The Oman India Joint Investment Fund (OIJIF) will be raising about $350 million for a new fund, according to a source. An equal joint venture between State Bank of India (SBI) and State General Reserve Fund (SGRF), OIJIF will start raising money from December. SGRF is OmanĆĀ“s sovereign wealth fund.
Author: admin (Infratructure Today)
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NOCL to commission Cuddalore refinery by 2015-end
Nagarjuna Oil Corporation Ltd (NOCL) plans to commission the first phase of its
Rs 25,000 crore Cuddalore refinery in Tamil Nadu by end of 2015, its Managing Director & CEO, S Ramasundaram said. NOCL is setting up a 6 million tonne-a-year oil refinery at Cuddalore in phase-I with a similar capacity unit planned in the second phase.
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Coal demand falls
Global coal prices and demand have fallen, as coal is being replaced by other sources of energy. It is replaced by shale gas in the US and is likely to lose out to renewable energy in China. In India, the new government is keen to accelerate mining to unlock indigenous coal reserves of 200 billion metric tonnes.
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Petronet LNG may drop Kerala project
Petronet LNG has said it may have to drop the LNG pipeline project in Kerala if outstanding procedural issues are not dealt with in a time-bound manner. According to AK Balyan, MD and CEO, the target was to complete the project by 27 May. Even assuming that the Puthuvype terminal operated at only 30 per cent, it would still earn the state Rs 900 crore to Rs 1,000 crore annually.
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IOC to raise $900 million overseas debt
Indian Oil Corporation will raise $1.65 billion debt in overseas market in the current financial year. The company will raise $900 million through external commercial borrowings to replace short-term costlier loan while another $750 million will be raised over the financial year, its Director Finance, PK Goyal said.
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ONGC seeks BCGs help
ONGC has roped in Boston Consulting Group (BCG) to help keep tight control over timelines and costs for its KG Basin field. ONGC hopes that BCGĆĀ“s ĆĀ“stage-gateĆĀ“ process, which divides project work into sequential elements with fixed responsibilities will help the company get KG-DWN-98/2 into production in quick time.
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Japan may expand infrastructure tie-ups
The promise of faster decision-making and emphasis on infrastructure has Japanese investors excited, and they are ready to bank roll and provide expertise to develop IndiaĆĀ“s physical infrastructure.
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IFCI seeks development financial institution status
IFCI Ltd is seeking to become a development financial institution as it would lower its cost of funds. The company will place a proposal with the government seeking the tag of a 'developmental financial institution' which could raise its credit rating and make its securities attractive to investors.
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More coordination on global monetary policy sought
RBI Governor Raghuram Rajan made a case for more coordination in monetary policies by different central banks to deal with the spillover effect on emerging markets. He said that central banks should reinterpret their domestic mandate to take into account other country reactions over time, and thus become more sensitive to spillovers.
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ADB may fund Chennai-Vizag corridor
Asian Development Bank (ADB) has shown interest to back an industrial corridor along the coast of Andhra Pradesh, giving a confidence boost to the state as it prepares for a new life without Telangana and Hyderabad.