Petronet's IPO of 261 million shares will hit markets on March 1, 2004. The IPO has been put in a price band of Rs 13-15 a share.
Asian Development Bank will, for the first time, tap the Indian debt market in March to raise a little over Rs 4,500 crore (Rs 45 billion) through rupee bonds, which would be used for assisting private companies engaged in core sector.
The Asian Development Bank will invest $75 million in Petronet LNG Ltd for taking 5.2 per cent equity stake even as ExxonMobil-promoted RasGas of Qatar desired to pick 10 per cent stake in India's first liquefied natural gas importer.
Afghanistan, Pakistan and Turkmenistan signed a joint letter formally inviting India to join a 1,600-km natural gas pipeline project, the Asian Development Bank said on Wednesday.
Asian Development Bank on Wednesday lowered India's economic growth forecast for FY2019 to 5.1 per cent on slowing job prospects, rural distress exacerbated by poor harvest and credit crunch. Growth in FY2020 is likely to recover thanks to this support, low oil prices, and a weakening rupee, but risks to the projections remain tilted to the downside, it said on India.
The government plans to prepay Rs 5,188 crore (Rs 51.88 billion) worth of high cost debts of Asian Development Bank in the current fiscal, after having prepaid Rs 6,378 crore (Rs 63.78 billion) to the World Bank a few days back.
The Asian Development Bank on Thursday revised upwards its growth projection of Indian economy to 6.7 per cent in 2003, but cautioned that GDP was expected to grow by 6.3-6.4 per cent next year.
The Asian Development Bank is all set to tap the Indian capital market with its maiden bonds issue amounting to over Rs 455 crore (Rs 4.55 billion) and said its loan sanction to the country would go up to $1.7 billion next year.
The Asian Development Bank said on Friday it will earmark loans up to $2 billion for India this year, with 70 per cent of it going towards infrastructure projects.
The state-run gas transmission firm Gail (India) Ltd plans to prepay an expensive Rs 500 crore (Rs 5 billion) Asian Development Bank loan by raising debt from domestic market through a bonds issue in January.
Painting a rosy picture, the Asian Development Bank on Tuesday forecast that the Indian economy would grow by 6 % in 2003 and 6.3% in 2004, and said fiscal deficit of the Centre and states would start falling after the elections next year.
Asian Development Bank and ExxonMobil-promoted RasGas of Qatar have taken 10 per cent equity each in Petronet LNG Ltd, the public sector joint venture firm which will begin importing liquefied natural gas from January next year.
The Asian Development Bank is all set to enter the Indian capital market with a bond issue to raise upto Rs 100 million (Rs 10 crore) as it has obtained the Reserve Bank of India's and ministry of finance's approval.
The world's biggest lockdown that shut a majority of the factories and businesses, suspended flights, stopped trains and restricted movement of vehicles and people, may have cost the Indian economy Rs 7-8 lakh crore during the 21-day period, analysts and industry bodies said.
With a total assistance of $122.21 million, India stood second to China in cornering loans from Asian Development Bank in the first quarter of this calendar year.
Stating that an economic recession gripped global economy following the lockdowns due to COVID-19 pandemic, Fitch Ratings on Friday said the initial disruptions to regional manufacturing supply chains in China have now broadened to include local discretionary spending and exports.
Cash-strapped Pakistan on Tuesday moved closer to securing a massive $11 billion economic bailout package from international donor agencies including the IMF, to revive the ailing national economy.
The Asian Development Bank said on Friday that India, Pakistan and China had borrowed the lion's share of the $5.68 billion it lent to 21 nations last year.
The government will privately place bonds with the Reserve Bank of India to raise funds to repay some of its foreign debt ahead of schedule, a top central banker said on Thursday.
K V Kamath to take charge of BRICS Bank in July.
The Asian Development Bank too had projected Indian's economic growth for current fiscal at 7.4 per cent.
ICRA's GDP forecast is higher than the 6.0 per cent projection made by the Reserve Bank of India and Asian Development Bank for this fiscal.\n\n\n\n
The Asian Development Bank said on Thursday it raised its 2002 growth forecast for the region's economies to 5.6 per cent, but trimmed its estimate for next year to the same rate as an export boom would tail off.
"We are concerned about the data localisation law and the new e-commerce regulations...they do not fully take into account the needs of all stakeholders, including American and other foreign companies," acting principal deputy assistant secretary of the US, Thomas Vajda said.
'Initially, Gift City was just another real estate project, but all that changed with Modi moving to New Delhi,' notes Tamal Bandyopadhyay.
Under the watchful eyes of five wise men, who know the industry well, banks will not find it easy to hoodwink the system, says Tamal Bandyopadhyay.
'Look at the number of billionaires, the number of new billionaires in India.' 'Adani and Ambani are not the only ones.' 'What's wrong with people making money as long as it benefits us?'
Kamath also said that the new bank, set up by India and four other members of the BRICS grouping, will strive to approve its first loan before end of the current fiscal.
'MGNREGA is definitely like a lifeline and is the employer of the last resort'
Diwesh Sharan, a deputy director general of ADB, says beside the PPP model and viability gap funding, there is a 3rd option - value capture - to raise funds for India's ambitious infrastructure projects.
Fitch reaffirmed India's rating at 'BBB-' with a Stable Outlook saying the rating balances a still strong medium-term growth outlook compared with similar category peers and relative external resilience stemming from solid foreign-reserve buffers against high public debt, a weak financial sector and some lagging structural factors, including governance indicators and GDP per capita.
The country's economic growth hit a decade low of 5 per cent in the last fiscal on account of poor performance in the farm, manufacturing and mining sectors.
Vice Chancellor of Jamia Milia university and a seasoned bureaucrat Najeeb Jung was on Monday appointed as the new Lt Governor of Delhi while former Delhi Police Commissioner K K Paul was made Governor of Meghalaya.
Panagariya, who heads the government's main economic advisory body NITI Aayog, is also India's Group of 20 summit negotiator
Pakistan Prime Minister Nawaz Sharif on Monday approved in principle the financing plan of the much-delayed 4500 megawatt Diamer-Basha Dam project on the Indus river in Pakistan-occupied Kashmir and asked officials to expediate its construction.
The Asian Development Bank (ADB) has approved $700 million in loans to support the Indian government's efforts to accelerate investment in infrastructure which the country requires to ensure strong economic growth.
ADB, however, has cut its growth forecast for developing Asia to 6.1 per cent from the earlier 6.3 per cent in view of subdued economic activity in the US and China.
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