India Financial Services Correspondent, Mumbai
Devidutta's Feed
Jan 28, 2015

Government makes push to boost revenue as deficit deadline nears

NEW DELHI/MUMBAI (Reuters) – The government made a push on Wednesday to bolster its strained finances, offering to sell a stake in miner Coal India and more mobile phone airwaves as it aimed to deliver on a promise to trim its fiscal deficit.

Prime Minister Narendra Modi is racing to honour a commitment to narrow the deficit to a seven-year low of 4.1 percent of gross domestic product in the year ending in March.

Jan 28, 2015

India makes push to boost revenue as deficit deadline nears

NEW DELHI/MUMBAI (Reuters) – India’s government made a push on Wednesday to bolster its strained finances, offering to sell a stake in miner Coal India (COAL.NS: Quote, Profile, Research) and more mobile phone airwaves as it aimed to deliver on a promise to trim its fiscal deficit.

Prime Minister Narendra Modi is racing to honor a commitment to narrow the deficit to a seven-year low of 4.1 percent of gross domestic product in the year ending in March.

Jan 25, 2015

India turns to corner shops, mobile phones for banking revolution

NEW DELHI/MUMBAI, Jan 26 (Reuters) – India is betting that
mobile phone vendors, fuel stations and corner stores can help
it put basic banking within the grasp of hundreds of millions of
its poor people living beyond the reach of traditional bank
branches.

The clock is ticking down to a Feb. 2 deadline for
applications to set up so-called payments banks under new rules
that would allow successful bidders to offer services such as
remittances and deposits, but not loans.

Jan 22, 2015

Suzlon to sell German unit for $1.16 billion

NEW DELHI/MUMBAI (Reuters) – Wind turbine maker Suzlon Energy Ltd(SUZL.NS: Quote, Profile, Research) said it had agreed to sell its German unit Senvion SE to buyout firm Centerbridge Partners for 1 billion euros ($1.16 billion), in an all-cash deal that will help the group reduce its debts.

The companies have signed a binding agreement, which also has a future earn out clause of an additional 50 million euros, they said in a statement on Thursday.

Jan 22, 2015

India’s Suzlon to sell German unit for $1.16 bln

NEW DELHI/MUMBAI, Jan 22 (Reuters) – Indian wind turbine
maker Suzlon Energy Ltd said it had agreed to sell its
German unit Senvion SE to buyout firm Centerbridge Partners for
1 billion euros ($1.16 billion), in an all-cash deal that will
help the group reduce its debts.

The companies have signed a binding agreement, which also
has a future earn out clause of an additional 50 million euros,
they said in a statement on Thursday.

Jan 20, 2015

Investment vehicle eyes flagship Sahara hotels in $2 bln bailout for Subrata Roy

MUMBAI (Reuters) – An investment vehicle lining up a $2 billion package to help bail the boss of India’s troubled Sahara out of jail said it expects to ultimately take control of landmark hotel assets like New York’s Plaza after the conglomerate fails to repay lenders.

Saransh Sharma, a San Jose, California-based investor leading the rescue plan, told Reuters in an interview he doesn’t think Sahara will be able to pay off the more than $1.5 billion it plans to borrow to cover bail terms for Subrata Roy, one of India’s most flamboyant businessmen. Sharma said that will help his fund, Mirach Capital Group, take over the hotels at a bargain price.

Jan 3, 2015

Arun Jaitley says state banks need more autonomy

PUNE, India (Reuters) – Finance Minister Arun Jaitley said on Saturday that state-owned banks needed much more autonomy, but he stopped short of giving any details of proposed reforms.

Jaitley made the comment at a two-day meeting of public sector bankers convened by Prime Minister Narendra Modi’s government to suggest a roadmap for reforms. The meeting ended on Saturday.

Jan 3, 2015

Indian finance minister says state banks need more autonomy

PUNE, India, Jan 3 (Reuters) – Indian Finance Minister Arun
Jaitley said on Saturday that state-owned banks needed much more
autonomy, but he stopped short of giving any details of proposed
reforms.

Jaitley made the comment at a two-day meeting of public
sector bankers convened by Prime Minister Narendra Modi’s
government to suggest a roadmap for reforms. The meeting ended
on Saturday.

Jan 2, 2015

India prepares reform roadmap for ailing state banks

PUNE, India, Jan 2 (Reuters) – India’s top bankers have
gathered in the western city of Pune in a one-of-a-kind huddle
to discuss long-pending reforms vital to improving the health of
ailing public sector banks in Asia’s third-largest economy.

The country’s more than two dozen inefficient state-run
banks have been constrained by a pile of bad loans and corporate
governance issues. They also lag their private sector rivals in
profitability.

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.