Rural Electrification Corporation (REC) plans to raise funds from Germany's development bank Kreditanstalt fur Wiederaufbau (KfW) for financing renewable energy (RE) projects. REC had earlier received about Eur100 million loan from KfW. REC has reported a 19.5 per cent growth y-o-y in net profit for the third quarter backed by strong revenues.
Category: Infrastructure Finance
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NDB Bank gets IFC loan
The National Development Bank (NDB) was provided with a syndicated loan of $125 million by the International Finance Corporation (IFC). The loan will be used to aid the financing of 50,000 micro, small and medium enterprises by 2018. The Chief Executive Officer of NDB Bank Rajendra Theagarajah said that there would be second loan granted by the IFC by June 2014 amounting to nearly $200 million.
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NCMSL to get funding from NABARD
The National Bank for Agriculture and Rural Development (NABARD) will lend Rs 130 crore to the private sector company National Collateral and Management Services (NCMSL) through its Rural Infrastructure Development Fund. NABARD, which generally lends only to government-owned warehousing entities, has utilised the special window opened by the Centre to fund established private sector warehousing companies like NCMSL.
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FDI dips 3 per cent in 2013
Foreign Direct Investment (FDI) in India dipped by 3 per cent to $22.03 billion in 2013, according to data from the Department of Industrial Policy and Promotion (DIPP). In 2012, India attracted $22.78 billion of FDI. Services, pharmaceuticals, automobiles, construction development, telecom, computer software and hardware, chemicals and power were among the sectors that attracted FDI in 2013.
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IDFC and Bandhan get banking licence
The Reserve Bank of India (RBI) has decided to issue permits to IDFC and Bandhan, the country's largest micro lender based in Kolkata. After the Election Commission gave its clearance to grant of new licences, RBI's committee of central board met to deliberate on the two names placed before it and decided to give its in-principle approval. IDFC and Bandhan will get a year and a half to begin operations, failing which their licences could be cancelled.
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100 AIFs to operate in India
Securities Exchange Board of India (SEBI) has allowed 100 entities to set up Alternative Investment Funds (AIFs) - newly created class of pooled-in investment vehicles for
real estate, private equity and hedge funds - in less than two years. The 100 AIFs have been registered with SEBI since July 2012. Out of this, about 11 entities got market regulator's approval to operate in the country so far this year, 67 in 2013 and the remaining 22 in 2011.
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UAE, India investment protection pact
According to the Department of Economic Development (DED), India and the UAE are working towards giving the final shape to a Bilateral Investment Promotion and Protection Agreement (BIPPA) to enhance investments between the two countries.The agreement is aimed at driving investments into India from the UAE.
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Govt to set up $1-bn fund for telecom equipment manufacturing
The National Manufacturing Competitiveness Council (NMCC) has floated a proposal to the government for setting up a $1 billion venture capital fund (Rs 6,200 crore) to encourage manufacturing of telecom equipment and devices.
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Creating financially sustainable cities in India
The HPEC Report on Indian Urban Infrastructure and Services (2011) estimates that India will need urban infrastructure investment amounting to Rs 39.2 lakh crore in 20 years between 2012 and 2031.
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Urban projects: Chequered growth
The Cabinet Committee on Investment (CCI), according to latest reports, has unlocked 144 stalled infrastructure projects worth Rs 5.27 lakh crore. But experts don't see this reviving the fortunes of the Indian economy owing to the long gestation period of these projects.