Apart from SBI, the consortium will include leading entities like Citibank, Standard Chartered, BNP Paribas, JP Morgan, Tokyo Mitsubishi UFJ and Mizuho Financial Group, a source closely connected to the development told PTI. The country's largest lender is also in talks with two-three public sector banks to be a part of the consortium, the source said. The company reported a loss of $12.7 billion for the fiscal ended December 30, 2006.
Telecom operator Reliance Jio Infocomm has arranged credit facilities worth $1.5 billion with lenders, including Bank of America and Barclays, to refinance existing loans.
Foreign banks were ahead in terms of technology, but that is no longer the case as Indian private banks steal the innovation march.
The alliance will extend an existing partnership between the two.
One reason Japan is betting highly on Indian pharma is that these companies have strong cash flows, low leverage and high debt capacity for medium to large sized acquisitions.
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