth Rs 50.20 crore from Commissioner of Public Instruction, Government of Karnataka.

Under the arrangement, the company will implement Computer aided Education in 708 PU colleges in Karnataka. The order is scheduled to be executed over 5 years.

Apart from this, Educomp has also received an order for 347 Government hostels from Commissioner Tribal Welfare, Government of Chattisgarh for implementation of Computer aided Education Programme.

Hyderabad-based MIC Electronics has entered into Memorandum of Understanding (MoU) with Italian-based Ceracchi Illuminazione, to get access to European markets and others like Russia, Morroco and Eastern European countries.

Ceracchi Illuminazione is a renowned lightening company in Italy for design, development and marketing of light-emitting-diode (LED) lightening solutions.