As it sought more time to respond to the demands by the Income Tax department, the belaguered Kingfisher Airlines on January 22 told the Supreme Court that it was in negotiations with the investors for the revival of its grounded fleet, senior counsel Harish Salve, appearing for the airline, told a bench of justice DK Jain and justice Madan B Lokur. The airline sought four weeks' time.
Category: Infrastructure Finance
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Rs 1,920 cr sanctioned for Mumbai Trans-harbour link
The Union Finance Ministry has sanctioned viability gap funding of Rs 1,920 crore for the Mumbai trans-harbour link, the Mumbai Metropolitan Region Development Authority (MMRDA) has said. The project, estimated to cost Rs 9,630 crore, will be implemented on public-private partnership mode. The construction period will be for five years.
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Governor comments temper policy rate cut hope
Expectation that Reserve Bank of India (RBI) would reduce policy rates during the monetary policy review on January 29 was tempered by the recent remarks of Governor D Subbarao. Subbarao recently remarked that reducing inflation is the priority of the central bank and will always be. Only then can the poor be given relief, he added
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IL&FS mulls to up its toll to Rs 12 cr/day by 2015
IL&FS Transportation Networks India hopes to increase its daily collection by way of annuity and toll from Rs.2 crore a day now to Rs 12 crore a day by 2015-16, Executive Director Mukund Gajanan Sapre told a newspaper. IL&FS Transportation Networks India is devising a multi-pronged approach to work around the road blocks.
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REC to sell Rs 15 bn worth 5-year bonds
Rural Electrification Corp is in the process of issuing Rs 1,500 crore worth five-year bonds in order to raise capital for funding power projects. The state-run lender has fixed an annual coupon of 8.70 per cent for the bonds. It may be noted that the financial institution scrapped the plans of raising funds in the s
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Refining segment dominates RIL’s earnings
The operating profit or Ebit (earnings before interest, tax) of Reliance Industries (RIL) from refining and marketing rose 115 per cent to Rs 3,615 crore during October-December 2012 from the year-ago period. But the company's Ebit margin from oil and gas declined 54 per cent to Rs 590 crore against Rs 1,294 crore in the corresponding previous quarter. The petr
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Delhi govt seeks more central govt funds
Delhi Chief Minister Sheila Dikshit requested the central government to increase the size of grant to the state considering its huge expenditure on development of infrastructure and implementation of schemes through the direct cash transfer scheme. She said 65 per cent of the state government's budget is allocated to social sector schemes
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PNB clears plan to issue preference shares worth Rs 12.5 bn
In a statement filed at Bombay Stock Exchange, Punjab National Bank (PNB) said it approved the issuance of preferential shares worth Rs 1,250 crore to the central government. Accordingly, the state-run bank would issue preference shares with face value of Rs 10 each. The proposed preferential allotment will be subject to necessary appr
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RBI, fin min in talks on capital norms for banks
Reports suggest that the union finance ministry is in talks with the Reserve Bank of India (RBI) to relax capital adequacy norms for banks. The finance ministry wants the central bank to relax the norms in line with the recommendations made by the Basel Committee on Banking Supervision
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RBI deputy chief for widening investor base in bonds
HR Khan, Deputy Governor, Reserve Bank of India (RBI) called for steps to encourage insurance companies, pension funds, provident funds, and other institutional investors to invest in bonds issued by infrastructure firms. Presently, the insurance and pension funds are legally required to invest a substantial proportion of their fund