Essar Steel set to sew up $200m Zug credit deal
Essar Steel is close to tying up a $200 million upfront suppliers' credit deal with the Zug (Switzerland-based) arm of the US-based Commercial Metal Corporation (CMC). The transaction is expected to be priced soon and put through by this month-end.
FI disbursements jump 21%, revival in sight
The country's financial institutions have recorded a 20.6% rise in disbursements in the first three quarters of the current fiscal. The disbursements of the term-lending institutions have been pegged at Rs 32,664 crore in the first nine months of the financial year. Sanctions registered an even higher growth at 58.4% (Rs 52,466 crore) in the period.
Hindustan Petroleum sets up panel to implement promotion guidelines
The Hindustan Petroleum Corporation Ltd board has instituted a special departmental promotion committee (DPC) to implement new promotion guidelines. DPC's objective is to ensure equity, fairness and objectivity in matters relating to promotion, ensure all management positions are manned by personnel having requisite qualifications, exposure and competence.
Nalco may float GDR to fund expansion
National Aluminium Company (Nalco) may be forced to dilute a part of the centre's 87% stake in the company. This would be done through a fresh equity issue to fund around 30% of its immediate capacity expansion.
Nissan to shift from palladium catalysts
Nissan Motor Co Ltd, Japan's second-biggest carmaker and an innovator in palladium-only catalytic converters to clean up car exhaust, is planning to switch back to traditional platinum-rhodium catalysts due to rising palladium prices. Nissan steadily expanded its use of palladium catalysts for domestic gasoline-engine models since launching a palladium-only converter in 1994.
Equity disagreement blocks Raytheon alumina project
The $590-million, 7.5 lakh tonne per annum alumina project promoted by the US-based infrastructure major Raytheon Inc has hit a stumbling block due to the Indian partners'-- Gujarat Alkalies & Chemicals and Gujarat Mineral Development Corporation (GMDC) -- disagreement over an equity recast. This recast suggested by Raytheon would reduce the multinational's stake and increase that of the domestic partners.
