AGRANI SATCOM PROJECT SET TO TAKE OFF SOON
Article Abstract:
Agrani Satellite Communications (ASC) project promoted by Mr Subash Chandra of Essel group is likely to achieve the financial closure by March 31, 1999. The cost of the global mobile personal communication by satellite (GMPCS) project is Rs3,400 crore. The project has obtained a Rs300 crore loan from Industrial Finance Corporation of India (IFCI). Both ICICI Ltd and Industrial Development Bank of India are likely to offer Rs300 crore each to the project. Essel group's GMPCS project is part of the its plans to emerge as a major player in telecom, infotech, media, entertainment and social service sectors. The Essel group will contribute $100 million to the equity of the project, Videsh Sanchar Nigam Ltd $50 million and Lockheed Martin $50 million. (gs)(m)
Comment:
Agrani Satellite Communications (ASC) project promoted by Mr Subash Chandra of Essel group is likely to achieve the financial closure by March 31, 1999.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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RBI SETS TONE FOR LOW RATE
Article Abstract:
The Reserve Bank of India (RBI) has announced a series of interest rate cuts to boost credit demand, bolster the sagging economy and move fund costs in India closer to global levels. The RBI has reduced Bank Rate from 9 percent to 8 percent with effect from March 1, 1999, the repo rate from 8 percent to 6 percent effective from March 3, 1999, and the cash reserve ratio requirement of banks from 11 percent to 10.5 percent with effect from March 13, 1999. The impact of these reductions was immediate as banks cut lending rates, bond prices rose in the secondary market and debt issuers deferred plans to raise funds as interest rates started declining. (khr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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