Thanks to the fall in the dollar-rupee and rise in petrol and diesel prices, states will garner an additional Rs 22,700 crore in revenue over and above budget estimates, according to a State Bank of India (SBI) research note.
Delinquent loans worth as much as 700 billion rupees ($10 billion) in India’s power sector are in the process of being resolved, according to the nation’s largest bank, helping lenders avoid dragging seven accounts to bankruptcy court under new norms laid out by the regulator.
Top lending institutions, including the country’s largest lender State Bank of India, will hold their board meetings on Thursday and Friday to take approval for resolution plans for a few stressed power projects and to update boards on other such cases, industry insiders said.
Economic Times reported that banks, led by State Bank of India, are close to finalising resolution plans for at least half a dozen stressed power companies involving total loans of INR 50,000 crore, which could result in banks taking more than 50% haircut.
A consortium of lenders led by State Bank of India (SBI) has sought bids from consultants who will validate the costs associated with the running of Videocon Oil Ventures’ (VOVL) upstream oil and gas assets in South America and South East Asia.
ArcelorMittal transfers Rs 7,000 cr to State Bank of India to clear dues of loan defaulter Uttam Galva Steel
The world’s largest steelmaker ArcelorMittal has transferred Rs 7,000 crore to State Bank of India (SBI) to clear bank dues of loan defaulter Uttam Galva Steels so that it becomes eligible to bid for acquisition of Essar Steel, a person in know of the development said.
The Debts Recovery Tribunal (DRT) has rejected the application of Piyush Marodia, managing director of Gupta Coal, seeking permission to travel to Singapore. The company has taken a loan of Rs 58.89 crore from State Bank of India (SBI) and is unable to repay it. DRT has impounded the passport of all the directors of Gupta Coal. DRT presiding officer Chikkam Vijay […]
State Bank of India (SBI) has moved the National Company Law Tribunal (NCLT) against independent power producer East Coast Energy Pvt Ltd (ECEPL), which suffered project execution delays owing to funds constraints.
Following the admission of loss-making Bhushan Steel under the Insolvency and Bankruptcy Code (IBC) earlier this year, State Bank of India (SBI) has now referred the company’s subsidiary Bhushan Energy — an unlisted entity — to the National Company Law Tribunal (NCLT).
State Bank of India (BOM:500112), or SBI, on Monday announced it will extend INR 23.17 billion (USD 357m/EUR 307m) in financing 575 MW of grid-connected rooftop solar projects.