Word: delhi
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Dates: during 1980-1989
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...envious competitor: "For Ivan to lose $30 million is like someone else losing a few hundred thousand dollars." Last year, for instance, he made about $3 million when Allied Stores Corp. acquired the Garfinckel, Brooks Brothers, Miller & Rhoads Inc. department stores, only to drop an estimated $12 million on Delhi International Oil Corp. one month later...
...after it won independence from Britain in 1947, India steadfastly tried to become self-sufficient in virtually everything from steel to grain. Now, however, the government of Prime Minister Indira Gandhi has departed from that policy and begun the careful wooing of foreign investment. Says a highly placed New Delhi official: "The old approach of doing everything ourselves has clearly failed to work...
...India is also looking for outside capital to help restore its foreign exchange reserves, which have fallen to critically low levels. Last year the high cost of energy imports was mainly responsible for nearly a one-third drop in India's hard-currency holdings. As a result, New Delhi was forced to borrow $5.7 billion from the International Monetary Fund...
...addition to sending out signals that foreign investment is welcome, New Delhi officials are trying to trim the thicket of regulation and bureaucracy that has often thwarted outside businessmen in the past. Firms, for example, can now automatically get government approval to increase their production capacity by up to 33%. Previously, they often had to wait several years for such permission...
Doors are now swinging open for a wide variety of foreign projects in India. The Gandhi government recently obtained $680 million in loans on the Eurocurrency market to build an alumina plant southwest of Calcutta. France's Aluminium Pechiney will be constructing the factory. New Delhi also plans to build eight 1,000-MW electric-generating stations at a cost of nearly $1 billion each. The first of these will be built by a British consortium headed by Northern Engineering Industries of London...