To lessen pressure on the country's current account deficit (CAD) the government-owned oil companies have been asked by the Union government to fund their foreign acquisitions entirely with foreign debts instead of using their own cash reserves or taking domestic loans.
The government said that by doing so the companies don't spend India's foreign exchange reserves and put more pressure on the current account deficit.
Author: admin (Infratructure Today)
Post
Use foreign debts for acquisitions, govt tells its oil firms
Post
Govt may sell six shale gas blocks soon
The Union government may auction six shale gas blocks, with estimated reserves of over 50 billion cubic metres, this year. When it happens it will become India's first auction of exploratory blocks for this fuel. Of the six blocks, two most prolific blocks are in the Ranigunj coalfields of the Damodar basin in West Bengal. The others are in Jharia, also in the Damodar basin, and in the Cauvery basin in the south India.
Post
Project bonanza in offing with rail land leases
Rail Land Development Authority (RLDA) has prepared an action plan for fast tracking the development of 75 multi-functional complex (MFC) sites in current year for which bidding process is being initiated in phases.
Post
Exim Bank to set up project development company in Africa
Leading export lending firm Exim Bank chalks out plan to set up a project development company in Africa with multiple partners including State Bank of India.
Post
Exim Bank to get Rs 700 cr capital infusion
To give a fillip to the future growth the lender bank Export-Import Bank of India, the Union government on September 12 approved a proposal of Rs 700 crore capital infusion. The fund infusion will ensure compliance to the regulatory norms on capital adequacy, cater to the credit needs of productive sectors of economy as well as to withstand impact of stress in the economy, an official statement said in Delhi.
Post
SAIL to raise operational efficiency, save cost
Steel Authority of India (SAIL) would adopt several steps to increase operational efficiency and thereby save Rs 5,000 crore in cost over the next three years. The state-run steel maker said in a statement after a ĆāStrategic Confluence on Cost Control and Cost CompetitivenessĆā at its Management Training Institute in Ranc
Post
Rupee weakness to have minimal impact on Hindalco
Kumar Mangalam Birla, Chairman of Hindalco Industries said the impact of rupee depreciation on the company's balance sheet would be minimal as it does not have much of foreign currency loan. Addressing shareholders at the companyĆās 54th annual general meeting, Birla said the firm has a foreign loan of only $100 million and so the impact of rupee deva
Post
NMDC holds ore prices amidst slack demand
National Mineral Development Corporation (NMDC) decided not to raise the price of iron ore lumps and fines for September considering slackness in demand. Thus, the firm would continue to sell at the current price of Rs 4,200 a tonne of iron ore lump and Rs 2,510 per tonne of fines
Post
Chidambaranar port’s record in cargo handling
VO Chidambaranar Port Trust has stated that the port has handled 1,39,610 tonne of cargo, surpassing the previous record of 1,17,641 tonne achieved on July 11 in 2009. The major cargo that contributed to the achievement are: industrial coal, thermal coal, containers cargo, gypsum, limestone and copper concentrate.
Post
Moving of boxes to a pvt station from Kochi port postponed
Following objections raised by Kochin port users, Kochi Customs has postponed by three months its decision to implement the en-bloc movement of import containers from ICTT to a private container freight station. The stakeholders at the port alleged that the decision would involve an additional expenditure of Rs 5,000/teu for moving the boxes.