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Modi's Bad-Loan Efforts Endorsed by Most Valuable India Bank

India is making good progress in dealing with bad loans that are weighing down on the country’s banks, suggesting long-term valuations for the financial industry are set to improve, according to the head of HDFC Bank Ltd, Bloomberg News reported. The res ...

Daily Headline - global.abi.org - 07/24/2017 - 21:13 - 0 comments

The Debt Threat Lurking Behind India's Zombie Power Plants

In the central Indian village of Raikheda, the construction of a thermal coal power plant once promised jobs and economic progress. Years after its completion though, the debt-saddled project that promised power supply to hundreds of thousands of homes, ...

Daily Headline - global.abi.org - 07/23/2017 - 21:56 - 0 comments

Indian Banks Need at Least $2.8 Billion Extra Provisioning for Bankruptcy Cases

Indian banks taking 12 of the country's largest defaulters to bankruptcy court under a central bank directive, will need to make additional provisioning of at least 180 billion rupees ($2.8 billion), India Ratings and Research said on Tuesday. India ...

Daily Headline - global.abi.org - 07/18/2017 - 22:17 - 0 comments

India Court Dismisses Essar Steel Appeal Against Bankruptcy Proceedings

India's Gujarat High Court on Monday dismissed Essar Steel India Ltd's appeal against a central bank order that asked creditor banks to start insolvency proceedings against the steelmaker, lawyers on the case said. The ruling is a boost to the ...

Daily Headline - global.abi.org - 07/17/2017 - 22:20 - 0 comments

NPA Battle: RBI Likely to Start Insolvency Proceedings

Emboldened by the Banking Regulation (Amendment) Ordinance, the RBI is expected to push for resolution of bad loans worth around Rs. 8 lakh crore by March 2019, a move that could bring down the NPAs and improve the financial health of banks, a study by A ...

Daily Headline - global.abi.org - 07/16/2017 - 23:02 - 0 comments

For Sale: One International Airline With $8 Billion of Debt

Indian Prime Minister Narendra Modi’s cabinet has signed off on a plan to sell all or part of Air India Ltd., a debt-ridden, state-run carrier with the most unusual baggage, Bloomberg News reported. The airline’s balance sheet includes commercial space n ...

Daily Headline - global.abi.org - 07/11/2017 - 21:54 - 0 comments

Tata Steel Completes U.K. Restructuring With Sale of Pipe Mills

Tata Steel Ltd. has completed restructuring its British operations with the sale of two steel pipe mills in the U.K. that were put on the block last year, Bloomberg News reported. The Mumbai-based company has entered into a definitive pact with Liberty H ...

Daily Headline - global.abi.org - 07/11/2017 - 21:54 - 0 comments

First Test of India's New Bankruptcy Law Offers Cautionary Tale

In January, Innoventive Industries, a speciality steelmaker based in western India, was forced into the bankruptcy court by its lenders, testing for the first time new insolvency rules that aim to resolve India's $150 billion bad debt overhang, the ...

Daily Headline - global.abi.org - 07/11/2017 - 21:56 - 0 comments

Indian Panel Seeks Comments on New Bankruptcy Code

India's Insolvency and Bankruptcy Board on Thursday called for public comment on the country's revised bankruptcy code that went into effect last year, signaling that it plans to tweak the law, which the government hopes will resolve India' ...

Daily Headline - global.abi.org - 07/06/2017 - 22:13 - 0 comments

India's Bhushan Steel Q4 Loss Bigger Than Stated Earlier

Bhushan Steel Ltd reported a March-quarter loss that was much bigger than stated earlier in its unaudited results, as the debt-laden steelmaker was hurt by higher costs, Reuters reported. Audited net loss for the quarter was 11.31 billion rupees ($174.7 ...

Daily Headline - global.abi.org - 07/06/2017 - 22:14 - 0 comments

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