Rural Electrification Corporation (REC) is in the process of raising $500 million through external commercial borrowings or ECBs. The company is said to have invited bids for ECBs and whosoever offers the cheapest rates would be selected, Rajeev Sharma, Chairman and MD of REC said. So far in the current fiscal, the company has raised and disbu
Category: Infrastructure Finance
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Board allows McNally to raise upto Rs 1.2 bn
In a move that may contribute to the business growth of McNally Bharat Engineering, the board of the company cleared the proposal to issue non-convertible preference shares of up to Rs 120 crore in one or more tranches. Consequently, the board also permitted the raising of the authorised share capital of the firm to Rs 160 crore from Rs 40 crore earlier. In a communication to the stock exchange, the company said i
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FIPB clears only one FDI proposal out of 14
While considering 14 proposals for Foreign Direct Investment (FDI), the Foreign Investment Promotion Board (FIPB) approved only one proposal worth Rs 27.27 crore, the Finance Ministry said in a statement. Of the remaining proposals, decision on six were deferred while seven other proposals were rejected. Decision of these 14 pending proposals was deferred at its earlier meeting, the Finance Ministry said in
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MP looks for Centre’s fund sanction for NH works
The Madhya Pradesh government has spent Rs 120 crore on its own for maintenance and repair of national highways in the state besides utilising the Centre provided funds.
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The growth challenges
The growing aviation market in India demands for improved airport and allied infrastructure. Nitin Bhasin highlights the need for improved regulatory framework and long-term planning and investment to address the key challenges in the Indian airport sector.India is currently the ninth largest aviation market in the world and may be set for a transformational growth to become the
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Infra lending status for key segments
Giving a boost to key segmentssuch as roads and bridges, liquefi ed natural gas (LNG), oil pipelines, water treatment plants, telecom towers, and three-star hotels, the Reserve Bank of India (RBI) accorded them infrastructure status and paved way for them to avail easier funding from banks.
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Srei 's IDF
Having received approval from the Sebi for setting up an infra debt fund (IDF) through the mutual fund route, Srei Infrastructure Finance would begin the process now and hopes to launch it in January 2013. The Kolkata-based NBFC said that this would be finalised later. IDF is required as the country is set to invest huge amounts into the infra
sector and banks are close to hit their infra exposure limit.
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Nabard Loan For K'Taka
Under the Rural Infrastructure Development Fund (RIDF XVIII), Karnataka received Rs 236.18 crore loan from the National Bank for Agriculture and Rural Development (Nabard). Through this loan, the state government would carry out 82 minor irrigation projects, 189 rural road projects and 42 rural bridge projects in the state.
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Fund crunch delays HP tunnel projects
Three mega traffi c tunnel projects—two of them cleared by the state government in Himachal Pradesh in July 2012—may not take off any time soon. The fate of the projects will depend on the funding provisions, which is expected to run into hundreds of crores of rupees.The Chief Minister Prem Kumar Dhumal had laid down the foundation for one of the projects a fortnight before the Assembly elections were announced. The 1,200-m long Bangana-Dhaneta road tunnel to connect Una and Hamirpur districts w
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Hydel project gets $315 mn ADB loan
A 450 MW hydroelectric project in the Kinnaur district of Himachal Pradesh received $315 million loan assistance from the Asian Development Bank (ADB). The multilateral lending institution entered into a pact to this effect with the Government of India.
The Shongtong Karcham Hydroelectric Project is expected to cost a total of $750 million, with the Himachal Pradesh