In a move that may delay the introduction of shale gas policy, the union petroleum ministry may have to work on a fresh proposal and another round of consultations could take place. This is because the finance ministry opposed the petroleum ministryÂ’s move to allow existing oil and gas explorers to find shale gas in their respective blocks.
The
Tag: finance
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Finance ministry opposes proposal of oil ministry
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Net profit of Karnataka Bank rises 12.9%
Net profit of Karnataka Bank rose 12.87 per cent to Rs 94.17 crore during Apr-Jun 2013 compared to Rs 83.43 crore in the year-ago period. Growth in operating profits to Rs 257.51 crore during the quarter from Rs 168.94 crore in the year-ago period enabled the firm post strong net profit. Other income of the bank rose 116 per cent to Rs 205.95 crore from Rs 95.33 crore in the corresponding prev
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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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World Bank willing to finance preparation of master plans
Multilateral lending agency World Bank expressed willingness to finance the preparation of preliminary master plans of Auraiya Investment Zone and Allahabad-Naini-Bara Investment Zone. Recently, a team of officials from the World Bank met top officials of the UP government to plan the initiative. It may be recalled that the Uttar Pradesh government agreed to become a stakeholder in the Amri
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Lanco approaches CDR cell to recast Rs 90 bn debt
In view of the challenging economic condition, Lanco Infratech approached corporate debt restructuring (CDR) cell to recast its Rs 9,000-crore debt. Of the Rs 9,000-crore debt, Rs 4,000-crore is fund-based exposure and Rs 5,000-crore non-fund-based.
The company is holding discussions with bankers in this rega
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Ministry may ask major ports to fund DCI
Shipping Minister GK Vasan informed media persons about his ministry's plan to ask profit-making major ports to provide capital to Dredging Corporation of India (DCI) for buying dredgers. The ministry may direct some of the ports to part-finance the purchase of two dredgers. This will be first time that the major ports will fund dredger proc
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EPL to raise Rs 5 bn via bonds
Ennore Port (EPL) plans to raise only Rs 500 crore through tax-free bonds instead of the earlier plan of mopping up Rs 1,000 crore. This information was given by MA Bhaskarachar, Chairman and Managing Director of the country's first corporate port set up by the Government of India. The port originally planned to raise Rs 1,000 crore through tax-
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Essar Power issues bonds to refinance debt
In order to refinance its existing debt, Essar Power mopped up Rs 750 crore by issuing rupee denominated bonds. The company, which is part of the London-listed Essar Energy, has a total debt of around Rs 16,500 cr. The bond offering would increase the maturity timeframe of its debt and also enable the firm save on inter
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RBI takes further steps to contain rupee weakness
In order to contain the depreciation of rupee against the dollar, the Reserve Bank of India (RBI) raised the cost of borrowing under the marginal standing facility by 200 basis points. Further, the central bank restricted the amount of money that banks can borrow from its LAF window to just 1 per cent of deposits at Rs 75,000 crore citing the need to "restore stability to the foreign exchange mar
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Bank of Maharashtra trims base rate by 25 bps
Some public sector banks are reducing their lending rates following the meeting of their chiefs with Finance Minister P Chidambaram. During a recent meeting with the chiefs of state-run banks,
Chidambaram has asked them to reduce lending rates to spur credit growth and thereby reverse investment cycle. Recently, Bank of Maharashtra reduced ‘base rate’ by 25 basis points from 10.25 percent to 10.00 percent on mon