TK Ananth Kumar, Director (Finance) of Oil India informed that the firm would borrow from the overseas market to fund its acquisition of the Mozambique gas project. He said the firm is considering to raise 80 per cent to 90 per cent of its share of $1 billion (in the acquisition).
In other words, the firm may raise a maximum of $900 million from overseas markets
Category: Infrastructure Finance
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Oil India to borrow to fund acquisition
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Govt made over 1 mn direct cash transfers for LPG
According to an official statement, the central government has made over 1 million (10 lakh) direct cash transfers to consumers' bank accounts under its Direct Benefit Transfer for LPG (DBTL) scheme, launched in 18 districts on June 1. The government has so far given Rs 41 crore of subsidy to consumers directly under the above scheme since June 1, the statement shows
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Edelweiss plans to set up bank, to seek RBI’s licence
For setting a new private bank, Edelweiss Financial Services is to apply to Reserve Bank of India. It will transfer its existing merchant banking business to subsidiary as a step to comply with norms prescribed by RBI for new banking license, said the firm on June 24. The firm will make an application to the RBI for a Banking License, in accordance with the provisions of the Guidelines for Licensing of New Banks in the Private Sector dated February 22, 2013, the company informed the Bombay Stock
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Federal Bank to set up 15K ATMs, hires Tata firm
To install 15,000 White-Label ATMs (WLAs) across India, private sector lender Federal Bank has tied up with Tata Communications, the Bank said on June 24. White-Label ATMs are to be set up by non-banking entities on behalf of 'sponsor banks' but they would not carry the brand label of any bank, and would be accessible to card-holders of all the banks for a fee.
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DIPP to consult ministries on FDI hike proposal
Department of Industrial Policy and Promotion (DIPP) will consult with different central government ministries separately on the proposal to raise the foreign direct investment limit in different sectors. It may be recalled that the Mayaram Committee recommended raising FDI limit in almost all sectors to 49 per cent through the automatic
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Prudential norms for housing finance firms may be relaxed
RV Verma, Chairman and Managing Director of National Housing Bank (NHB) has informed a leading media that the body would relax prudential norms for housing finance companies (HFCs). NHB plans to relax prudential norms for housing finance companies following Reserve Bank of India's (RBI) decision to reduce risk weight on banks' home loan over Rs 2
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RBI relaxes ECB norms for residential developers
Developers and builders who have at least three years' experience in implementing residential projects may avail external commercial borrowing (ECB) for low-cost affordable housing projects. Reserve Bank of India (RBI) reduced the number of years of experience from the existing five years to three years in order to enable more developers to access ECB route
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Rural people in Maha to get 15,000 micro-ATMs
Maharashtra will get around 15,000 micro-ATMs from the Centre with an aim to facilitate financial inclusion of people from remote areas in the state. The four Aadhaar-enabled basic types of banking transactions can be done through micro-ATMs are balance enquiry, cash withdrawal, cash deposit and Aadhaar to Aadhaar funds transfer. Moreover, as many as 20,000 Business Correspondents (BCs) will be appointed for the purpose of taking banking to the doorsteps of the people in remote areas by allowing
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JICA wants govt to clear key projects
Media reports indicate that the Japan International Cooperation Agency (JICA) asked union Finance Minister P Chidambaram to arrange a Cabinet meeting and other processes to clear loan proposal for four key projects. Akihiko Tanaka, President of JICA is learnt to have said this to the finance minister during a recent meeting. The four projects referred to are the Mumbai Metro Line-3 project, widening of highways in Bihar to four lanes, a $137-million investment promotion programme in Tamil Nadu a
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Extra funds sought for Kolkata’s longest flyover
For construction of Park Circus-Parama Island flyover in Kolkata, the West Bengal Urban Development Department has sought the State's Finance Department to clear payment of Rs 285 crore additional amount. The flyover is to become India's second largest flyover after the one in Hyderabad which is 11.66.