Banks take over management control of Electrosteel
Bankers to the loss-making Electrosteel Steels have agreed to use the strategic debt restructuring (SDR) mechanism to convert their debt into equity and takeover the company.
Banks have exposure of about Rs10,000 crore to the steel producer and banks like SBI, PNB, Canara Bank, Uco Bank, OBC etc have exposure to the company. The Banks are trying to find buyer for the company which may take time but should help in resolution of NPAs over medium term.
Adani Enterprises to raise up to Rs6,000 cr via securities
Adani Enterprises, the flagship company of the Adani Group, said that it is planning to raise up to Rs6,000 crore through issuance of securities to sustain rapid business growth. The Gautam Adani-led company also aims to raise its borrowing limit to up to Rs12,000 crore to keep pace with the expanding business operations.
Rajasthan clears Rs1.56 lakh crore investments in solar energy
Rajasthan cleared Rs1.56 lakh crore worth investments in solar energy sector in the state, aimed at generating 26,000 MW of solar energy.
Reliance Industries to consider sale of US shale gas stake
Reliance Industries may be considering exiting its investments in US shale gas as part of a strategic review of its assets, says a report. RIL has invested more than $8 billion in its unconventional gas joint ventures through the end of March, according to its annual earnings report. Selling the shale assets would allow Reliance to put its capital to more productive uses, given the gas market may not improve for some years, the report stated.
Tata Power may acquire stressed assets of other power companies
Tata Power may look at acquiring stressed assets of other power companies in the country as it plans to expand its capacity.
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