With this JV, Mahindra Finance aims to replicate its business model in Sri Lanka.
The intention of the government was to make sure that Indian manufacturers of newsprint are promoted as they were suffering due to cheaper import.
The country's largest lender SBI has said it expects credit growth to slow down to below 14 percent in FY20 due to subdued demand.
Cholamandalam is undeterred by the credit crunch that’s roiling shadow banks across the nation.
Homegrown funds such as Everstone, ChrysCapital and global ones like KKR, Baring in talks to buy a controlling stake.
The report said some of the key committees in IL&FS did not convene any meetings at all in the last few years.
In an interim report, Grant Thornton said it identified 65 instances where intraday benefits totalling Rs 2,417.87 crore were extended to AFSPL, thereby increasing the risk for ISSL.
Under the draft resolution plan, the company has asked for funds from banks/NHB for restarting retail funding.
The industry is gripped by a credit crisis after IL&FS firms started defaulting in August last year.
The Hyderabad-based company is the only Indian poultry firm to have obtained equity funding from IFC, which has invested in some 70 poultry ventures across the globe.
Besides, the company has moderated its growth forecast for 2019-20 to 20 per cent as against 25 per cent growth in the last financial year due to signs of overall decline in the Indian economy, a senior official said.
The landmark move is expected to quicken Videocon’s insolvency resolution and could pave the way for faster processing of other bankruptcy cases.
Mahindra Finance, Tata Capital, and PNB Housing Finance are now seeking shorter-tenor, MCLR-linked bank borrowings to raise disbursements ahead of India’s festival season beginning early autumn.
The tribunal directed the Corporate Affairs Ministry and IL&FS group to file a fresh progress report by September 3 ahead of the next hearing on September 5.
The move comes even as the ministry awaits the NCLT view on banning Deloitte, Haskins & Sells and BSR Associates, which were the statutory auditors of these companies before going belly up.
The filing further said the board also took note of the views of legal experts who independently carried out an in-depth examination of the matter and the issues raised by PWC.
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