With this acquisition, MPSEZ doubles its present balance sheet size and adds 50 million tonnes capacity. Mundra Port operates ports at Mundra and Dahej and is developing ports at Hazira and coal terminals at Mormugao
New Delhi: Mundra Port & Special Economic Zone (MPSEZ), a unit of Adani Enterprises has bagged a long-term lease to operate the Abbot Point Coal Terminal in Australia's Queensland state for about 1.8 billion Australian dollars, reports PTI.
"The state of Queensland in Australia has declared MPSEZ as the successful bidder for a long-term lease (99 years) of Abbot Point X50 Coal Terminal (APCT) following international competitive bidding," MPSEZ, a subsidiary of the country's largest private port operator Adani Enterprises, said in a statement.
APCT is a coal export port in Queensland and is owned by North Queensland Bulk Ports Corporation (NQBP).
"We have harboured aspirations to expand globally and were in search of right business opportunity with strategic fit. Abbot Point is our contribution to India's increasing global ambition and will boost synergy with other businesses of the group," Adani Group chairman Gautam Adani said.
With this acquisition, MPSEZ doubles its present balance sheet size and adds 50 million tonnes capacity. Mundra Port operates ports at Mundra and Dahej and is developing ports at Hazira and coal terminals at Mormugao.
Abbot Point is expected to have revenues of A$110 million in 2011, with an EBITDA of A$59 million. The coal terminal has two berths capable of handling cape size vessel of over 2 lakh tonnes deadweight with annual capacity to load 50 million tonnes.
Shares of Adani Enterprises declined 0.02% to Rs628.40 in noon trade on the Bombay Stock Exchange.
These two tickets, of BB&CI (Bombay, Baroda and Central India) and GIP (Great Indian Peninsular) Railways were found in a scrapbook. The BB&CI ticket is a first-class one, from Marine Lines to Bandra, and costs one rupee, five annas. The date punched on it is 27 Jan 1860. The GIP ticket is very rare. It is from Victoria Terminus to Vile Parle via Mahim. What makes it interesting is the punched date, which reads 16 June (19)10. The word ‘June’ is inverted.
As per the RBI norms, banks are required to lend 40% of their adjusted net credit to the priority sector, which includes agriculture, small-scale industries and other poor sections
Mumbai: The Reserve Bank of India (RBI) today said that loans extended by banks to micro-finance institutions (MFIs) from 1st April onward will be classified as priority sector lending, reports PTI.
"Bank loans to all MFIs, including non-banking finance companies (NBFCs) working as MFIs on or after 1 April 2011, will be eligible for classification as priority sector loans if, and only if, they conform to the regulations formulated by the Reserve Bank," RBI governor D Subbarao said in the 'Monetary Policy Statement for 2011-12'.
The RBI has also decided to appoint a committee to review the priority sector lending classification, Mr Subbarao said, adding that the recommendations made by the Malegam Committee for the micro-finance sector have been broadly accepted.
As per the RBI norms, banks are required to lend 40% of their adjusted net credit to the priority sector, which includes agriculture, small-scale industries and other poor sections.
In January, an RBI committee headed by YH Malegam had recommended that interest rates on loans extended by MFIs should be capped at 24% and individual loans should not exceed Rs25,000.
The MFIs were allegedly charging a high interest rate of over 30%.
"The Reserve Bank has broadly accepted the framework of regulations recommended by the Malegam Committee. We have, however, adjusted some of the parameters recommended by the committee," Mr Subbarao said.
The panel has also suggested that small loans of up to Rs25,000 could be given to families having an income up to Rs50,000 per annum. On repayment, it said the borrowers should be given the option of weekly or fortnightly or monthly return of the loan.
It has said the recommendations should be implemented from 1st April 2011, for the benefit of the sector.
The panel also said at least 75% of loans extended by MFIs should be for income generation purposes. It further recommended that a borrower cannot take loans from more than two MFIs.
The RBI constituted the committee last October in the wake of allegations that overcharging and the use of coercive recovery practices by MFIs led to a spate of suicides in Andhra Pradesh.
The decisions taken by the state government to regulate MFIs slowed down the loan recovery process, hitting the financial health of the sector. It was further aggravated by the reluctance of banks to support MFIs.