Briefly Business

Non-Banking Finance Company IL&FS Financial Services (IFIN),plans to fund Rs 70,000 crore aggregate of projects this fiscal

IFIN to raise Rs 70K cr to fund projects

Mumbai: Non-Banking Finance Company IL&FS Financial Services (IFIN),plans to fund Rs 70,000 crore aggregate of projects this fiscal and raise around Rs 34,300 crore in the immediate-term,a top company official said. We aim to fund Rs 70,000 crore aggregate of funds this fiscal (FY11). We will require to raise 75 per cent of this amount soon, IFINs managing director and CEO Ramesh Bawa said.

HPCL to divest 40 pc stake in gas block

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target="_blank">Delhi: State-owned Hindustan Petroleum Corp (HPCL) and its partners will divest 40 per cent of their stake in a gas-bearing block in offshore Australia to US-based Apache Corp. We have agreed to farm-out a part of out stake in WA-388-P to Apache, HPCL CMD Subir Roychowdhary said here. HPCL,Bharat PetroResources Ltd a unit of state-owned Bharat Petroleum Corp (BPCL),Gujarat State Petroleum Corp (GSPC) and Videocon Industries each have 14 per cent interest in the block.

ONGCs output cost double OILs expense

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New Delhi: The average cost incurred by Oil and Natural Gas Corporation (ONGC) on production of crude oil in Assam in 2009-10 was $52.51 per barrel,almost double what sister PSU explorer Oil India Ltd spent on crude production in the state,Parliament was informed on Tuesday. ONGC produced 1.191 million tonne of crude from its fields in Assam in 2009-10,incurring a cost of $52.51 on the production of every barrel of oil,MoS for petroleum Jitin Prasada told the Rajya Sabha.

FSDC to be set up in December: Govt

New Delhi: The government on Tuesday said the Financial Stability and Development Council (FSDC) would be set up next month to sort out inter-regulatory issues and prevent financial mess. The Council is expected to come into force in the month of December 2010, minister of state for finance Namo Narain Meena said in a written reply to Rajya Sabha.

MFIs plan to form credit bureaus

Kolkata: Microfinance institutions (MFIs) have come together to form credit bureaus for exchange of information relating to borrowers and their repayment habits. For the healthy development of the sector,it is needed to promote responsible lending by the MFIs for which credit bureaus will be formed, the Microfinance Institutions Network said.

Govt to notify norms for IFRS by December

New Delhi: The government on Tuesday said it will notify the new accounting norms in sync with international practice IFRS for India Inc by the end of this year,and ensured that the April,2011 deadline will not be missed. Speaking at an Assocham conference on International Financial Reporting Standards (IFRS),corporate affairs secretary R Bandyopadhayay said the accounting standards are almost ready and all issues,including the tax implications for the convergence,will also be resolved.