The Financial Express -- News

Tuesday, July 15 1997

DMK rocks United Front boat with threat to pull out

In a surprise move, the DMK yesterday threatened to pull out of the fledgling Gujral government, creating a fresh crisis for the United Front establishment even as it is still grappling with the vertical split in Janata Dal.

Infrastructure Bond Issue

Indal ties up $18-mn ECB to fund expenditure projects

Indian Aluminium Co has tied up a Euro dollar loan worth $18 million (nearly Rs 63 crore) to fund its project-related rupee expenditure and capital expenditure projects at its various plants. The syndicated external commercial borrowing, arranged through Citibank has a structure with an average tenor of 4 years and a door-to-door-tenor of 5 years.

Ministry mulls cap on mushrooming rating firms

The Union finance ministry has proposed a multi-agency supervisory system for credit-rating agencies. The ministry also wants a ceiling to be imposed on the number of rating agencies that should be licensed to conduct business in India.

Foreign exchange kitty shrinks by $8-mn

Bidders keep away from Mumbai car park projects