Banks ready to transfer 37 NPAs worth ₹92,000 crore to NARCL
May 27, 2021
Banks lent to the aforementioned entities as part of a consortium - Getty Images×
Videocon, Reliance Naval, Essar Power Gujarat and Coastal Energy among others in the assets transfer list
Banks have so far zeroed-in on 37 stressed assets, with exposure aggregating to about ₹92,000 crore, that can be transferred to the National Asset Reconstruction Company Ltd (NARCL), which is being set up by lenders jointly.
The assets to be transferred to NARCL include those of Videocon Industries, Reliance Naval & Engineering, and Essar Power Gujarat and Coastal Energy, according to bankers. Banks had lent to these entities as part of a consortium.
Lockdown triggers first casualty in corporate bond market
There were only two bids in the range of 5.6-5.7 percent, with offers to own Rs 100-150 crore.
Synopsis
This is the first corporate bond casualty in the second wave of the viral surge, underscoring investor apprehension about the economic costs of the curbs and their impact on an economy that was lately trying to clamber out of the sinkhole.
MUMBAI /NEW DELHI: Top-rated Chennai Petroleum Corporation (CPCL), a subsidiary of Indian Oil Corp., Thursday withdrew the sale of its corporate bonds after investors demanded a higher rate due to the likely shrinkage in refinery margins and auto-fuel consumption in light of the localized mobility curbs.
Oberoi Group inks pact with EESL to further sustainability initiatives
Oberoi Group inks pact with EESL to further sustainability initiatives
New Delhi, Apr 14: The Oberoi Group has inked a memorandum of understanding (MoU) with state-run EESL to further its sustainability initiatives.
“With the aim to augment its sustainability initiatives, The Oberoi Group has signed an MoU with Energy Efficiency Private Ltd (EESL), a joint venture of four PSU’s under the Ministry of Power,” a statement said.
EESL through its Building Energy Efficiency Program (BEEP) will assist The Oberoi Group in implementing several well-established energy efficient initiatives, including clean energy systems across its properties.