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| Indian firms' exposure in Dubai over Rs 7,000 cr |
| Press Trust of India / New Delhi Nov 27, 2009, 19:01 IST |
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Corporate India, bankers, realty players and exporters were today shaken up a bit by Dubai's debt repayment crisis, where their exposure could be at least Rs 7,000 crore, but hoped that the problem would blow over.
The banks said their exposure could be Rs 5,000-6,500 crore to the Middle-East city, where state-owned conglomerate Dubai World has sought more time to repay debts of $59 billion.
This included Bank of Baroda with about Rs 5,000 crore of exposure and SBI of less than Rs 1,500 crore. A host of other major banks, including largest private sector lender ICICI Bank, said they had no exposure to Dubai.
Besides, some realty players also have presence in Dubai, but an overall exposure of below Rs 100 crore could be ascertained from the sector. Majority of leading players like DLF, Unitech, Parsvnath and EmaarMGF claimed that they would not be impacted by the crisis. Those who disclosed exposure to Dubai included Omaxe (about Rs 40 crore).
EmaarMGF, a joint venture between Dubai's Emaar Properties and India's MGF, said it would not be impacted, although the rating agencies like S&P and Moody's cut credit ratings for the Dubai firm.
Other companies having exposure to Dubai included Larsen and Toubro (over Rs 100 crore) and Nagarjuna Construction (over Rs 400 crore).
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