“The Cabinet has approved an expenditure of $1 trillion in the next five years on infrastructure development and 40% would come from private sector,” Kamal Nath, Union minister for urban development and parliamentary affairs told reporters
The 51-year-old first African-American president was projected by television channel CNN as having won the second term with 274 electoral votes
According to the SBI chairman, the consortium of 17 banks have been meeting regularly to help Vijay Mallya owned and cash-strapped airline
New Delhi: State Bank of India (SBI), the lead bank to ailing Kingfisher Airlines, on Tuesday cautioned the carrier that it "will not fly" if it fails to bring in fresh capital by 30th November, reports PTI.
"Banks' consortium has done everything possible to make the company (Kingfisher) work. Only the company is not working... The management has to get capital. We have given time till 30th November that they should get capital otherwise the company will not fly...," SBI Chairman Pratip Chaudhuri told PTI.
He further said the airline would not be able to get investors if it is not flying.
Chaudhuri said the consortium of 17 banks have been meeting regularly to help the cash-strapped airline.
SBI has over Rs1,500-crore of exposure to Kingfisher.
The bank chairman said the consortium, led by SBI, has made available a total Rs7,000 crore to Kingfisher to help it keep flying.