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Essar Group raises $450 mn

Essar Group raises $450 mn

The Essar Group has achieved financial closure for the $1.8 billion Minnesota Mining project making some headway six years after the asset was acquired. The group has raised $450 million from a clutch of New York based funds to fund the expansion of the mine.

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Banks raise interest on NRI deposits

Banks raise interest on NRI deposits

Some banks raised interest rate on non resident Indian (NRI) deposits in order to attract more dollar into the country. Earlier, Reserve Bank of India (RBI) allowed lenders to offer higher interest rates on NRI accounts to attract dollar and thereby reduce weakness in rupee exchange

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Rs 2,000 cr insurance cover soon to Indian oil refiners

Rs 2,000 cr insurance cover soon to Indian oil refiners

To provide insurance cover to Indian domestic refineries that process crude oil imported from Iran the process of setting up of a Rs 2,000-crore fund has begun by the Union Finance Ministry. The Finance Ministry's act comes after the the Union Petroleum Ministry agreed to provide the required money to being in fund.

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Indiabulls Housing to raise capital

Indiabulls Housing to raise capital

Indiabulls Housing Finance may mop up 40 per cent of the Rs 10,500 crore capital that it plans to raise in 2013-14, through banks, agency report indicates. The company would issue bonds to raise another 40 percent of the amount, while the portfolio sell down or securitisation will account to 20 per

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Ennore Port to select contractor for $210 mn project

Ennore Port to select contractor for $210 mn project

Ennore Port is in the process of selecting a contractor for the construction of a $210 million multi cargo terminal with a quay length of 270 m. The port, which is is the first Corporatised Major Port under the management control of Ennore Port (EPL), received 11 initial bids from private groups for the project. The scope of work of the project, namely Ennore Port multi cargo terminal will broadly include: design, finance, cons

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MMRDA mulls betterment tax to fund infra projects

MMRDA mulls betterment tax to fund infra projects

In order to raise funds for key transport projects in city, Mumbai Metropolitan Region Development Authority (MMRDA) proposed a new cess, known as betterment tax, to be imposed on citizens residing along or in the vicinity of the upcoming projects. The idea is at the proposal stage and it awaits the approval of the state government. The state urban development department would finalise a blueprint for this

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Krishnapatnam Port holds talks with PEs to offload stake

Krishnapatnam Port holds talks with PEs to offload stake

Media reports indicate that Krishnapatnam Port Company is holding discussion with some private equity funds to offload 6 percent stake and thereby mop up Rs 1,200 cr. The company wants to raise capital in order to expand the capacity of the port to 75 mn tonne from the current 50 mn tonne. It has plans to ramp up capacities to 100

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Govt plans various projects in port sector during 12th plan

Govt plans various projects in port sector during 12th plan

The capacity of all Major Ports as on March 31, 2013 was 744.91 million metric tonne (mn t) against the traffic of 545.79 mn t handled in 2012-13. This information was given by the Minister of Shipping GK Vasan in a written reply in the Lok Sabha. The capacity utilization is around 72 percent. As per the internationally accepted norms the gap between the Traff

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Promoters, investors prefer debt instruments

Promoters, investors prefer debt instruments

Media reports indicate that promoters of Indian companies are increasingly preferring to raise funds through debt and investors are also willing to offer it through structured deals or their NBFC arms that could either be a part of their investment group or backed by them. Compared to equity funding, these investors prefer to deploy in debt instruments, reports indicate

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CDR cell refuses to take up Rs 70 bn loan recast plan of Electrosteel

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