Essar Oil is in the process of replacing its high-cost rupee loans equivalent to $2.27 billion with external commercial borrowings (ECBs), for which it has approval from the Reserve Bank of India (RBI). As part of this process, the company replaced the corporate debt restructuring (CDR) loan facility with a new debt facility of about Rs 9,100 crore on commercial terms from similar group of
Tag: finance
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RBI to circulate paper on FDI, FII classification
The Reserve Bank of India (RBI) would circulate a discussion paper within the next 15-20 days on the classification of foreign direct investment (FDI) and foreign institutional investment (FII) into the country. In his Budget speech, Union Finance Minister P Chidambaram had proposed to follow the international practice with regard to defining FDI and FII
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Ministry to meet banks, firms to address stalled projects
It is learnt that the union finance ministry would hold meeting with banks and companies to address the issue of stalled projects. Data available with the finance ministry shows that 215 projects, each with value of Rs 250 crore or more, have been identified as stalled. These projects are mostly financed by
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Indian firms keen to raise funds from global mkt
Analysts opine that many Indian companies are interested to refinance their rupee debt by raising funds in the global market at a lower interest rates as compared to the domestic rates. Given the flexible terms and low rates, investors and fund managers are reportedly exploring the cheaper US lo
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SKS gets Rs 31 bn funding inflow in FY13
The total incremental funding inflow received by SKS Microfinance in 2012-13 more than doubled to Rs 3,150 crore from Rs 1,434 core in 2011-12. The funding inflow in 2012-13 includes Rs 1,207 crore received through 12 securitisation transactions with seven funding partners, an incremental debt of Rs 1,68
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Andhra rail projects need Rs 400 bn investment
About 30 railway projects are pending in Andhra Pradesh and these would require about Rs 40,000 crore investment, Union Minister of state for railways Kotla Jaya Surya Prakash Reddy informed. He said these projects would be completed in a phased manner. He supported the hike in fares by saying that internal resources should be improved to strengthen the financial condition of the
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OVL to issue dollar bonds to finance acquisition
Dinesh K Sarraf, Managing Director of ONGC Videsh (OVL) informed reporters that the firm plans to issue $1 billion worth dollar bonds in order to finance its stake buy in Azerbaijan oil fields. The firm delayed its maiden overseas bond issue, which was initially planned between January and March, in order to complete the acquisition
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Gujarat govt to clear town planning schemes for Surat
Reports indicate that the Gujarat government has given preliminary approval for 27 town planning schemes in Surat and a final approval would be given soon. The others are in different stages of approval, reports indicate. Reports also indicate that the state government was slow in giving approval for the TP schemes in the city.
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REC plans to mop up around Rs 350 bn in FY14
In 2013-14, Rural Electrification Corporation (REC)
plans to raise about Rs 35,000-37,000 crore from domestic as well as foreign sources. It may be recalled that the leading state-run infrastructure finance company in the power sector mopped up Rs 31,000 crore in 2012-13. Of the Rs 35,000-37,000 crore that the firm plans to raise in 2013-14, about Rs 5,000 crore may be raise
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Govt sets up panel to study definition of FDI, FII
The government set up a committee to examine and work out the details of the application of the principle followed internationally for defining foreign direct investment (FDI) and foreign institutional investment (FII). The finance ministry is learnt to have set up an eight-member committee under Economic Affairs Secretary Arvind Mayaram for giving clear definitions to