To improve its financial status, the Shipping Corporation of India (SCI) has signed several MoUs with its public sector undertaking peers such as Coal India, ONGC, SAIL and Gail India. SCI has been striving to take advantage of the pacts. For now, its financials continue to be under stress. SCI is yet to form joint ventures with Coal India and Oil and Natural Gas Corporation which could have provided the firm with assured cargo and revenues. SCI has not acquired vessels yet for operation as per
Category: Infrastructure Finance
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Govt to take steps to support foreign investment
Raghuram G Rajan, Chief Economic Adviser, Ministry of Finance assured that the government will continue to implement measures to ease foreign investor portfolio inflows and some will be done very shortly. He also said that the government continues to undertake measures to ensure the current account deficit (CAD) is safely financed. In the coming weeks, the government will be recommending the policies to enha
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PEs deploy largest amount in 5 yrs in May
During May 2013, private equity funds announced 30 deals totaling to $ 2.1 billion, making it the highest monthly total since January 2008, Ernst & Young said in a report. A large part of the investment came from Qatar Foundation Endowment, which committed $ 1.26 billion investment in telecom major Bharti Airtel. This is the seco
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Minister raises concern on rising bad loans
Finance Minister P Chidambaram raised concern about the rising non-performing assets (NPAs) in the banking system and asked banks to control it order to prevent adverse impact on profitability. Huge provisioning for NPAs is eating into the profits of state-owned banks, the minister said while addressing the annual general meeting of the Indian BanksÂ’ Association
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Minister asks banks to reduce lending rates
Finance minister P Chidambaram wants commercial banks to reduce lending rates in response to the easing monetary policy stance of the Reserve Bank of India (RBI). While the RBI reduced the policy repo rate three times this year since January, banks have not passed on the rate cut to customers in terms of lowering interest rates on lending
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Ministry official suggests oversight mechanism for CDR
Commercial banks received a suggestion from Financial Services Secretary Rajiv Takru to have an independent oversight mechanism for considering cases under the corporate debt restructuring (CDR) cell. Takru suggested that the independent mechanism must not have any government representative or any serving banker, but some experts who can scrutinise from the correctness point of view whether the case refer
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Analysts expect good prospect for SKS Microfinance
Some analysts feel that SKS Microfinance has good business prospects as it revamped its business model following the crisis in the microfinance sector in Andhra Pradesh. The microfinance institution (MFI), which was incurring loss since early 2011, posted profit after a long gap in December 2012 quarter.
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Govt to aid small towns under JnNURM
The government may provide funding for procuring buses by small cities with a population of less than 10 lakh under the the Jawaharlal Nehru National Urban Renewal Mission (JnNURM), reports indicate. Under the mission, so far the government was funding only cities with population of at least 10 lakh. But sources from the union urban development ministry infor
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PEs prefer completed commercial properties
Industry analysts feel that private equity funds prefer to invest in completed commercial real estate projects instead of taking risk by investing in new projects. Some experts opine that funds are smartly mitigating their risks by investing in completed properties like IT parks rather than investing in projects starting from scratch
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Govt spends Rs 26 bn under JNNURM in Faridabad
Under the Jawaharlal Nehru National Urban Renewal Mission, Rs 2,679 crore is being spent for the development of Faridabad, Haryana Chief Minister Bhupinder Singh Hooda said. He said this at a function organised by Faridabad Industries Association (FIA) in the town. The National Highway-2 was being widened and an Industrial Model Town