Gujarat government plans to set up an international financial services centre (IFSC) under Sections 18 and 55 of the SEZ Act on more than 268 acre land at the Gujarat International Financial Tec-City (GIFT City). The state government is awaiting the due-diligence approval of the ministries of commerce and finance for the IFSC. The IFSC would see financial transactions excl
Category: Infrastructure Finance
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Finance ministry hopes to attain disinvestment target
The union finance ministry hopes to meet the target of raising Rs 30,000 crore through the disinvestment of the government stake in public sector undertakings in 2012-13. But some financial market observers feel that the market may not have the capacity to absorb the huge avalanche of shares in such a short span. They point out that divestment in shares of Oil and Natural Gas Corporation (ONGC) last March had no takers and
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CII seeks a budget which supports growth
Industry bodies like Confederation of Indian Industries (CII) expect the government to announce a budget which would support economic growth and employment. They expect that the government does not frame a populist budget even though election is just a year away. Call for a reform-oriented budget is becoming louder as the
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Odisha govt plans global investors meet
The Odisha government, on the lines of Gujarat, is mulling to organise Global Investors meet on a grand scale. Gujarat had hosted a two-day ‘Vibrant Gujarat’ meet recently.
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Financial entities’ share in bond issue declines
Data collected by Prime Database shows that the share of financial sector entities in the total amount raised through private placement of bonds during April-September 2012 declined to 73.1 per cent from 90.3 per cent in 2011-12 and 78.3 per cent in 2010-11. The financial entities include primarily banks and non-banking finance companies (NBFCs). According to som
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Govt clears 14 FDI proposals worth Rs 13 bn
Mumbai-based Hindustan Port received government approval to receive foreign funds worth Rs 440 crore for investment in downstream companies. The above plan is part of the 14 foreign direct investment (FDI) proposals worth about Rs 1,311.60 crore approved by the government recently based on the reco
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Grameen Koota in talks to raise capital
Bangalore-based micro-finance company Grameen Financial Services (Grameen Koota) is reportedly in talks with a few financial institutions to raise around $10 million capital. According to media reports, the company may raise the fund through private equity investors. It may be recalled that Grameen Koota raised capital earlier from Aavi
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Additional provisioning may hit PSBs
The earnings of public sector banks (PSBs) may take a beating in Oct-Dec 2012 quarter because of an additional provisioning of 0.75 per cent, as directed by the Reserve bank of India (RBI), analysts feel. Analysts expect private sector banks to post better earnings results during the quarter as compared to their public
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Magma expects recovery in equipment finance in H2 of FY14
V Lakshmi Narasimhan, Chief Financial Officer of Magma Fincorp expects recovery in the commercial vehicle and equipment finance segments during the second half of 2013-14. The recovery would have tangible impact on commercial vehicle and equipment finance segments. Owin
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C’batore faces funds crunch to maintain its roads
Coimbatore City Municipal Corporation has exhausted funds earmarked for repairing roads that were dug up to lay UGD pipelines. Work on more than 100 km of roads is pending in the city. So the mess on city roads due to the underground drainage (UGD) work is unlikely to be cleared in the near future.