• RBI approves re-appointment of Rana Kapoor as Yes Bank CEO
Yes Bank Ltd has informed that the Bank has received approval from Reserve Bank of India for re-appointment of Mr. Rana Kapoor as MD & CEO for a period of three years with effect from September 01, 2015.
• Union Bank plans to sell Rs1200 crore worth of NPAs to ARC
Union Bank plans to sell Rs1200 crore worth of NPAs to ARC—positive read thru As per media reports, Union Bank has put Rs1200 crore NPAs on the block for sale To ARCs in Q2FY16. The Bank has seen gradual decline in fresh NPA additions in past few quarters and sale of NPAs to ARC could help to manage asset quality pressures better (since loss on sale to ARC can be amortised over 8 quarters).
• Adani Group to invest $3.75 billion in coal gasification project
Adani Group to invest $3.75 billion in coal gasification project in Chhattisgarh .Adani Enterprises has inked a pact with the Chhattisgarh government to invest over Rs25,000 crore for setting up urea and power project as well as rice bran oil extraction plant in the state. The first project to be set up is a CTP project that includes an ammonia/urea and substitute natural gas (SNG) complex via gasification of Indian high ash coal.
• Corporation Bank to sell Rs1,000 crore of stressed loans
Corporation Bank has decided to sell Rs1000 crore of stressed loans to asset reconstruction companies (ARC) by the end of the current quarter. In a seminar organized by Indian Banks' Association and FICCI, the Bank’s management said that the bank will continue to sell stressed assets in successive quarters.
• L&T Construction wins orders worth Rs1563 cr
Larsen & Toubro (L&T) announced that the power and distribution business of L&T Construction has won orders worth Rs1563 crore in both international and domestic markets in July and August 2015. As a strategic breakthrough in the ASEAN market, a key order has been received from Tenaga Nasional Berhad for the design, manufacture, supply, installation, testing and commissioning of a 500 kV double circuit transmission line in Malaysia.
• Jain Irrigation board approves sale of its food biz
Jain Irrigation Systems announced that the Board of Directors of the Company at its meeting held on 24 August 2015, have approved the Sale of its food business by way of ‘Slump Sale' to Jain Farm Fresh Foods, an effective Wholly Owned Subsidiary (WoS) of the Company to create strategic focus on fast growing food business and consequent value creation opportunities.
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