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.

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.