ICICI Bank raised Chinese Yuan (Renminbi) 650 million ($106 million) by issuing bonds in the currency at a coupon rate of 4 per cent. The bond, which will be listed on the Singapore exchange, have been issued under the bank’s $5 billion Medium Term Note (MTN) programme. ICICI Bank is the second domestic lender to sell bonds to offshore Chinese investors. Earlier, IDBI Bank had tapped this fund-raising route. Rating agency S&P has given a ‘BBB
Tag: fund
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Plea for attracting pvt investment in infra sector
Planning Commission deputy Chairman Montek Singh Ahluwalia asked Goa Chief Minister Manohar Parrikar to promote private participation in the development of physical infrastructure. Ahluwalia urged Goa to try and cover all urban areas with sewerage network using latest technology to achieve the goal of total sanitation in the state. He offered the Planning Commission's full support to Goa in solid waste management and to make Goa plastic free
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FDI in power sector declines 67% in 2012-13
Foreign Direct Investment (FDI) in India's power sector declined 67 per cent to $536 million in 2012-13 from $1.6 billion in the previous year. Some big companies are reconsidering their investment plans, after losses owing to lack of coal and natural gas supply, reports indicate
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Panel suggests mandatory Indian control in key sectors
The Arvind Mayaram committee suggested that in sectors like power exchanges, petroleum & natural gas refining, there is a need for mandatory Indian ownership. These sectors are part of the nine sectors that the panel recommended for classifying as those where 'Indian ownership' and 'control' will be mandatory. It may be recalled that the central government set up the Arvind Mayaram committee to suggest measures for liberalising the country's foreign direct investment (FDI
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Oil India to borrow to fund acquisition
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
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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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Govt to set up EGoM to decide on new FDI policy
In order to revamp the foreign direct investment (FDI) policy of the country, the government may set up a Empowered Group of Ministers (EGoM). The proposed EGoM may study the Arvind Mayaram committee report, which has suggested a major change in the FDI regime. Mayaram is secretary, economic affairs department, union government
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Govt to set up EGoM to decide on new FDI policy
In order to revamp the foreign direct investment (FDI) policy of the country, the government may set up a Empowered Group of Ministers (EGoM). The proposed EGoM may study the Arvind Mayaram committee report, which has suggested a major change in the FDI regime. Mayaram is secretary, economic affairs department, union government
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Indian infra sector presents huge opportunity for Aussie firms
The huge infrastructure investment target in the next five years in India presents great opportunity for Australian companies, a recent submission to the Australian Department of Foreign Affairs & Trade (DFAT) by researchers Amal Varghese and others shows. An opportunity exists for Australia to play a larger role in facilitating the financing (through structures such as public private partnerships) and leading practice governance models to support large infrastructure proje
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Finance ministry to decide on oil ministry’s proposal
Union finance ministry will decide on the proposal of petroleum ministry to use Rs 1,000 crore from the the Oil Industry Development Board (OIDB) fund for setting up a proposed insurance fund. The oil ministry proposed to set up a fund to provide insurance to local refining companies that use Iranian crude oil as re-insurance companies from West