India Inc including NBFCs files ECB intent worth $7.73 billion in March

Amongst prominent companies which filed intent include private steel producer JSW Steel - $ 900 million, public sector power sector unit NTPC - $ 745.2 million and Power Finance Corporation - $ 450 mn

Indian firms, including non-banking financial companies, have filed intent in March with the Reserve Bank of India to raise $7.73 billion through External Commercial Borrowings. Out of this, the intent for fund raise through the automatic route amounted to  $5.76 billion and that via approval route was $1.97 billion, according to RBI data.

Amongst prominent companies which filed intent include private steel producer JSW Steel — $900 million, public sector power sector unit NTPC — $745.2 million and Power Finance Corporation — $450 million.   

Vedanta board to discuss fundraising on May 16

Vedanta Limited on Monday said its board is scheduled to meet on Thursday to consider the raising of funds by the issue of equity shares or any other securities convertible into equity shares or a combination of such securities. In a separate statement, the company also said its oil and gas business – Cairn's Reserves and Resources (R&R) portfolio has recorded a year-on-year increase of 19 per cent, reaching 1.4 billion barrels of oil equivalent (Bnboe), and Cairn has an exploration portfolio that holds over five Bnboe of prospective resources, to help drive India’s energy self-reliance. (BS Reporter)


Veira to invest Rs 450 crore to expand manufacturing capacity 

Veira, a consumer electronics and appliances manufacturer, is expanding its current manufacturing capacity for air coolers and washing machines with an investment of Rs 450 crore in its new manufacturing facility in Greater Noida.

“This investment will elevate the company's existing production capacity from 100,000 units to 500,000 units of washing machines and air coolers annually,” the company said in a release.

The company (an original equipment manufacturer and original design manufacturer) already manufactures air coolers for 23 and washing machines for 25 top Indian and global brands. This underscores its commitment to local production and the 'Make in India, Made for India' ethos, cementing its leadership in consumer appliance manufacturing. (BS Reporter)