In order to prevent Essar Steel from approaching
the corporate debt restructuring (CDR) cell, lenders to the company provided an further loan of Rs 6,000 crore. The company borrowed this amount at an interest rate of 12.50 percent. The Ruia-group firm would use around Rs 2,000-2,500 crore of the Rs 6,000 crore to repay group com
Category: Infrastructure Finance
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Banks may lend Rs 60 bn more to Essar Steel
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Moily meets Finance Minister, may hike diesel prices
In the backdrop of rupee's fall against dollar and the escalation of Syrian crisis ballooning oil import bill, Union Petroleum Minister Marpadi Veerappa Moily on August 29 met Finance Minister P Chidambaram to discuss possible solutions to the crisis. Sources said that the oil minister discussed with Chidambaram the diesel price hike of Rs 3-4 per litre and cut in duties.
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Investment: A legacy of perception?
An India-US Infrastructure Fund that was set up in 2010, but with the US recently lodging a formal complaint against India with World Trade Council on entry barriers to companies, things could be on wait-and-watch mode.
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Ministry Allows Sovereign Funds to Invest in Tax-free Bonds
Reports indicate that the Finance Ministry allowed sovereign wealth funds to invest in debt instruments floated by state-run companies. It may be noted that the government allowed 13 state-run firms to raise around Rs 48,000 crore by selling tax-free bonds in 2013-14
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Banks Wary of Lending to NBFC Sector
In the 12 months to June 2013, growth of bank lending to non-banking finance companies (NBFCs) declined to 1.9 per cent compared to 44 per cent in the year-ago period. Banks are said to be wary of lending to NBFCs following stricter guidelines issued by Reserve Bank of India (RBI).
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Ficci sees $906 bn Investment
Indian construction industry is expected to see investments of over $906 billion this Plan period, according to the Federation of Indian Chambers of Commerce and Industry (Ficci) Deputy Director Jasmeet Singh
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Srei Hikes Lending Rate
Considering the rise in the cost of funds for the infrastructure sector, Srei Infrastructure Finance raised benchmark lending rate by 50 basis points. Thus, the new benchmark rate stands at 18 per cent per annum effective from September 1, 2013 compared to the earlier rate of 17.50 per cent.
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IFC Mulls new Bank Licence
The private sector investment arm of World Bank, International Finance Corporation (IFC) is looking out to partner with aspirants for new bank licences, as it increases its investment in India to $2 billion this year.
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Economic Growth Recovery Later in FY14
In its Annual Report 2012-13, Reserve Bank of India (RBI) said the economic growth may recover later in 2013-14 if government delivers better administration, eases supply constraints and maintain stability.
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Nabard Fund for Gujarat Agri-Infra
Under its Rural Infrastructure Development Fund-XIX (RIDF-XIX), the National Bank for Agriculture and Rural Development (Nabard) has sanctioned Rs 175.74 crore to Gujarat.