) The Adani Group, which recently acquired Holcim’s local businesses in India’s biggest cement takeover, is in talks with more than a dozen foreign banks to raise up to $4.5 billion through a mix of overseas loan instruments, multiple bankers aware of the negotiations told ET. This will be one of the biggest loan-based fundraisings in foreign currency by an Indian corporate entity. Tenured instruments, such as bonds offering pre-specified coupons, are usually sold overseas for raising large quantities of cash. The proposed loan structures include mezzanine financing, stock-backed bridge loans to be repaid in cash, and a senior debt facility for…
Author: Aruna Sharma
With an aim to connect the youth with more opportunities of on-ground training within corporates and further a chance to get employment , the Ministry of Skill Development and Entrepreneurship will be organising the Pradhan Mantri National Apprenticeship Mela every month now on. On 13th June, 2022, the mela will be organised from 9 AM to 5 PM. The PM National Apprenticeship Mela will take place across 200+ locations in India. More than 1000 companies from across 36+ sectors will be participating in the Mela providing opportunities of being hired as an apprentice within companies. Individuals having a 5th–12th grade pass…
(ET) Sri Lanka may be compelled to buy more oil from Russia as the island nation hunts desperately for fuel amid an unprecedented economic crisis, the newly appointed prime minister said. Prime Minister Ranil Wickremesinghe said he would first look to other sources, but would be open to buying more crude from Moscow. Western nations largely have cut off energy imports from Russia in line with sanctions over its war on Ukraine.
(PTI) The BJP on Sunday authorised its president J P Nadda and Union minister Rajnath Singh to hold consultations with different political parties, including those in the opposition, on the president’s election, in what is being seen as an outreach by the ruling party to arrive at a consensus on the choice for the top constitutional post. In a statement, the Bharatiya Janata Party (BJP) said the two senior leaders will talk to both ruling NDA and opposition UPA constituents, besides other political parties as well as independent members. They will soon begin holding these consultations, the party said. Opposition parties…
(ET) ICICI Bank, Bank of Baroda , Punjab National Bank and Bank of India are among the leading local lenders that Thursday raised their external reference benchmarks, used largely for pricing retail loans, a day after Reserve Bank of India increased its key rate for the second time in as many months to restrain inflation. About half of the country’s outstanding banking credit is linked to external rates. These banks raised their respective external benchmark lending rates (EBLR) by 50 basis points (bps), matching the latest increase in the repo, or the rate at which RBI lends short-term funds to commercial banks. One basis…
(ET) Indian state fuel retailers have agreed to provide monetary relief to sugar mills and other producers of ethanol to compensate for high energy costs to boost biofuel production, according to a letter written by the companies to manufacturers. India, the world’s third biggest oil importer and consumer, has expedited efforts to double ethanol blending with gasoline to 20% from the current 10% across the country from 2025/26. The Indian government fixes the ethanol purchase prices for fuel retailers Indian Oil Corp Bharat Petroleum Corp and Hindustan Petroleum Corp — every marketing year.
(FE) When Uttar Pradesh’s Rs 5.50-lakh crore annual budget was tabled on May 26, one allocation caught the eye — Rs 500 crore for a 4-lane road in Varanasi (“in the opposite side of the Ganga ghat”) aimed at streamlining the flow of people visiting the Kashi Vishwanath temple and the river bank for the evening aarti.
(FE) Prime Minister Narendra Modi arrived in Gujarat on Friday morning, where he laid the foundation stone for multiple projects in Navsari. The Prime Minister will also be visiting Ahmedabad and will launch projects worth Rs 3,050 crore, according to a statement released by his office. “I will be visiting Gujarat tomorrow, 10th June. I look forward to programmes in Navsari and Ahmedabad,” PM Modi tweeted on Thursday. “Upon reaching Gujarat, I will attend the Gujarat Gaurav Abhiyan. Various development works will be inaugurated. Many of them are linked to water supply.” The PM is also set to inaugurate a hospital, healthcare…
(IE) Voting began 9 am Friday for the high-stakes elections for 16 vacant seats in the Upper House in four states, Rajasthan, Haryana, Karnataka and Maharashtra. Two media barons are battling it out as Independent candidates in Haryana and Rajasthan. In Karnataka, a win over the fourth vacant seat is set for a cliffhanger with both Congress and BJP fielding an extra candidate and the JD(S), too, trying its luck with a surprise candidate by the JD(S) party with real estate baron D Kupendra Reddy. In Maharashtra, BJP’s three candidates, Shiv Sena’s two and Congress and NCP’s one each fight for six vacant seats.…
(FE) Petrol and Diesel Rate Today in Delhi, Bangalore, Chennai, Mumbai, Lucknow: The prices of petrol and diesel were kept unchanged by the OMCs for the seventeenth day straight on Wednesday. Prices have remained steady since Finance Minister Nirmala Sitharaman announced a cut in excise duty on petrol by 8 per litre, and 6 rupees per litre on diesel earlier on May 21. Petrol price in Delhi today stands at Rs 96.72 a litre as against Rs 105.41 a litre last month, while diesel will cost Rs 89.62 a litre as opposed to Rs 96.67. In Mumbai, one litre of petrol costs Rs 111.35…