IL&FS Financial Services plans to raise $4 billion, of which, $1.5 billion has already been mobilised in the past six months
Non-banking financial company IL&FS Financial Services (IFIN) today said it plans to pare down its fund-raising by around $1 billion to $4 billion because of the problems in the infrastructure projects.
Earlier, the company was planning to mop up $5 billion from the markets through debt by the end of this fiscal to fund its infrastructure projects.
"Frankly, infrastructure projects are not doing well for the last 8-10 months. Therefore, we decided to reduce the amount," IFIN managing director and chief executive Ramesh C Bawa told PTI.
Now the company plans to raise $4 billion, of which, $1.5 billion has already been mobilised in the past six months. The rest will be raised by the end of fiscal, he added.
The Mumbai-based NBFC, a wholly-owned subsidiary of Infrastructure Leasing & Financial Services (IL&FS), plans to use the funds to finance projects in the power, road, coal and port sectors. The company is currently engaged in over 10 power and road projects.
"We will raise this money from both domestic as well as overseas markets. Around one-third amount will come from overseas and the rest from local markets," Bawa said. IFIN has also set up its international presence through its wholly-owned subsidiaries, IL&FS Global Financial Services in Singapore, London and Dubai.
When asked about the reason for funds raising from overseas markets, Bawa said frequent interest rate hike had made fund-raising too costly from the domestic markets. The RBI has hiked policy rates 11 times since March 2010, to curb inflation.
Ashok Leyland reported a 3.50% decline in its total commercial vehicle sales to 7,218 units in August 2011
Hinduja Group flagship company Ashok Leyland reported a 3.50% decline in its total commercial vehicle sales to 7,218 units in August this year compared that in the same month of the previous year. The company had sold 7,480 units in the same month of 2010, Ashok Leyland said in a statement.
Domestic sales stood at 6,168 units in August against 6,705 units in the same month of the previous year, down 8.01%, it added. Exports, however, increased by 35.48% to 1,050 units last month from 775 units in the year-ago period.
The company also reported a 7.82% fall in total domestic sales of medium and heavy commercial vehicles to 6,132 units in August from 6,652 units in the same month of the previous year.
On Tuesday, Ashok Leyland ended 0.39% down at Rs25.80 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.89% at 16,862.81.
The platform is web based and is capable of being fully integrate with corporate enterprise resource planning software, thereby dispensing with paper work
In its focus on further strengthening its relationship with the Indian corporates, SBI has put in place a state of the art technology platform for financing its supply chain partners. The platform leverages the highly secure Internet banking platform of SBI and provides a robust and operationally convenient platform to the industry majors for transacting with their channel partners.
The platform is web based and is capable of being fully integrate with corporate enterprise resource planning software, thereby dispensing with paper work. A Corporate can upload the details of invoices raised by their suppliers and the details of invoices covering the supplies made to the dealers on SBI internet banking platform, effecting real time of transfer and automated settlement of funds. The platform provides for both the vendor financing (e-Vendor Finance Scheme) and dealer financing (e-Dealer Finance Scheme). To date 43 industry majors from sectors like auto (passenger cars, commercial vehicles and tractors), petroleum and oil, steel, fertilizer, textiles and FMCG are using this platform for transacting with their vendors and dealers.
On Tuesday, SBI ended 1% down at Rs1,980 on the Bombay Stock Exchange, while the benchmark Sensex gained 0.89% at 16,862.81.