Companies & Sectors
Suzlon Group wins 39.9MW orders from GSFC, BEL

The 39.9MW projects comprise 19 units of Suzlon's S95 2.1 MW wind turbines to be supplied to Gujarat State Fertilizers and Chemicals and Bharat Electronics


Bangalore: Wind turbine manufacturer Suzlon Group has received contracts for 39.9 MW projects from Gujarat State Fertilizers and Chemicals Ltd and Bharat Electronics Ltd, reports PTI.

 

The projects comprise 19 units of Suzlon's S95 2.1 MW wind turbines, the company said. It signed a contract for 29.4 MW with GSFC and for 10.5 MW with BEL.

 

The new order would take GSFC's total installed capacity to 152.80 MW in sites across Gujarat, and that of BEL to 13.5 MW in Karnataka, the company said in a statement.

 

"The S9X product suite being supplied to BEL and GFSC is a proven workhorse in Suzlon's product portfolio and has received an enthusiastic response from the market globally, with an expanding order base of over 1.4 GW," the company said.

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Banks are rigid to give loans to road projects

According to the Road Secretary, banks have become more conservative and rigid and they are urging the lenders not to become more restrictive than what is required as part of the Model Concession Agreement

New Delhi: A "conservative" and rigid approach by banks and hurdles in environment clearances are among the issues that are holding back investment and private companies' participation in the road sector, Road Secretary AK Upadhyay said, reports PTI.

 

The official said that there are a number of issues which are holding back investment and private participation in the sector. "Environment clearance, financing and also there is lack of equity capital in the sector," Upadhyay told reporters.

 

"The banks have become more conservative and rigid and we are trying to convince them, also urging them to not become more restrictive than what is required as part of the Model Concession Agreement," he said on the sidelines of a PHD Chamber event.

 

Inviting more participation from the private sector in the road sector, Upadhyay said that the private companies should play a supplementary role to the government.

 

"They should be playing a supplementary role to the government as their risk taking ability is more," he added.

 

On being asked about the road building target for the current financial year, Updhayay said that the ministry has so far awarded projects stretching across 1,100 km.

 

"We have done about 1,100 km, target is 8,800 km for this year (2012-13)," he said adding that last year we awarded 62 projects totalling 8,000 km, entailing an investment of Rs 16,000 crore. .

 

He added that of the 8,800 km projects to be awarded this year, 4,000 km would be public funded through the EPC (engineering, procurement and construction) mode.

 

"We have a lot of public funded projects in these projects .. 4,000 km would be public funded through EPC, rest is PPP (Public Private Partnership)," he added.

 

The government, in August, approved the EPC model agreement document for construction of 2-lane national highways.

 

As per the EPC document, all the national highways works which are not done on PPP mode [BOT (Toll) or BOT (Annuity)] would be done primarily through EPC mode.

 

The EPC document has been structured in a manner that time overrun and cost overrun in implementation of national highways works shall be minimised to a great extent and there will be optimisation of design and quality construction.

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United Bank to raise Rs300 crore through rights issue

United Bank of India plans to raise at least Rs250 crore but not exceeding Rs300 crore, including premium from rights issue

New Delhi: United Bank of India has said its board has given approval to raise up to Rs 300 crore through a rights issue, reports PTI.

 

The Board meeting has approved to create, issue and allot up to such numbers of shares of Rs10 each at a premium to be decided subsequently on rights basis to the existing shareholders of the bank as on the record date to be fixed subsequently, United Bank of India said in a filing on the BSE.

 

The state-owned bank proposes to raise at least Rs250 crore but not exceeding Rs300 crore, including premium from rights issue, it said.

 

Government of India holds 81.56% stake in the Kolkata-based bank. This means that if it decides to raise fund through rights issue then the Government of India being the largest shareholder has to subscribe shares to the extent of its holding in the bank.

 

Prior board approval has been secured to enable capital infusion by the government in the bank.

 

Besides, the board of the bank also given approval to raise up to Rs500 crore by allotting perpetual bonds through private placement.

 

It also approved issue and allotment of perpetual bonds in the nature of promissory notes of Rs10 lakh each for cash at par up to a maximum amount of Rs250 crore with a green shoe option up to a maximum of Rs250 crore through private placement, the filing added.

 

Earlier, Financial Services Secretary DK Mittal had said the government will finalise Rs15,000-crore capital infusion for public sector banks soon to help them enhance capital base and increase lending capacity.

 

Rights issue is under consideration for recapitalisation of banks, he had said, adding that if the government opts for rights issue for banks, it will be done for all banks.

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