US Exim approves Reliance Power's Sasan project

Reversing its earlier decision, the US Exim Bank has agreed to provide $600 million in loan guarantees to suppliers for Reliance Power's (RPL) coal-fired project and a mine in Sasan, Madhya Pradesh.

Wednesday's announcement would help preserve 1,000 jobs in Wisconsin and 13 other states.

Last Thursday, the Export-Import Bank of the United States had rejected a request from Reliance Power to finance the projects on environmental grounds.

The 3,960 MW coal-fired power project is projected to emit 26,000 to 27,000 tonnes of carbon dioxide per annum.

The loan guarantees are for US-made mining equipment that Reliance Power has contracted to purchase from Bucyrus International, a Milwaukee, Wisconsin-based company.

On Thursday, Reliance Power shares ended 1% lower at Rs169.50 on the Bombay Stock Exchange where the benchmark Sensex closed 1% down at 17,509 points.

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Maruti's June sales soar 17%

The country's largest car maker, Maruti Suzuki India, today reported a 17.28% jump in June sales to 88,091 units over the same month last year.

The company had sold 75,109 units in June last year, Maruti Suzuki India (MSI) said in a statement.

In the domestic market, Maruti sold 72,812 units against 61,773 units in June 2009, an increase of 17.87%.

Exports surged 14.57% to 15,279 units from 13,336 units in the year-ago period, it added.

For the April-June quarter, MSI's total sales rose 24.96% to 2,83,324 units compared to 2,26,729 units in the year-ago period.

On Thursday, Maruti Suzuki shares ended 1.7% lower at Rs1,339.40 on the Bombay Stock Exchange where the benchmark Sensex closed 1% down at 17,509 points.
 

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Debt Trap

Another fancy fund idea bites the dust

To gather assets, fund houses dream up all sorts of...

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