India Financial Services Correspondent, Mumbai
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Dec 17, 2014

Supreme Court postpones decision on funds for Sahara boss bail

NEW DELHI/MUMBAI (Reuters) – The Supreme Court has delayed its verdict on troubled conglomerate Sahara’s bid to refinance a key loan and raise fresh debt to fund at least $1.6 billion in bail needed to release its jailed boss.

Sahara chairman Subrata Roy, one of India’s best known and most flamboyant entrepreneurs, has been held in a New Delhi jail for more than nine months in Sahara’s long-running dispute with the country’s capital markets regulator.

Dec 17, 2014

Indian court postpones decision on funds for Sahara boss bail

NEW DELHI/MUMBAI, Dec 17 (Reuters) – India’s top court has
delayed its verdict on troubled conglomerate Sahara’s bid to
refinance a key loan and raise fresh debt to fund at least $1.6
billion in bail needed to release its jailed boss.

Sahara chairman Subrata Roy, one of India’s best known and
most flamboyant entrepreneurs, has been held in a New Delhi jail
for more than nine months in Sahara’s long-running dispute with
the country’s capital markets regulator.

Dec 17, 2014

Sahara awaits court verdict that may give jailed chief Roy freedom

MUMBAI (Reuters) – Embattled conglomerate Sahara is readying for a court verdict on Wednesday that will determine if it can take on a new loan and refinance debt on its overseas hotels, including the Plaza in New York, to secure the release of its jailed chief.

Sahara Chairman Subrata Roy has been held in a New Delhi jail for more than nine months now in Sahara’s long-running dispute with the country’s capital markets regulator. The feud is over the company’s alleged failure to repay, with interest, billions of dollars it had raised in bonds that were later ruled to be illegal.

Dec 17, 2014

India’s Sahara awaits court verdict that may give jailed chief freedom

MUMBAI, Dec 17 (Reuters) – Embattled Indian conglomerate
Sahara is readying for a court verdict on Wednesday that will
determine if it can take on a new loan and refinance debt on its
overseas hotels, including the Plaza in New York, to secure the
release of its jailed chief.

Sahara Chairman Subrata Roy has been held in a New Delhi
jail for more than nine months now in Sahara’s long-running
dispute with the country’s capital markets regulator. The feud
is over the company’s alleged failure to repay, with interest,
billions of dollars it had raised in bonds that were later ruled
to be illegal.

Dec 17, 2014

Japan banks to bulk up India presence on improving ties

MUMBAI, Dec 17 (Reuters) – Faced with a shrinking economy
and tepid loan demand at home, Japan’s largest banks are looking
to bolster their presence in India, enthused by Prime Minister
Narendra Modi’s reform agenda and improving ties between the two
countries.

While some European and U.S. lenders are sitting on the
fence after being bruised by the country’s sharp slowdown,
Japanese banks are betting aggressively on Modi’s pledge to
restart growth and attract foreign investment.

Nov 28, 2014

After record deal, more India bank takeovers on cards

MUMBAI, Nov 28 (Reuters) – India is set for more banking
acquisitions after a record $2.4 billion takeover last week
ended four years of a deals drought, as lenders fight for market
share and wider reach amid looming competition from a new breed
of players.

A banking sector consolidation should support an expected
recovery in Asia’s third-largest economy through creation of
stronger lenders that will control the growth of bad loans and
make credit availability easier.

Nov 27, 2014

GDP growth set to weaken, business wants reforms more than rate cut

MUMBAI (Reuters) – Anticipating data out on Friday will show weakening economic growth, the finance ministry will argue for an interest rate cut, but bankers and company executives say the key to recovery lies in how fast Prime Minister Narendra Modi acts on reforms.

“Interest rates are also important, but more important is enabling policy directives from the government to resolve the issues affecting our sector,” said K. Rajagopal, chief executive officer of power producer Lanco Power.

Nov 27, 2014

India’s GDP growth set to weaken, business wants reforms more than rate cut

MUMBAI (Reuters) – Anticipating data out on Friday will show weakening economic growth, India’s finance ministry will argue for an interest rate cut, but bankers and company executives say the key to recovery lies in how fast Prime Minister Narendra Modi acts on reforms.

“Interest rates are also important, but more important is enabling policy directives from the government to resolve the issues affecting our sector,” said K. Rajagopal, chief executive officer of power producer Lanco Power.

Nov 25, 2014

India’s laggard state lenders face tough sell on capital raising plan

MUMBAI (Reuters) – India’s state-run banks face major obstacles in their plans to raise as much as $60 billion in new capital over the next few years, with investors skeptical about the prospects for most of them and workers wary of the government’s grip loosening.

With the tailwind of a strong recent stock market performance on optimism about a new government led by Prime Minister Narendra Modi, the banks are preparing to raise capital to meet upcoming global regulations and to build a buffer against rising bad loans. Banks such as State Bank of India have appointed advisers for share sales.

Nov 20, 2014

Kotak bank buys ING Vysya in record $2.4 billion share deal

MUMBAI (Reuters) – Kotak Mahindra Bank (KTKM.NS: Quote, Profile, Research) has agreed to buy ING Vysya (VYSA.NS: Quote, Profile, Research) in an all-share deal valuing its smaller rival at $2.4 billion, bulking up as analysts predict the start of long-awaited consolidation in a crowded banking sector.

Dutch lender ING Groep NV (ING.AS: Quote, Profile, Research) owns roughly a 43 percent stake in ING Vysya. It will be the second-largest shareholder in Kotak Mahindra after the deal — the largest in the Indian banking sector to date — with a holding of about 7 percent.