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Tag: EXIM Bank

  • SBI, different PSU banks commit Rs 6,071 crore to Adani Group for copper biz

    Ports-to-energy conglomerate Adani Group has forayed into copper manufacturing with tying up of funds from public sector lenders for a 1 million tonnes a yr unit at Mundra in Gujarat.

    “Kutch Copper Ltd (KCL), a subsidiary of Adani Enterprises Ltd (AEL), is setting up a greenfield copper refinery project for production of refined copper with 1 million tonnes per annum in two phases,” the corporate mentioned in a press release.

    For the phase-1 capability of 0.5 million tonnes, KCL has achieved monetary closure by means of a syndicated membership mortgage for the greenfield copper refinery challenge at Mundra, Gujarat.

    It has executed “financing documents with the consortium of banks led by State Bank of India (SBI). The other consortium members are Bank of Baroda, Canara Bank, EXIM Bank of India, Indian Bank, Punjab National Bank, and Bank of Maharashtra,” the assertion mentioned.

    The consortium of banks has sanctioned and signed an settlement for the complete debt requirement of Rs 6,071 crore for the Phase-1 of the KCL Project.

    Vinay Prakash, Director, Adani Enterprises Ltd, mentioned the challenge has requisite know-how tied up and the development works on the web site are progressing properly and is scheduled to start manufacturing in the course of the first half of CY 2024.

    “It will be one of the largest copper refinery complexes in the world, with benchmark ESG performance standards, leveraging state-of-the-art technology and digitilization. This financial closure enables us to accelerate the project and signifies the commitment of the Adani Group to mobilise the required resources and complete the project within the set timelines,” he mentioned.

    KCL shall be a part of the supplies, metals and mining vertical of the Adani group.

    SBI Capital Markets Ltd acted because the monetary advisor and Desai & Diwanji Advocates acted because the lenders’ authorized counsel. Saraf and Partners Law Offices acted because the authorized advisor to KCL.

    KCL was integrated on March 24, 2021, with the target to undertake copper enterprise – associated actions such because the manufacture of copper cathodes and copper rods and related merchandise.

    Adani Enterprises Limited (AEL) is the incubation arm of Adani group. Adani Ports & SEZ Limited, Adani Transmission Limited, Adani Power Limited, Adani Green Energy Limited, Adani Total Gas Limited and Adani Wilmar Limited have been incubated in AEL.

     

  • Big financial institution fraud! Consortium of banks undergo lack of over Rs 4,837 crore, CBI probe underway

    Image Source : FILE PHOTO Consortium of banks undergo lack of over Rs 4,837 crore. Representational picture
    The Central Bureau of Investigation (CBI) has registered a case towards a personal firm primarily based at Hyderabad and others together with its managing Director, Joint Managing Director, and unknown public servants/others on a grievance from State Bank of India, Hyderabad.

    It was alleged that the accused in connivance with unknown public servants and others defrauded the consortium of Public Sector Banks, consisting of State Bank of India, IDBI Bank, Canara Bank, Andhra Bank, Corporation Bank, EXIM Bank, Punjab & Sind Bank, Union Bank of India and triggered a lack of Rs. 4837 crore (approx).

    ALSO READ | SBI, Punjab and Sind Bank allegedly cheated of over Rs 131 crores; CBI registers circumstances

    It was additional alleged that the borrower firm represented by its administrators had availed varied credit score limits from a consortium of banks, led by SBI and cheated the banks, with out repaying the mortgage quantity. It was additionally alleged that as per the Forensic Audit Report, the corporate made funds to associated events by way of LCs, with out recording any buy transactions within the books and routed the funds to the account of the corporate, thereby misappropriated the financial institution funds. Searches had been carried out at this time on the residential and official premises of the accused at Hyderabad which led to the restoration of a number of incriminating paperwork. The investigation underway.

    Name of the accused 

    IVRCL Limited, Hyderabad.
    E. Sudhir Reddy, Managing Director of IVRCL Ltd.
    R Balarami Reddy, Joint Managing Director of IVRCL Ltd.
    Other unknown public servants and unknown others.
    ALSO READ | Bank fraud! CBI recordsdata chargesheet towards 24 accused for alleged lack of over Rs 297 crore to varied banks
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