Govt formulating National Coal Index MF units held by NRIS in Mauritius, Singapore decline Apple is coming to India in a big way: Ravi Shankar Prasad AIAHL to issue bonds worth `15,000 crore in September
KOLKATA: In the wake of the government's decision to allow foreign direct investment and open up coal sector to commercial mining, the Centre is in the process of formulating a National Coal Index, a senior official said on Tuesday.
A high-powered panel, in 2018, had recommended to develop a Coal Index for determining the value of blocks and a revenue-sharing model with the states, the official of Coal India said.
"Coal Index is under formulation by the coal ministry for revenue-sharing model with the governments and determining the value of blocks," Coal India GM (Mining) and TS to Chairman M K Singh said at the 13th Coal Conference, organised by the mjunction.
He also said Coal India is closely observing the interests from overseas players and private sector after the centre has decided to allow 100 percent foreign direct investment in coal mining. MUMBAI: Mutual Fund (MF) units held by non-residents in Mauritius and Singapore declined after the amendment in double taxation avoidance agreements (DTAA) with them for withdrawal of capital gains exemption in a phased manner, effective April 2017, according to an RBI survey.
The survey covers 44 Indian MF companies and their asset management companies (AMCS), which held or acquired foreign assets and/or liabilities during 2018-19 and/or in the preceding year.
"Foreign liabilities of MF companies ($13.5 billion) in the form of non-residents' investments in the units substantially exceeded their foreign assets in the form of overseas equity investments ($0.7 billion) in March 2019 with both foreign liabilities and foreign assets recording increases during 2018-19," it said.
The UAE, the UK and the USA were the largest investors together accounting for onethird of the MF units held by non-residents.
According to the survey, foreign liabilities in units of MF companies at face value in the case of Mauritius declined 43.1 per cent at the end of March 2019 over the previous year.
In the case of Singapore, the decline was 16.6 per cent during the same period.
The survey further said that in the case of asset management companies of non-residents in the UK held over half of the foreign liabilities of AMCS in March 2019. On the other hand, AMCS' equity liabilities to nonresidents in Japan, Mauritius and Hong Kong declined during the year. NEW DELHI: Law and IT Minister Ravi Shankar Prasad said all electronics companies are bullish on the Indian market and iphone maker Apple is going to come in the country with big business plans.
Prasad said that during his regime, mobile factories in India has increased from 2 to 268, including component makers for the handsets. The minister said he had whole day meeting with global and Indian chief executive officers of the electronics industry on Monday.
"All are gung-ho about India. Even Apple is going to come to India in a big way. Samsung has come. My focus area now is strategic electronics, defence electronics and medical electronics. I would urge leading lights of the industry that this is a promising area of growth," Prasad said while speaking at an AIMA event.
The government on Monday exhorted Apple to expand manufacturing base in India and use the country as an export hub, as it promised to line up fresh incentives and sops to galvanise electronics as well as the phone industry in the coming 2-3 months.
Apple, which works with Taiwanese contract manufacturer Wistron in India, currently makes iphone 6S and 7 here.
The minister urged the industry leaders present at the AIMA event to get engage in the medical electronics business. "Medical electronics from MRI machines to pathology machines, X-ray machines, and testing machines — all have a big future. It is a huge market available. India is a huge market waiting to be tapped. Please join them," Prasad said. NEW DELHI: Air India Assets Holdings Ltd (AIAHL) is expected to come out with its second bond offering worth Rs 15,000 crore in the next 10 to 12 days, according to a senior official.
AIAHL — the special purpose vehicle of Air India — mopped up Rs 7,000 crore through bonds on Monday and the issue was oversubscribed more than 20 times.
A total of Rs 22,000 crore is to be raised by sale of bonds by AIAHL and the proceeds would be used to repay the national carrier's debt, which is estimated to be over Rs 58,000 crore.
The official said AIAHL would issue bonds, guaranteed by the government, to the tune of Rs 15,000 crore in September.
The bonds, having a tenyear tenure, are expected to be issued in the next 10-12 days. State-owned LIC and EPFO are likely to be among the bidders, the official added.
On Monday, Air India said AIAHL'S bond issue with a three-year tenure of Rs 1,000 crore with a green-shoe option of Rs 6,000 crore was fully subscribed at 6.99 per cent.
"The company received bids worth Rs 20,830 crore, which is the highest in the yield based bond market in the history of BSE. The company has decided to accept the entire issue of Rs 7,000 crore," the airline had said.
When AIAHL was set up last year, the plan was to transfer Rs 29,464 crore of Air India's debt to the special purpose vehicle. Now, AIAHL is raising Rs 22,000 crore through issuance of bonds.