Some finance ministry officials expressed confidence that the public sector banks (PSBs) would achieve remarkable improvement in reducing bad loans. Bad loans of state-run banks have been rising because of the slowdown in the economy and weak financial position of
Tag: investment
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RINL to set up Rs 25 bn worth steel plant in Rajasthan
Rastriya Ispat Nigam (RINL) plans to set up a 2 million tonne (mn t) steel plant in Banera, Rajasthan with an investment of Rs 2,500 crore. Recently, the state government gave approval for the project and it would issue a Letter of Intent (LoI) soon. In February 2012, the state government is learnt to have sent a letter to the centre for setting up of the plant
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Ministry lines up steps for shiphuilding sector
In order to promote shipbuilding industry, the union shipping ministry has lined up measures which include providing cheap loans to the firms, PK Sinha, union shipping secretary said. The shipping ministry has requested the finance ministry to give an interest subvention scheme for the shipbuilding industry as the sector grapples to attract com
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Assocham urges govt to support aviation sector
Industry body ASSOCHAM urged the civil aviation ministry, the Planning Commission and the RBI to work out a joint and a clear mechanism to give a boost to the aviation sector. In a communication to the government, the chamber raised concern that the sector faces policy and regulatory issues besides lack of finance, especially the equit
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Andhra govt may seek Rs 10 bn aid from World Bank for road project
The Andhra Pradesh government would soon approach the World Bank for financial assistance for its road upgradation projects in various parts of the state, especially in rural areas. The state government plans to seek a Rs 1,000-crore credit line from the World Bank once the proposal receives approval from the state cabinet
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OIL may raise Rs $250 mn via dollar loan
Media reports indicate that public sector energy explorer Oil India (OIL) plans to raise a maximum of $250 million through dollar-denominated five-year long-term loan in the next few weeks. The company plans to raise dollar loan because this is a cheaper source of finance compared to rupee debt. Some reports indicate that the firm may pay an interest rate of around 2-2.5 per cent
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RIL shuts another well at KG D6 block, output falls
According to a latest report of the Directorate General of Hydrocarbons (DGH), Reliance Industries (RIL) shut its ninth well - A1 - on the Krishna Godavari (KG)-D6 block for "reservoir build-up study. The closure of the well resulted in the gas output from the block falling to an all-time low of 15.5 million standard cubic metre per
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RIL finds another reservoir below KG-D6 basin
In a development that may increase output from Reliance Industries' (RIL) KG D6 basin, the company said it discovered another reservoir of natural gas below its existing fields in the basin. Although the company could not ascertain the potential output at the reservoir as it is still drilling in the region, some reports indicate that the new reserve could
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Govt seeks rating upgrade from Fitch
At a meeting with the representatives of ratings agency Fitch, union finance ministry officials raised the issue of upgrading the credit rating of the country. However, during the meeting, the global rating agency expressed concerns on how deficits will be met and on the ability of the government to meet revenue targets
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RBI simplifies norms on foreign investment in bonds
The Reserve Bank of India (RBI) has simplified investment norms for foreign investors in the bond market. Earlier, there was a restriction that foreign investors can invest a maximum of $10 billion in treasury bills. Now, the central bank prescribed a overall cap of $25 billion on investment in government bonds, including both long- and short