Wednesday, August 26, 1998
ECB norms relaxed
The Union finance ministry has permitted external commercial borrowings (ECB) for project related rupee expenditure in all sectors subject to the condition that funds raised be brought into the country immediately. The ministry has raised the limit for the $ 3 million scheme to $ 5 million, relaxed the average maturity profiles of short-term and long-term borrowings and enhanced the ECB eligibility under the exporters/foreign exchange earners scheme.
RIB issue garners $4.16 billion
The Resurgent India Bond (RIB) issue of State Bank of India (SBI) has made history by successfully collecting $ 4.16 billion -- more than double the targeted amount of $ 2 billion -- from non-resident Indians (NRIs) and overseas corporate bodies (OCBs) in an otherwise bearish world market. The bank is planning to keep $ 1 billion abroad, while the rest of the proceeds would be bought into the country to finance infrastructure projects.
ACC to quit non-core businesses
Cement major ACC is weighing options to generate funds by unlocking investments in non-core businesses, said Pallonji S Mistry, the company's chairman, at the company's annual general meeting for 1997-98 in Mumbai. The company has not yet decided definitely to disinvest, but it is one of the options being considered to generate funds.
|
|
