Vedanta Limited in ties with SBI for long term syndicate loan
Vedanta Limited, a Maharashtra based mining company, announced its tie up for a long term syndicated loan facility for Rs.10000 crore with State bank of India(SBI) as facility agent and SBICAP Trustee Company Limited(SBICTCL), a wholly-owned subsidiary of SBI Capital Market Limited(SBICAP) as the security trustee with door to door tenor of 7 years.
By definition, a Syndicate loan is a loan offered by a group of lenders to provide credit to a larger borrower. As a lender bank, SBI has committed to Rs. 5000 crore.
Reliance Jio gets approval for Brookfield deal by DoT and SEBI
The Department of Telecommunications’ (DoT) and The Securities and Exchange Board of India-SEBI have approved Reliance Jio Infocomm to sell units worth Rs 25,215 crore in Tower Infrastructure Trust to Brookfield Infrastructure Partners L.P. Reliance Jio has also been approved a downstream foreign investment of Rs 105.35 crore, to acquire remaining 49% paid up equity share capital in Reliance Jio Infratel Pvt Ltd (RJIPL) and increase the foreign capital in the firm to 100%.
UAE food industry launches new e-marketplace “Agriota”
A new technology-driven agri-commodity trading and sourcing e-market platform, Agriota is launched by the UAE to build a bridge in order to fill the gap between millions of rural farmers in India and the Gulf nation’s food industry. The UAE plans to ensure food security and champion agribusiness trade facilitation, with the aim of strengthening its position in the global market as a leading hub in innovation-driven food security. The initiative will ensure Indian farmers to connect directly, bypassing intermediaries, provide end-to-end traceability and transparency through last-mile verification and extension infrastructure in a blockchain environment, and secure transaction of funds.
September will be monitored as Nutrition Month, PM Modi in Mann ki Baat
Highlighting the need for an adequately nutritious diet for better health and optimum mental performance, PM Modi announces September to be observed as Nutrition Month. He also stresses on the importance of nutrition during pregnancy for better health of both the mother and the child; encourages the people about the need for participation in this journey. In order to increase public awareness and educate regarding nutrition, quizzes and meme competitions are to be held on the government portal.
Pranab Mukherjee passes away at 85
Former President Pranab Mukherjee passed away on Monday afternoon after he developed a lung infection at the Army’s Research and Referral Hospital, Delhi, where he had been admitted for a brain surgery. He was in a comatose state for several days, as the hospital staff reveals. Mr. Mukherjee’s son, former Lok Sabha MP Abhijit Mukherjee, announced his father’s death on Twitter on Monday evening. The former President had been an integral part of the Indian National Congress, and held various ministerial posts in Defence, Finance, and External Affairs before he was elected President of India in 2012.
India’s GDP contracts by 23.9% in Q1
National Statistical Office has released the data regarding the first quarter ranging from the month of April to June, which shows a major shrink in the country’s GDP by 23.9%, considered to be the worst in history. The downfall is primarily because of the lockdown measures being implemented in the entire country due to the coronavirus pandemic. D. K. Srivastava, chief economist at Ernst and Young, and a Member of the Advisory Council to the 15th Finance Commission, predict the shrink caused in the first quarter will lead to a downfall in annual GDP, and it is perhaps difficult to raise the same till the second quarter of the next year.
Nitin Gadkari lays foundation stone for Rs 777 crore in Maharashtra
Union road transport and highways minister Nitin Gadkari inaugurates three bridges and two road improvement projects in the Gadchiroli district of Maharashtra and laid the foundation stones for road projects worth Rs 777 crore. These projects are crucial as they will increase mobility for socio-economic development of the Gadchiroli district, and at the same time will mark the completion of the national highway connectivity in Maharashtra-Chhattisgarh-Telangana.