In its a macroeconomic report, Reserve Bank of India (RBI) said the priority for monetary policy now is to restore stability in the currency market so that macro-financial conditions remain supportive of growth. RBI said global currency market movements in June-July 2013 prompted a re-calibration of monetary policy. The report, which was released a day before the first quarter monetary policy review of RBI, shows the central bank
Category: Infrastructure Finance
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CDR cell refuses to take up Rs 70 bn loan recast plan of Electrosteel
Agency reports indicate that the CDR (corporate debt restructuring) cell refused to consider the CDR request of Electrosteel Steels for its Rs 7,000-crore loan. This is because the company did not adhere to the terms of the proposal, including fresh capital infusion and corporate guarantee that promoters are supposed to bring to the table. Therefore, the consortium of 27 banks dela
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Govt invites bids from PSUs for 5 lignite blocks
The Union government has called bids from public sector undertakings (PSUs) for 5 lignite blocks with an estimated 156 million tonne of reserves. The lignite blocks in Gujarat and Rajasthan will be awarded to State-run companies depending on various factors like location of the end use project and preparedness of the end use project, a government notice said.
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City Union Bank to raise upto Rs 350 cr
City Union Bank (CUB) on July 29 said it plans to raise about Rs 350 crore from share sale to institutional investors. The board has resolved to seek the approval of the shareholders of the bank to augment capital up to Rs 350 crore, inclusive of premium through a process of Qualified Institutional Placement (QIP), the private bank said in a filing to the BSE. The decision is subject to the applicable laws and regulations including the guidelines issued by RBI and market regulator SEBI by passin
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Canara Bank seeks Rs 1,000 cr for overseas expansion
Canara Bank has sought Rs 1,000 crore infusion from the government to fund its overseas expansion. The bank has approached the Union government for the capital infusion," Canara Bank Chairman and Managing Director RK Dubey said in Delhi on July 29. Although the bank don't require funds for domestic credit expansion this fiscal, capital would be needed for overseas expansion, he said.
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Potential of Thoothukudi as Industrial hub
As the Tamil Nadu government targeting the southern parts of the state for industrial development, Thoothukudi on July 27 launched a two-day roadshow to woo investors in Chennai. Former president of The All India Chamber of Commerce and Industries T Vel Shankar said the idea was to make Thoothkudi the investment hub.
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Port projects face implementation hurdles
Owing to factors hurdles in land acquisition, environmental and other statutory clearances and financial closure, several projects in major and non-major ports are held up. According to a study conducted by Icra, there are about 30-40 greenfield non-major ports that have high promise and potential but low implementation. These proje
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RBI steps help stabilise rupee exchange rate
The recent measures taken by Reserve Bank of India (RBI) has some effect on stabilising rupee exchange rate against dollar. The central bank took some measures in order to make the domestic currency much costlier. In recent trading session, rupee-dollar exchange rate is hovering in a 58.80 to 59.20 range. Some sources hinted that foreign banks were seen selling the doll
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PE investors struggle to exit investment
A study by Deloitte India shows that private equity investment in India exceeded $100 billion since 1995, but only $25 billion of the investment has been withdrawn. In other words, in 80 per cent of investment, PE players have not got their money back, are struggling to find an exit and in some cases even written off their investment
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Dena Bank wants govt to infuse Rs 20 bn capital
The tier-I capital of Dena Bank declined below 8 per cent by June 30 and this prompted the state-run bank to seek Rs 2,000 crore capital infusion from the central government, reports indicate. Ashwani Kumar, Chairman and Managing Director of Dena Bank expects the central government to provide this