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News In Pictures: 17 March 2009

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DEFENCE STRATEGY: Anand Mahindra, vice chairman and managing director of Mahindra group of companies at the inauguration of a defence manufacturing facility in Faridabad on Tuesday. Mahindra is spinning off its defence business into two wholly-owned units, focusing on land systems and naval systems. (PTI)


SHIPPING ACQUISITIONS: The government is considering a 100-billion-rupee package to help local shipping firms finance new vessel acquisitions as global lenders tighten up their purse strings. "We have requested the finance ministry to consider a Rs 10,000 crore package (for shipping firms)," APVN Sarma, secretary, ministry of shipping, said on Tuesday. (Reuters)


RAISING STAKE: Norwegian telecom group Telenor will take a larger stake in India's Unitech Wireless than previously stated as a result of a $1.2 billion investment in the Indian group announced last October. In a statement on Tuesday Telenor said it would take a stake of 67.25, up from a previously planned 60 per cent, in Unitech Wireless. It said the stake purchase will be completed by the end of 2009. (Reuters)