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NTPC files for FPO
Country"s largest power producer NTPC today filed the draft prospectus for its follow-on public offer with market regulator Sebi.

Rs 5,961 cr JITPL power project in uncertainty
The difficulty in land acquisition is going to seriously affect the industrial sentiment in Orissa. Though the government boasts of attracting investments worth over Rs 6 lakh crore, many projects including those proposed by Posco, Arcelor-Mittal, Tata Steel are hanging in balance due to stiff resistance by the locals.

News of the day

Rising fiscal deficit a cause for concern: Moody's
Global rating agency Moody"s today expressed concern on India"s high fiscal deficit projected at 6.8 per cent for 2009-10 and cautioned that the situation may become complicated in the absence of measures like clear road map for disinvestment and structural reforms.
Management

Dubai World debt restructuring to total $26 bn

Dubai World Group has confirmed that its debt restructuring process of $26 billion would apply only to the Dubai World and the Nakheel and Limitless. - Guarantee, really? - Loan rating cut for DP World"s Indian units - Dubai crisis not to impact India"s growth: Montek - China may see investment opportunity in Dubai woes: report - ICRA lowers rating for loans to DP World's two India units - Dubai"s Nakheel demands halt on bonds trading In a statement on the state-owned firm"s debt obligations, it clarified the process would not include Infinity World Holding, Istithmar World and Ports & Free Zone World (which includes DP World, Economic Zones World, P&O Ferries and Jebel Ali Free Zone). The group said all of these were "on a stable financial footing". "The total value of debt carried by the companies subject to the restructuring process amounts to approximately $26 billion, of which approximately $6 billion relates to the Nakheel sukuk (Islamic bond)," a statement added. "It is envisaged the restructuring process will be carried out in an equitable way for the benefit of all stakeholders and will comprise several phases, including long-term plans and commitment of stakeholders... And the formulation of restructuring proposals to financial creditors and their implementation," it said. The initial discussions have also started with the banks of Dubai World are moving in the right direction, it added. Last Wednesday, Dubai said it would seek a six months freeze until up to May, on debt repayment of its main investment arm Dubai World, which has $59-billion debts. "In light of the current operational challenges and the future obligations of the Group, it is anticipated that the process and any related actions to address strategic alternatives will be conducted on an expedited basis," the statement said. Moelis & Company have been appointed to advise on the Dubai World restructuring with Rothschild, who will continue their ongoing role as financial advisor. Dubai World said it intended to adopt a policy of "regular communication" and would provide further updates as the process developed.


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