Through its Pre-Budget Memorandum submitted to the Union Finance Ministry, industry body CII urged government to take urgent steps to make infrastructure sector viable and capable of attracting capital. The memorandum listed some of the steps that the government should take to attract capital into the sector. For example, the body wants government to waive Minimum Alternative Tax (MAT) for infrastructure companies.
Category: Infrastructure Finance
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Road contractors may be given more time to get funds
In a bid to prevent the exodus of private road contractors from highway projects, the Union government plans to extend the time required for road contractors to achieve financial closure. This is in case there is a delay in getting the required government clearances.
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DP World’s business recast may facilitate fund raising
Some analysts and industry watchers feel that DP World has restructured its India operations in order to facilitate fund raising in the country, if required in future. Some analysts feel that the restructuring exercise is intended to raise the companyÂ’s valuation with an eye to tap the local capital market for funds
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RBI survey expects 5.5% economic growth in FY13
According to a survey sponsored by the Reserve Bank of India (RBI), the Indian economy may expand at 5.5 per cent in 2012-13, lower than the government's revised annual growth estimate of 5.7 per cent. It may be noted that the RBI had earlier projected a growth rate of 5.8 per cent for 2012-13. The Indian econ
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Infra firms welcome RBI rate cut
Infrastructure developers and development finance companies cheered the Reserve Bank of India's (RBI) move to cut policy repo rate in its third quarter review of monetary policy. Infrastructure developers urged banks to pass on the cut in policy rate to borrowers and thereby reduce the cost of funding
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RBI hints at more policy easing if inflation, CAD falls
The Reserve Bank of India (RBI) Governor D Subbarao informed reporters that there would be more room for monetary policy actions if inflation eases further and the current account deficit moderates further. He said this after announcing the decision of the RBI to reduce repo rate by 25 basis points and cash reserve ratio (CRR) of scheduled commercial banks by 25 bps in the third quarter monetary policy
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Net profit of Bank of India rises 12% in Dec quarter
During October-December 2012, the net profit of state-run Bank of India rose 12 per cent to Rs 803 crore from Rs 716 crore in the year-ago period. The bank said it could not achieve a higher growth in net profit because of rise in provisioning and modest growth in advances
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Econ adviser stresses on more pvt investment in infrastructure
HAC Prasad, Senior Economic Adviser to the Union Ministry of Finance stressed on the need to raise the share of private and PPP sector in the total investment in infrastructure to 50 per cent in the 12th five-year Plan. The share of private and PPP sector in the total infrastructure investment was a little over 30 per cent in the 11th Plan
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JSW Steel, JSW Ispat convene shareholders meet
Following the directive by the Bombay High Court, JSW Ispat and JSW Steel convened a separate shareholder meetings in Mumbai to seek their approval for the proposed merger of both these firms. According to the merger proposal, every 72 shares of JSW Ispat would be exchanged for one equity share of JSW Steel. Institutional Investor Advisory Services advised shar
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APSEZ to use stake sale proceeds for east coast project
Media reports suggest that Adani Ports and Special Economic Zone (APSEZ) would divest its stake in the Australia's Abbot Point port and use the sale proceeds to invest in its venture in the east coast of India. It is learnt that the Board of Adani Ports has in-principle decided to divest its significant stake in entities cont