CORE PANEL HAWKS Rs 21,000-CR LNG VENTURE TO FIs
Article Abstract:
A core committee of the Indian government has presented a feasibility report to financial institutions (FIs) for setting up a 21,000 crore liquefied natural gas (LNG) project. The project will be set up by a conglomerate of public and private sector fertiliser companies. The FIs will study the viability of the project before deciding on funding. The FIs are likely to hold nominal venture capital stake in the project. The seven million tonne per annum project includes offshore liquefaction facilities, LNG carriers for transportation, de-gasification facilities on-shore and a pipeline network. This network will connect to the Hazira-Bijapur-Jagadishpur pipeline. The project will help fertiliser companies substitute naphtha with LNG and bring down costs by over 20 percent. The proposed conglomerate consists of fertiliser companies like Iffco, Krihbco, National Fertiliser Ltd, Indo Gulf Fertilisers, Tata Chemicals, foreign gas companies, Gas Authority of India and Shipping Corporation of India. (uh)(vr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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NET ASSETS OF 16 OFFSHORE FUNDS SHRINK TO $1.5 BN
Article Abstract:
The net assets of 16 foreign institutional investors' India Dedicated Fund decreased by 30 percent to $1.5 billion in August 1998 from $2.22 billion in June 1997. Morgan Greenfell India's assets have grown to $30.12 million from $10 million. LG India Fund's net assets have eroded by 66.51 percent to $19.21 million in August 1998 due to redemptions. Its outstanding units have reduced to 1.86 million from 5.05 million in June 1997. Jardine Fleming's JF India Trust's assets and units stand reduced by 50 percent to $61.95 million. Baring Peacock Fund assets have reduced by 57.45 percent to $22.19 million due to redemptions. Morgan Stanley India Investment Fund's corpus is eroded by 23 percent to $307 million. India Fund and Schroder India have eroded by eight percent and 30 percent to $294.54 million and $239.32 million respectively. (rk)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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