AIIFCL to launch take out finance next week
Kolkata: India Infrastructure Finance Company Limited (IIFCL) would launch take-out finance next week to help banks in financing infrastructure projects,a top official of the company said. We will launch take-out financing scheme on October 12 at the hands of finance minister Pranab Mukherjee, Chairman and Managing Director of IIFCL S K Goel said. He said under the scheme,IIFCL would buy out 50 per cent of the loan books commercial banks to make more headroom available for more infrastructure funding. Goel said in the first three years,IIFCL would buy out Rs 25,000 crore of loans of commercial banks,out of which Rs 3000 crore would be in the first year.
JSW Steel seeks investment in JFE
Tokyo: Indias third largest steelmaker JSW Steel Ltd is in talks with JFE Steel Corp to take a stake in the Japanese firm in a bid to strengthen their ties,a report said on Monday. Sajjan Jindal,vice chairman and managing director of JSW,told the Nikkei business daily that his company aims to hold an interest of less than five per cent in the JFE Holdings Inc unit within one to two years. The two companies have already begun talks on the plannedcapital investment,Jindal said,adding that JFE Steel said it was ready to accept JSWs offer.
Tata Motors acquires Italian design house
New Delhi: Tata Motors on Monday said it has acquired 80 per cent stake in Trilix Srl,an Italian design and engineering firm for 1.85 million Euro (Rs 11.29 crore). The acquisition is in line with the companys objective to enhance its styling and design capabilities to global standards, Tata Motors said in a statement. The remaining stake in Trilix is held by its promoters Federico Muzio and Justyn Norek.
India implements FTA with Indonesia
New Delhi: Taking its FTA with the 10-nation Asean bloc a step further,India has implemented a free tradepact with Indonesia that slashes import duties on thousands of products,like seafood,chemicals and apparel. In turn,Indonesia will also slash import duties on Indian goods. Now that the trade pact with Indonesia has come into force,the agreement signed with the Association of Southeast Asian Nations (Asean) bloc in 2009 has become functional with six member countries.
Centre in favour of more banks
Kolkata: In line with the Reserve Banks plans to open up the banking sector,the government on Monday said that it was in favour of more banks coming up in the country,although the granting of new licences should be linked to the criterion of having branches in un-banked areas. In August,the RBI came out with a discussion paper on new licences to foster greater competition in the sector.
It had sought feedback on the paper,as also business model for new banks,by September 30,with a view to promoting financial inclusion.