IDBI OKAYS PACKAGE FOR STEEL SECTOR WITH RIDERS
Article Abstract:
The Industrial Development Bank of India (IDBI) has laid down stringent conditions on six steel projects while clearing a Rs1080 crore loan package for them. The loan package consists of Rs772 crore assistance and Rs308 crore as the interest component. Out of the package, the steel project of Ispat Industries will receive Rs328 crore, Usha Ispat Rs316 crore, Jindal Vijaynagar Rs151 crore, SJK Steel Rs104 crore, Essar Steel Rs92 crore and Ispat Metallics will get Rs89 crore. IDBI, which estimates that about Rs1500 crore has been diverted by the promoters of these six projects, has laid down the condition that the diverted amount has to be brought back before the projects are eligible for the loan assistance. The other conditions laid down are related to strengthening of management, option to convert up to 100 percent of additional loans into equity at par, maintenance of trust and retention account, appointment of concurrent auditors and improvement in governance matters. (khr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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VYSYA BANK 9-MONTH NET SLIDES
Article Abstract:
The net profit of Vysya Bank has declined by 58 percent to Rs34 crore in the first nine months ended December 31, 1998 compared to Rs81 crore in the first nine months ended December 31, 1997. Its net income from operations had risen by 12.5 percent to Rs532 crore from Rs473 crore. The bank's profitability was affected by a sharp increase in total expenditure to Rs545.5 crore from Rs468.15 crore and a decline in other income to Rs74.7 crore from Rs111.27 crore. The bank has declared a net profit of Rs4.74 crore on a net income of Rs179.07 crore in the third quarter of 1998-99. (khr)
Comment:
The net profit of Vysya Bank has declined by 58 percent to Rs34 crore in the first nine months ended December 31, 1998 compared to Rs81 crore in the first nine months ended December 31, 1997.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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RBI DEPT OKAYS GTB, VYSYA BANK'S BID FOR COFEI MEMBERSHIP
Article Abstract:
Global Trust Bank (GTB) and the Vysya Bank have received clearance for institutional clearing membership (ICM) of Coffee Futures Exchange of India Ltd (Cofei). The approval has been accorded by the Department of Banking Operations and Development under the Reserve Bank of India (RBI). The two banks are now awaiting final clearance by the RBI deputy governor. Formal trading at Cofei is expected to commence in the middle of August 1998. (uh)
Comment:
Receives Reserve Bank of India clearance for institutional clearing membership of Coffee Futures Exchange of India
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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