AIIB may invest $400 million each in the two metro projects. In Bangalore, it has decided to invest $350 million. AIIB is in advanced talks with different nodal agencies, including Chennai Metro Rail and the Mumbai Metro Rail Corp. The investment is likely to boost New Delhi's Smar City initiative.
AIIB is in advanced talks with different nodal agencies, including Chennai Metro Rail and the Mumbai Metro Rail Corp, two people with direct knowledge of the matter told ET. The supranational lender is expected to sign financing agreements with these two railroad operators.
Currency traders are turning bullish on the rupee, as they are going long (buying) on the local currency against the dollar.
"With the Essar Steel judgment out, it has now become easier for distress asset transactions to happen. Now, it needs to be seen how banks open up to sell their sticky assets," says Jayesh Mehta, country treasurer, Bank of America.
The perpetual bonds are a quasiequity obligation without a fixed maturity and had a five and a half year non-call period, which means the debt cannot be repaid before this period.
The company directly placed those bonds with LIC.
Last month, CRISIL and CARE Ratings put Vodafone Idea on negative credit watch in the wake of the Supreme Court order asking it to add over 28,450 crore to the sovereign cover. Another round of rating actions is expected within a week, said two market sources with the knowledge of the matter.
With this, the Beijing-headquartered developmental bank's overall commitment to the country has gone up to nearly USD 3 billion, making it the largest borrower with a 30 percent share.
Nippon Asset Management and SBI Mutual Fund were two of the institutional investors in those bonds.
Inflation in India has been well controlled but is higher than many developed markets.
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