With an eye on global liquidity and the increasing global investor interest in the Indian economy, infrastructure conglomerate Infrastructure Leasing and Financial Services Ltd (IL&FS) plans to embark on a major refinancing drive this financial year, said a senior executive of the firm. The group is looking to refinance debt to the tune of Rs15,000 crore this financial year, said Ramesh C. Bawa, managing director and chief executive at IL&FS Financial Services Ltd.
It’s a bold and game changing budget, with the government’s focus on increasing infrastructure spending through the public exchequer, while continuing to prepare the ground for greater involvement of private capital over the longer run. The finance minister has acknowledged the need to continue with strong economic reforms, promote higher investments, and accelerate growth, particularly is sectors like railways, roads, and renewable energy. The budget has focused on greater spending in the rural economy, housing, and infrastructure, and yet maintained best standards of fiscal prudence, which is praiseworthy.
On an e-rickshaw on the road to Banaras Hindu University (BHU), Alka, a third year student, is all praise for Prime Minister Narendra Modi. A first time voter, she thinks Modi is a doer. “Just go to Assi Ghat and see for yourself. The place is completely unrecognisable. It is so clean, and cultural events are held every day.”
IL&FS Financial Services Ltd, the financial arm of IL&FS Group, has raised $30 million from Mauritius-based AfrAsia Bank Ltd and SBM (Mauritius) Bank Ltd through a rupee denominated or masala loan, a senior executive of the firm said. “The masala loan enables us to eliminate currency risk entirely, and deploy funding directly into various infrastructure projects without having to convert foreign capital into local currency,” said Ramesh C Bawa, managing director and chief executive officer of IL&FS Financial Services.
To assess a scientific way for disposal of construction waste, LG Anil Baijal and North Delhi Municipal Corporation commissioner P K Gupta inspected the construction and demolition waste management plant at Burari on Saturday. The construction and demolition waste plant, functional since 2009, earlier had a capacity to process 500 metric tonne of construction waste but the plant has now been upgraded to process over 2,000 metric tonne of malba.
Pension regulator PFRDA has appointed IL&FS Skill Development Corporation to train 64500 government employees and other stakeholders on various aspects of flagship schemes NPS and APY, said a PTI report today. The training institute has been appointed to create mass awareness and impart training on National Pension System (NPS) and Atal Pension Yojna (APY) to the employees of Points of Presence, APY service providers, and corporates of North-West zone.
IPTF was recently awarded the “Safe and Secure Terminal of the Year 2017” by the distinguished Global Ports Forum, Singapore for their contribution to the maritime industry which was covered in an article by Khaleej Times.
IL&FS Skills launched Recognition of Prior Learning (RPL) programme in the Apparel sector under Pradhan Mantri Kaushal Vikas Yojana (PMKVY) 2.0, the flagship scheme of the Ministry of Skill Development & Entrepreneurship (MSDE), Government of India at Shivalik Prints a leading knitwear manufacturer & exporter at Faridabad.
IBM has signed a memorandum of understanding with the Infrastructure Leasing and Financial Services (IL&FS) Education to help improve the quality of education and skills for the over 10 million people part of the IL&FS network.
If at all there was a blunt message for anyone in the Union Budget, it was for state-run banks – no more doles. After setting financial parameters to achieve with his Indradhanush in August 2015 on infusion of fresh capital, finance minister Arun Jaitley has sanctioned just Rs 10,000 crore for banks shows his resolve to see results from banks before opening his purse strings. For a segment that needs at least Rs 75,000 crore in the next two years as estimated by ratings company India Ratings, the sanctioned amount is just a drop in the ocean which may not be sufficient to fund the economic growth aspirations. And it is not going to be easy for these banks to raise funds from the market unlike their private peers.