IndusInd Bank signs MoU with NCMSL for collateral management and warehousing services

IndusInd Bank Ltd said it has signed a memorandum of understanding (MoU) with National Collateral Management Services Ltd for collateral management and warehousing services. No financial details were provided.

NCMSL has been providing collateral management services to banks. These services have assisted industries, traders and farmers in financing their capital requirements at all stages of the supply chain, ranging from pre-harvesting to the marketing and export stages. NCMSL also offers premium services for working capital financing in commodity-based industries, especially agro-based industries.
Elaborating on the tie-up, NCMSL's MD & CEO, Sanjay Kaul said, "This new arrangement with IndusInd Bank will provide an opportunity to field functionaries to extend finance against warehouse receipts."

Ramesh Ganeshan, head-transaction banking, IndusInd Bank, said, "The tie-up arrangement will focus on the producers at the start of the supply chain. The farmers will benefit from this scheme as it will provide them with post-harvest credit facilities so that they do not have to resort to distress selling of their produce."

 On Wednesday, IndusInd Bank shares ended 0.5% down at Rs263 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.6% down at 19,872 points.


Everonn subsidiary signs MoU will Future Group to train retail talent

Everonn Education Ltd said its subsidiary Everonn Skill Development Ltd has signed a memorandum of understanding (MoU) with Future Human Development Ltd (FHDL) to jointly deliver retail programs across the country. FHDL is the HR arm of retail brand the Future Group.   The training programs, to be launched soon, will be offered at 12 training centres and 15 ITI units at cities like Bangalore, New Delhi, Kolkata, Ahmedabad, Chennai, Hyderabad, Visakhapatnam, Pune, Nagpur, Mumbai, Kochi and Gurgaon. About 50 more centres will be added by the end of the current fiscal.

Kishore Biyani, founder and group CEO of the Future Group, said, "The booming retail sector is badly in need of trained talent. We are sure that Everonn with its technical expertise and vast experience in the education sector will provide skillful learning experience nationwide, to all the aspirants in the retail segment."
These programs will be fee based and non-fee based for various job profiles in retail like front end salesman, house keeping, ware house management and security. The training modules will also cover improvement of skill sets in areas like furniture fitting, plumbing, household electrical fitting and repairing, household carpentry, fire and safety and white goods repairing. Courses related to beauty and wellness will also be conducted under the project.

On Wednesday, Everonn Education shares ended 1.7% down at Rs682 on the Bombay Stock Exchange, while the benchmark Sensex closed 0.6% down at 19,872 points.


Govt considering infusing further equity in Air India

New Delhi: The government may consider infusing further equity of Rs2,000 crore in cash-starved Air India, after it is expected to grant the state-owned airline Rs1,200 crore by next month, reports PTI.

"We can look at pumping another Rs2,000 crore later," civil aviation minister Praful Patel said today when asked whether the government could infuse more funds to enhance the debt-equity ratio of the ailing national carrier.

"We have moved a Cabinet note for infusion of Rs1,200 crore equity (in Air India). It has already been circulated (to members of the Cabinet). We hope that a decision is taken by November," Mr Patel said on the sidelines of a seminar on air traffic management here.

"Air India's overall turnover would be higher. As there is a healthy growth of air traffic, the yields are better and costs are going down," he said.

Asked whether there would be a "bailout" for private airlines also, Mr Patel replied in the negative but said the government and the Reserve Bank of India (RBI) have already taken several measures to come to the aid of the aviation industry.

"I don't think there is any bailout but some steps have been taken. RBI has given approval for debt restructuring as a special dispensation for the aviation sector and looking at its overall health," he said.

Earlier, high-level sources had told PTI that the national carrier might ask for another Rs2,000 crore from the government in the next financial year to repay its massive debts, after it gets Rs1,200 crore in this financial year.

The government had infused Rs800 crore in the last financial year in Air India, which used to have an equity base of a mere Rs145 crore and had placed orders for 111 aircraft - 43 from Airbus and 68 from Boeing - worth $11 billion.

The sources had said that the airline would require Rs3,000 crore to Rs4,000 crore annually to pay off its debt which is primarily on account of aircraft induction.

The monthly interest burden on this count averages at Rs200 crore, while the debt each month stands at about Rs300 crore, they had estimated.

Against this backdrop, the airline could ask for another tranche of Rs2,000 crore as equity, some time in the next financial year, the sources said.

The second tranche of government funds worth Rs1,200 crore, to be released after a nod from the Cabinet Committee on Economic Affairs (CCEA), is likely to be used for settling outstanding dues and not to enhance the airline's equity base.

CCEA is likely to take up the proposal next month.

According to official estimates, Air India is expected to incur a loss of Rs5,656.62 crore in 2009-10. The airline had suffered a loss of Rs2,226.16 crore in 2007-08 which rose to Rs5,548.26 crore the following year.




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