top news

RPower to $2 bn ECB issue next month
Anil Ambani group's Reliance Power has identified HSBC, Standard Chartered and ABN Amro among other foreign banks for raising $2 billion of debt to help fund its ultra mega power project in Sasan. The company has received the Reserve Bank of India (RBI) approval for this external commercial borrowing (ECB) proposal to finance the foreign exchange portion of debt for Sasan and is looking to complete the process next month, sources close to the development said. Besides, the company is also in the process of finalising the names of local financial institutions for a domestic debt of about Rs 6,600 crore in the next few months, they added. When asked about the financing plan to raise Rs 14,600 crore of debt.
L&T and TIDCO to build shipyard near Chennai
Larsen & Toubro (L&T) and Tamil Nadu Industrial Development Corporation (TIDCO) signed a joint venture agreement to set up an integrated shipyard complex and port facility near Chennai. The partners will invest an estimated Rs 3,000 crore in the new facility, which will come up at Kattupalli village near Ennore in Tiruvallur district of Tamil Nadu.Construction is likely to start by the end of 2008, and the project will be completed in 24 months.
The shipyard complex will build commercial ships like very large cargo carriers (VLCCs), specialised cargo ships for liquid and gas transportation and cruise vessels. It will also have the capability to build defence vessels, offshore platforms and floating production-cum-storage facilities for the oil and gas sector. The shipyard will also have facilities for refitting and re-engineering of commercial and defence vessels, and heavy engineering fabrication and components production for ship building purposes