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India's Piramal Enterprises plans to set aside provisions for certain exposures to investments in alternate investment fund (AIF) units, following the Reserve Bank of India's tightening rules. The RBI has barred all entities from investing in AIFs with borrowers in the past 12 months. As of November 30, Piramal's AIF investments were valued at Rs 38.17 billion.
Piramal Enterprises has announced a provision of over Rs 3,000 crore for its investments in alternative investment funds (AIFs) linked to companies with lending exposures. This move is expected to impact the company's earnings for FY24, with analysts predicting a loss exceeding Rs 2,200 crore.
“If any of your debtors who are under stress and if you are moving into an AIF, now either you would need to offload them within 30 days, liquidate it entirely or you make a 100% provision and the mandate is that those debtors who were in your book in the previous 12 months before you move in into an AIF structure.”
The attacks by Yemen’s Iran-backed Houthi rebels on commercial ships and oil tankers in the Red Sea, located between Asia and Africa, pose a warning for global trade. Apart from impacting global trade, these attacks could also lead to wider conflicts in the Middle East, as the US has already announced a
The third Arab Military Volleyball Championship (AMVC) kicked off in Taif, hosted by the Armed Forces at King Fahd Air Base and attended by the commander of the Taif Military Region, Major General Khalid Al-Sheibah. The director of the championship, Brigadier General Sultan Al-Shahri, welcomed the representatives of the participating countries in his speech at the opening of the AMVC, SPA reported. He highlighted the generous support that sports received in the Armed Forces, notably from the Minister of Defense, Prince Khalid bin Salman bin Abdulaziz.