A wide range of projects and facilities are granted the status of infrastructure projects under the new Companies Act, 2013. Prachi Manekar elaborates on the benefits from the new Act for the infrastructure projects.
Category: Infrastructure Finance
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GFH investment pact
Gulf Finance House (GFH), a Bahrain-based Islamic investment bank, has signed two development agreements with Adani Infrastructure and Mumbai-based developer Wadhwa Group for real estate development in India. The agreements were signed on the sidelines of the Bahrain-India Business Forum in Mumbai, held as part of King Hamad bin Isa Al Khalifa´s visit to India.
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SBI to invest in GIFT city
State Bank of India (SBI) will invest Rs 150 crore to establish a facility in the Gujarat International Finance Tec-City (GIFT) at Gandhinagar. GIFT city is an initiative of Gujarat government to develop a hub for financial institutions.
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Exim Bank PAC in Africa this year
Exim Bank will be setting up a project advisory company (PAC) in Africa this year. The PAC will essentially look to bring infrastructure projects in Africa to a bankable stage and facilitate exports from India to Africa. This is the first time Exim Bank is looking to set up a PAC and also the first time in Africa. Opportunities for infrastructure development in Africa are huge, with a World Bank study projecting the annual investment requirement in infrastructure at $90 billion.
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IDFC to raise $300 mn
Infrastructure Development Finance Company (IDFC) is planning to raise $300 million through foreign loans. Earlier, in the third quarter (Q3) of the current financial year, the company raised $150 million through international loans with a five-year maturity. IDFC posted a 10 per cent rise in consolidated net profit at Rs 501 crore for Q3, compared with Rs 455 crore in the corresponding period last year.
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Essel Finance to diversify
Essel Finance Advisors and Managers is planning to add three more verticals to its portfolio in the coming months. The company already has a real estate private equity business and will add a non-banking financial company (NBFC), investment banking (IB) advisory and another vertical that will focus on fundraising for corporates. The overall plan of the company is to set up all the verticals in financial services business over the next 3-5 years.
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RBI hikes repo rate
The Reserve Bank of India (RBI) hiked its repo rate by 0.25 per cent to 8 per cent. The move according to the RBI is to dampen inflation, saying it was now better prepared to deal with the risk of major capital outflows roiling emerging economies. RBI, however, said that if retail inflation eases as projected, it does not foresee further near-term monetary policy tightening.
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Rajasthan project gets WB fund
The World Bank (WB) has funded Rs 1,362 crore for modernisation of roads which includes rural road connectivity programme. In this, 1,056 revenue villages having population 250-499 (as per census 2001) in 21 districts shall be connected by all-weather roads in Rajasthan. The major components of the projects are road section modernisation and performance enhancement.
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PE investments jump to $9.1 bn
Private equity (PE) investments in the country surged over 20 per cent to $9.1 billion last year even as deal volumes declined during the same period, says a report. According to Ernst & Young, PE activity in the country has been range bound with an average of $8.5 billion across 400 deals in each of the last four years. Total number of deals were higher at 415 in 2012.
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Steady outlook on banking sector
Banks in the country would largely remain resilient to the cyclical downturn on improvement in loan loss reserves and common equity injections in 2014, says an India Ratings and Research report. The report underlines a stable outlook for the sector in 2014. However, banks continue to face credit quality pressures from loan concentration, borrowers´ over-leverage and the prevailing economic slowdown. The portfolio of stressed assets is expected to grow from about 10.25 per cent at the end of Sept