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HSBC to invest additional $150 mn in India
February 25, 2003 14:06 IST
Hong Kong and Shanghai Banking Corporation head office will invest additional capital funds up to $150 million in Indian operations by March 31 this year, Rajya Sabha was informed on Tuesday.
"According to information received from the Reserve Bank of India, HSBC's head office will be providing additional capital funds to the extent of $150 million dollars by March 31, 2003 to its Indian branches to meet the new Single and Group Borrower exposure requirements of RBI in relation to its capital funds," Minister of State for Finance and Company Affairs Anandrao V Adsul said in a written reply.
Essar Power has made an upfront payment of Rs 19.79 crore (Rs 197.9 million) to partly clear dues owed to IFCI, the minister said adding the latter shall be constrained to revoke this restructuring package and restore liability in case Essar Power does not clear all other installments.
Adsul said the government is considering certain changes in the law governing the receipt and utilisation of foreign contribution by voluntary organisations to remove shortcomings noticed in the present law.
He said Sebi has not received any draft offer document till date from Indraprastha Gas Limited for making an initial public offer.
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