Infrastructure Development Finance Co (IDFC) will raise at least Rs 100 crore from a foreign institutional investor via five-year bonds at 9.15 percent, marking the first deal after easing of the overseas borrowing norms.
Author: admin (Infratructure Today)
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FIIs to get flexibility in infra bond investments
In a move to stimulate the foreign flows into infrastructure bonds, the Finance Ministry has eased norms for foreign institutional investors (FIIs) for investing in long term infrastruÂcture bonds. To lure FIIs, it has reduced lock-up period on such holdings to one year from three years for a five-year bond for overseas institutions investing up to $5 billion in infrastructure bonds.
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18,500-cr boost to DMIC
The Union Cabinet has cleÂared the proposal for infusion of Rs 18,500 crore in the Delhi Mumbai Industrial Corridor Development Corporation (DMICDC). The 1,483-km project running through seven states will come up along the proposed Delhi-Mumbai dedicated rail freight corridor.
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Corp Bank plans infra debt fund
Corporation Bank said it is drawing up plans to float an Infrastructure Debt Fund (IDF) and will soon approach its boaÂrd for approval. The bank plans to paÂrÂÂtner with other interested players for floating such an infra fund. Earlier, the Reserve Bank of India (RBI) allowed banks and non-banking financial coÂmÂpanies (NBFC) to sponsor IDF, which can be set up as mutual funds and NBFCs.
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FM pitches to US investors for infra projects
Finance Minister Pranab Mukherjee has said the country offers huge scope for US firms to participate in its $1 trillion infrastructure development plan. At the USIBC-FICCI round table, Mukherjee inforÂmed the gathering that his government was working towÂards building a consensus on a number of pending policy issÂues, like introduction of Goods and Services Tax, National Manufacturing Policy, liberalisation of FDI policy
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New environment may curb mining, not illegal mining
The recent mining scams have sounded a wake up call, and yet definitive action to prevent illegal mining has not come forth.Will new laws such as higher taxation and profit sharing help the cause of the government’s efforts to curb illegal mining through technology and strengthened monitoring? Charu Bahri goes beyond the regular headlines of new scams and ends up not being convinced the new law will curb illegal mining.
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Karnataka mining in limbo
In the state that produces more than 35 million tonne of iron ore every year, accounting for more about 25 percent of the nation’s output, mining and exports of iron ore from the state have come to a complete standstill National Minerals Development Corporation (NMDC)
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Expertspeak: The solution within
Wherever feasible, converting illegal mines to legitimate ones after determining the entrepreneur’s worth will result in better competitiveness, rehabilitation and revenues to the exchequer, says RK Sharma.Obtaining mining approval takes considerable time mainÂly at the state level.
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All we need is a monitoring body, not new laws or technology
Without an enforcement agency to constantly monitor the landscape, mines will continue to be exploited, NN Gautam, Advisor, ACB (India), and former Advisor to Union Ministry of Coal, tells Shashidhar Nanjundaiah.The term illegal means that there is either connÂivance or a laxity in enforcement. This is a governance issue a corruption issue.
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Analysis: Staring at an increasing resource crunch
In a country where minerals are reported as scarce, comprehensively mapping and identifying available natural minerals will result in a major upward revision of our estimates how much can be mined indirectly curbing illegal mining. Puneet Goel writes.