NHPC aims to raise Rs 3,000 cr in FY11

State-run hydro power utility NHPC on Tuesday said it aims to borrow Rs 3,000 crore in the current fiscal year to March, almost unchanged from a year earlier, its director of finance A.B.L. Srivastava said.

JSW Steel, Ispat may consider a price cut in June

JSW Steel Ltd said it may consider cutting prices of its flat products in June due to falling international steel prices, an official said. Ispat Industries will also look at cutting prices in June on lower raw material prices, the firm's Director Marketing head Ashok Bharadwaj said.

GMR Infra to raise Rs 5,000 cr

GMR Infrastructure today said it plans to raise Rs 5,000 crore by selling shares in domestic as well as international markets. The board of the company, at its meeting yesterday, has decided to raise the amount by issuing equity shares, Global Depositary Receipts (GDRs), American Depositary Receipts (ADRs), Foreign Currency Convertible Bonds (FCBs), or through private placement of shares, GMR Infra said in a filing to the Bombay Stock Exchange.

Telcos withdraw plea to tribunal over 2G plan

Mobile operators such as Bharti Airtel and Vodafone Essar on Tuesday withdrew their plea to the telecom tribunal over the regulator's proposals to slap new fees on second-generation (2G) spectrum, a lawyer said. Petitions filed by leading operators seeking to overturn the sector regulator's proposals to slap new fees on 2G spectrum has been withdrawn, C.A. Sundaram, one of the lawyers representing the operators, told reporters. The Telecom Regulatory Authority of India (TRAI) earlier this month called for firms to pay a one-time fee for 2G radio-spectrum with high bandwidth they won several years ago based on 3G spectrum price, a move that could see established operators paying billions of dollars.

NHPC aims to raise Rs 3,000 cr in FY11

State-run hydro power utility NHPC on Tuesday said it aims to borrow Rs 3,000 crore in the current fiscal year to March, almost unchanged from a year earlier, its director of finance A.B.L. Srivastava said.

Bharti Airtel raises $1.8 bln via loan - source

Telecom major Bharti Airtel raised 85 billion rupees ($1.8 billion) through a six-year syndicated loan facility to pay for its 3G spectrum, a senior source involved in the transaction said on Tuesday. "The money was raised at 8.5 percent," the source, who did not wish to be named, told Reuters, adding that the proceeds would be used to pay for acquiring a license from the government for third-generation mobile spectrum. A Bharti spokesman declined to comment. Lenders in the transaction were Canara Bank, HDFC Bank, Housing Development Finance Corp, Infrastructure Development Finance Company, Kotak Mahindra Bank and State Bank of India, the source said. Seven Indian mobile carriers including Bharti Airtel, Vodafone Essar, and Reliance Communications won spectrum in an auction that ended on May 19 after 34 days of bidding that far exceeded forecasts. The winners must pay the government for the license by May 31. The auction yielded the Indian government 677 billion rupees in revenue, nearly twice what it had expected. Bharti, one-third owned by SingTel, is paying about $2.6 billion for 3G spectrum but India's top carrier said it fell short of its objective of securing a pan-India footprint due to high prices.

3G inflows to lower FY11 govt borrowing - secy

Fund inflows towards the third-generation (3G) spectrum auction, which concluded last Wednesday, will bring down fiscal deficit and cut the federal government's borrowing plans, Cabinet Secretary K.M. Chandrasekhar told reporters on Monday. The government borrowing could be lower by up to 350 billion rupees ($7.6 billion) in the 2010/11 fiscal year from estimates of 4.57 trillion rupees ($99.3 bln) on higher-than-expected 3G mobile spectrum sale inflows, a top government official told.