Kerala plans law to check private money lending companies

Thiruvananthapuram: The Kerala Government plans to bring in a comprehensive legislation to protect the interest of depositors and check the functioning of private money lending companies, the state finance minister, TM Thomas Issac, informed the Assembly on Tuesday, reports PTI.

A consensus among political parties on the steps to be initiated against private money lending companies has to be evolved before such legislation, Mr Issac said while replying to a calling attention of VK Ebrahim Kunju of IUML.

Some private non-banking companies were providing micro-finances to self-help groups which might, in long run, seriously affect the functioning of 'Kudumbasree' government supported women empowerment movement, Mr Issac said.

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Boeing delivers combat jet with HAL gun-bay door to US navy

New Delhi: American aviation major Boeing on Tuesday said it has delivered the first F/A-18 Super Hornet fitted with Indian-manufactured gun-bay door to the US Navy. The aircraft was handed over to the US Navy on 20th July, Boeing officials said, reports PTI.

The Gun-bay doors are manufactured by the Hindustan Aeronautics Ltd (HAL) at its facility in Bengaluru.

Boeing's F/A-18IN Super Hornet is one of the six contenders for the Indian Air Force's Medium Multi-Role Combat Aircraft deal.

The gun-bay door contract is the first military contract between Boeing and HAL and is a direct result of Boeing's industrial participation commitment to India, which includes creating jobs with indigenous companies, the officials said.

The two companies are also working together on projects for the P-8I multi-mission maritime aircraft and also on the commercial Boeing 777 airplane, they said.

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JFE to buy 14.9% stake in JSW Steel for Rs4,800 crore

Mumbai: JFE Holdings Inc, Japan's second- largest steelmaker, will pick up 14.99% stake in JSW Steel Ltd for over Rs4,800 crore, a move that may help the Indian company reduce its debt, reports PTI.

"The agreement provides JFE to maintain its shareholding at not more than 14.99% in JSW," JSW Steel said in a filing to the Bombay Stock Exchange (BSE) on Tuesday.

Both the companies have entered a long-term partnership under which the Indian partner will issue 32.0 crore equity shares to JFE at Rs1,500 each on 31st August.

"If the average closing price of JSW in two consecutive weeks or 10 consecutive days, or in case closing price during five consecutive trading days reaches or exceeds Rs1,365 between subscription agreement date and 31 August 2010, JSW will allot 32,004,798 equity shares at Rs1,500 a piece on the date of allotment," the statement said.

Otherwise, JSW will allot one fully convertible debenture of face value of over Rs4,800 crore, the statement added.

"The definitive agreement is a transformational step forward in its mission to move up the value chain in steel production and enhance its ability to weather the cyclicality inherent in the global steel industry," the JSW Steel vice-chairman and managing director, Sajjan Jindal, said.

JSW Steel's debt stood at about Rs16,000 crore at the end of the last fiscal and its debt equity ratio was 1.69:1.

The announcement has come after JSW Steel, the country's largest private steel producer by domestic capacity, informed BSE on 22nd July that it would consider a share sale to 'a strategic investor' to raise long-term funds.

Last year, the two companies had entered an alliance to jointly produce auto-grade steel and said they were considering investing in each other.

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