bharti mobitel secures rs 125 cr loan from rabo
mumbai: bharti mobitel has raised a term loan of rs 125 crore from rabo india finance to meet its commitment towards capital expenditure, repayment of vendor credit and refinancing of short-term financing facility.

the term loan is for up to 78 months and the principal repayment will be made in 10 semi-annual equal instalments which will commence on april 22, 2003.

meanwhile, bharti cellular, the wholly owned cellular arm of bharti televentures, is raising a term loan of rs 250 crore from the industrial development bank of india (idbi) and infrastructure leasing and financial services (il&fs) to finance its new projects.

rbi plans 20-yr bonds
new delhi: reserve bank of india is considering issuing bonds with maturity period of 20 years and above.

insurance regulatory and development authority chairman n rangachary, who is part of the high-level committee, chaired by rbi governor, said the long term bonds are part of efforts to encourage long term savings through insurance and pension schemes.

uttam steels $170 mn fdi cleared
new delhi: the cabinet has approved foreign equity investment of $170 million in uttam steel ltd.
a proposal by the mumbai-based firm to induct 25 per cent foreign equity aggregating $170 million was approved by the cabinet at its meeting late on tuesday.
uttam steel ltd is engaged in the galvanising and cold rolled steel business with a capacity of 250,000 tonnes a year.
the foreign equity is being inducted to enable the firm to establish a manufacturing facility for automobile grade galvanised products and raise its production capacity to half a million tonnes.

lnj bhilwara seeks rs 600 cr loan
new delhi: lnj bhilwara group has sought rs 600 crore loan from icici, ifci and power finance corporation to part-finance the 192-mw allain duhangan hydro-electric power project in himachal pradesh.
the group recently signed the implementation agreement with the state government for the project and is gearing up to start work on it by the end of this year.the project would be completed by 2006.

fipb rejects bhartis plans
new delhi: the government has rejected the foreign investment proposals of bharti telecom ltd and bharti healthcare ltd on the grounds that "round-tripping of fdi had negative tax implications".

both bharti healthcare and bharti telecom have shareholding in them by bharti global.

bharti global owns 3.3 crore shares in bharti healthcare and 24 lakh shares in bharti teletech, which has a scheme of arrangement with bharti telecom.

both had approached the fipb for transfer of bharti globals shares to indian continent investment ltd, a mauritius-based wholly owned subsidiary of bharti global. both the companies had explained that the transfers were being effected for strategic reasons.

21 nov 2001

fdi proposals worth rs 203 cr cleared
new delhi: the government cleared foreign direct investment (fdi) proposals of mobil petroleum of us, scotland-based standard life investments, asea brown boveri, mitsubishi corp of japan and us auto manufacturer ford motor and mobil petroleum.
these are among the 39 fdi proposals worth rs 203 crore cleared by the foreign investment promotion board (fipb).
the rs 22 crore proposal of us-based mobil petroleum co inc, involved in the manufacture of lubricant and specialty products, is for increasing the foreign equity from 50 to 100 per cent.
the standard life investments rs 40.03 crore proposal is for starting nbfc activities. the proposal involves increase in foreign equity from 26 per cent to 39.90 per cent.
ford motor and japanese mitsubishi corporation's proposals for amending the existing foreign capital were also cleared. both the proposals did not involve any fresh inflow of fdi.
the major investment proposals pertain to chemicals and petrochemicals, software development, isp and other it related services, electrical industry, engineering equipment and accessories, telecommunications and nbfc activities.

20 nov 2001

japan to give $455 m loans to india
tokyo: japan has decided provide india with 56 billion yen ($455 million) in loans for subway and power plant projects.
tokyo's loans are aimed at helping the indian government finance a subway project in new delhi and coal power plant construction in southeast india.

19 nov 2001

sinha moots iif
ottawa: finance minister yashwant sinha has proposed creation of a special fund which could open a concessional line of credit.
"the international investment fund will secure investible funds at affordable costs for countries which otherwise have relatively poorer access to international financial markets," he said at the international monetary and financial committee meeting of the board of governors of the imf.

"this should come as an additive to the grants meant for social development activities like education, health, sanitation and drinking water, he added.

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