INDIA’S GOLD IMPORTS UP 4% TO $17.63 BN IN APRSEP 201819

NEW DELHI: Gold imports increased by about 4% to $17.63 billion in the first half of 2018-19, inflating the country’s trade deficit and fuelling worries about the current account deficit. Imports of the precious metal stood at $16.96 billion in Aprilseptember 2017-18 financial year, according to the commerce ministry data. Increase in gold imports pushed the country’s trade deficit to $94.32 billion in April-september 2018-19 as against $76.66 billion in the same period last year. CAD, which is the difference between outflow and inflow of foreign exchange, widened to 2.4% of the GDP in the first quarter of 2018-19.

JSW Steel weighs options to fund acquisition of BPSL

NEW DELHI: Sajjan Jindal-led

JSW Steel is exploring various financing models, including a ‘joint control mechanism’, to fund the acquisition of the stressed assets of Bhushan Power and Steel Ltd (BPSL) and Essar Steel, a person familiar with the matter said. This assumes significance as JSW Steel’s ₹19,700 crore offer for debt-laden BPSL has been backed by around 90% of lenders. “JSW Steel is exploring differentiated financing options, including joint control model, to fund its acquisition of stressed assets of Bhushan Power and

Steel and Essar Steel,” according to a banking official. Under the joint control model, a special purpose vehicle (SPV) will be set up and the acquired stressed assets will rest with the SPV. Joint control model will insulate debt impact of yet to be acquired stressed assets of these two firms on JSW Steel financials, the person said.

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