New Delhi: The government’s infrastructure lender IIFCL, will get a $1.2 billion loan from the World Bank as soon as this fiscal year. The 28-year-loan will have an interest rate, close to Libor, which is the rate at which banks lend money to preferred borrowers. I-IFCL is working on a scheme, called takeout financing, which is likely to have a multiplier effect on infrastructure financing.
Mahindra Finance is expanding its portfolio of businesses. It will get into asset management, finance purchases of construction equipment, and also offer loans against gold. Mahindra Finance started out as company that helped customers finance purchases of vehicles, made by its parent company Mahindra and Mahindra.
The Credit Information Bureau of India Limited or CIBIL will launch the country’s first database of fraudulent financial activities next month. CIBIL collects credit information on borrowers, and then provides the information to lenders.
IT services company MindTree, is trying to change the way it does business. It’s tweaking its business model, to get more revenues from services that get more predictable income from customers. The company is hoping this will help it bear the brunt, of slowing orders in research, and product development.
Markets lost ground on Wednesday. The Sensex went down 226 points to close at 14,810, while the Nifty fell 65 points to end trade at 4,394.
The BJP plunged into crisis on Wednesday, when party leaders at a meeting in Shimla expelled senior leader Jaswant Singh for writing a book. Singh told the media he was hurt and saddened by the decision. Earlier in the week, Singh had released a book in which he praised Pakistan’s founder Mohammed Ali Jinnah. The BJP immediately distanced itself from the book, saying it did not share Jaswant Singh’s views.