KFA lenders to meet next week: SBI

The banks are yet to decide on the SBI Capital Markets’ viability report.

Written by Press Trust Of India | Published: June 23, 2012 12:44 am

The State Bank of India (SBI)-led,18-bank consortium of lenders to Kingfisher Airlines (KFA) would meet next week to decide on the debt-ridden carrier’s call for additional funds,so that it could standardise its debts which are now bad assets.

“I think there would be one (meeting),next week,” Sbi chairman Pratip Chaudhuri said after the bank’s annual general meeting today.

The banks are yet to decide on the SBI Capital Markets’ viability report.

Govt to ensure flow of Iran oil before sanctions

The oil minister is ensuring uninterrupted flow of Iranian crude oil as US sanctions on Islamic countries are likely to come into effect from July 1. The petroleum ministry is in talks with various other ministries to ensure insurance cover for ships ferrying crude oil from Iran to India.

“We have sought a relaxation from the ministry of shipping,that we should be allowed to ferry our crude through Iranian carriers,because they would be bringing it up to the Indian shore. The ministry of shipping is considering our proposal,” oil secretary GC Chaturvedi told reporters on Friday.

So far,insurance cover is provided by companies from European countries on the crude oil which is imported ferried by Indian fleets. India continues to face logistical challenges in importing oil from Iran ahead of the EU sanctions.

“We have requested the department of financial services to tell GIC (General Insurance Corporation) and other companies to provide insurance covers to our ships,” Chaturvedi added.

Indian refiners have targeted to reduce Iranian imports by 11per cent to about 15.5 million tonne this fiscal.

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