The IPO, expected to raise up to $2.74 billion, is India’s largest ever. Its partial listing is part of plans by Prime Minister Narendra Modi to privatise some industries and boost state coffers
Markets1 week ago
Abu Dhabi Basic Industries Corporation, a subsidiary of GHC is considering an aluminium and copper project, Al Nowais said.
The biggest steel makers in the region, Emirates Steel will award a contract within few months to boost its output by two million metric tonnes per annum by spending $1 billion, its chairman he said.
The bids have already been invited and within next few months we will award the contract to build the expansion infrastructure, he said. The Corporation has already appointed French bank BNP Paribas as financial advisors on raising money to finance the project. He expected that this year $600 million will be generated from a combination of debt instruments, which will be about 60-70 per cent of the total project, rest will be financed through internal resources, Al Nowais said. The funds will be required in Q3 or Q4, when the construction of phase three of Emirates Steel will begin.
Last year, Emirate Steel raised Dh660 million to fund its expansion. About the seamless pipe plant to be set up in a joint venture arrangement will attract Dh800 million investments, he said. Chairman Al Nowais said a proposal to acquire one industrial unit was actively been considered.
The IPO, expected to raise up to $2.74 billion, is India’s largest ever. Its partial listing is part of plans by Prime Minister Narendra Modi to privatise some industries and boost state coffers
Markets1 week ago
The selling pressure intensified after the RBI Governor Shaktikanta Das announced that the Monetary Policy Committee has unanimously decided to hike the policy rate by 0.40 per cent with immediate effect
Markets1 week ago
Markets remain skittish regarding an expected aggressive Fed monetary policy
Markets1 week ago
Investors expect the Fed to hike rates by 50 basis points when it meets on Tuesday, Wednesday
Markets2 weeks ago
Fears that the war may lead to an interruption of oil or gas supplies from Russia have pushed up their prices
Markets2 weeks ago
The dollar index was trading 0.05% higher at 102.34
Markets2 weeks ago
Spot gold was down 0.44% at $1,898.37 per ounce, as of 9.12am UAE time
Markets2 weeks ago
The dollar index was trading 0.21% lower at 101.54
Markets2 weeks ago