Union Bank of India is expecting funds worth `1,150 crore from the government by March 2011 to boost its tier I capital, a senior bank official said on Monday. “We hope to get the second tranche of `1,150 crore as government capitalisation by March. This would help us to increase our tier I capital to 8.37 per cent from 7.9 per cent now,” Union Bank chairman and MD Mr M.V. Nair said here on the sidelines of the launch of a new branch in Murshi-dabad district. However, the bank added that in case of a delay in securing this fund, it will opt for tier-II capital funds. The Cabinet has already approved the capitalisation plan.
GMR MRO ties up for funds
MAS GMR Aerospace Engineering Company Ltd (MGAE), a joint venture between GMR Hyderabad International Airport Ltd (GHIAL) and Malaysian Aerospace Engineering Sdn. Bhd, has announced financial closure on Mon-day. MGAE is first of its kind, airport-owned and operated, third party, aircraft maintenance, repair and overhaul (MRO) facility at Rajiv Gandhi Inter-national Airport Ltd in Hyderabad. The facility is expected to be in operation after obtaining clearance from DGCA and EASA. The `309-crore project would be funded by way of equity and debt. The debt will be financed by State Bank of Hyderabad, Andhra Bank and State Bank of Bikaner and Jaipur.
Centre to decide on idle blocks
The government said it would decide next month the fate of captive coal blocks lying idle with 82 companies, including ArcelorMittal, Tata Steel and NTPC, who have been issued notices for not developing them within the stipulated time. “We have received their (companies') replies and are compiling them. We will take the final decision in January on the issue,” coal minister Mr S. Jaiswal said. Since October, the government has issued notices to 82 firms to weed out non-serious players who have failed to develop, within the stipulated time, the coal blocks allotted to them for captive use. The government had asked the firms to explain their positions.
Hindustan Dorr bags `135cr biz
Hindustan Dorr-Oliver, city-based infra major IVRCL Group Company, on Monday said it bagged an order worth `135 crore for their mineral and water division. The company bagged an order worth `63 crore from the Heavy Water Board, GOI towards designing, engineering and manufacturing at the Department of Atomic Energy’s Kalpak-kam facility. The completion period of the project is 16 months. Another order worth `36.5 crore is for complete ETP plant for the first ever Aromatic complex from ONGC-Mang-alore Petrochemicals Ltd. The order is for complete Effluent Treatment plant of capacity of 200 cum/hr for the Atomic SEZ.