RBI governor Raghu Ram Rajan's direction to the banking sector to clear its balance sheet by March 31, 2017 has triggered such changes in financial and corporate worlds as were not seen in the past 60 years which came to be marked by bonhomie among corrupt politicians, financiers, and corporate bosses.
Despite Congress VP RaGa dubbing the Modi government as 'suit-boot ki sarkar', the reality is the 'pajama-kurta-jholiwalon' ki sarkar in the 10 years of UPA government has imposed upon the poor of this country a rule of crony capitalism which flourished on public money. Now these folks are being made to pay up their highly leveraged debts as the RBI and the PMO start cracking the whip.
Quietly, biggest companies are selling off assets or restructuring them to pay up their debts. Jindal Steels is selling 49% of its rail business, 5% of its energy exchange and its 3,500 MW power plant. Essar is selling a huge stake in its steel business and 49% of its oil enterprise to a Russian company. GVK has already sold 33% of its Bangalore Airport stake as well as its controlling stake in Bombay Airport and its complete road assets. DLF is selling its Saket Mall and 40% of all its Rental Assets and Land Assets.
GMR is also selling its highway projects, South African Coal Mine, Istanbul Airport, 70% in a Singapore Power Project, and 2 coal mines in Indonesia. JP Group sold all its cement assets to Ultra Tech Cements. And its stake in Yamuna Expressway and power to JSW Energy.
Tata is selling off its Corus Steel in UK, Dhamra Port, communications Arm Neotel in South Africa, and land in Bombay. Lanco's assets in power generation in Andhra and Udupi are up for sale. Videocon is selling off its telecom spectrum in 6 circles and oil assets in Mozambique. Renuka Sugars is selling its Brazil power, sugar, and biofuel businesses. Sahara groups 86 Real Estate Assets are on sale as well as 42% stake in Formula 1, Mumbai's Sahara Hotel, Grosvenor House Hotel London, New York Plaza Hotel, The Dream New York Hotel and 4 Airplanes.
Nearly all of Vijay Mallya's Assets are up for sale. Even Anil Ambani who's said to be close to the PM has been made to sell off 49% in electricity generation and transmission business in Mumbai clear his dues to the banking sector. It is also selling off its cement business to Birla Corps and the entire portfolio of road projects.
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By IndianMandarins - 2016-04-04 11:47:09
RBI governor Raghu Ram Rajan's direction to the banking sector to clear its balance sheet by March 31, 2017 has triggered such changes in financial and corporate worlds as were not seen in the past 60 years which came to be marked by bonhomie among corrupt politicians, financiers, and corporate bosses.
Despite Congress VP RaGa dubbing the Modi government as 'suit-boot ki sarkar', the reality is the 'pajama-kurta-jholiwalon' ki sarkar in the 10 years of UPA government has imposed upon the poor of this country a rule of crony capitalism which flourished on public money. Now these folks are being made to pay up their highly leveraged debts as the RBI and the PMO start cracking the whip.
Quietly, biggest companies are selling off assets or restructuring them to pay up their debts. Jindal Steels is selling 49% of its rail business, 5% of its energy exchange and its 3,500 MW power plant. Essar is selling a huge stake in its steel business and 49% of its oil enterprise to a Russian company. GVK has already sold 33% of its Bangalore Airport stake as well as its controlling stake in Bombay Airport and its complete road assets. DLF is selling its Saket Mall and 40% of all its Rental Assets and Land Assets.
GMR is also selling its highway projects, South African Coal Mine, Istanbul Airport, 70% in a Singapore Power Project, and 2 coal mines in Indonesia. JP Group sold all its cement assets to Ultra Tech Cements. And its stake in Yamuna Expressway and power to JSW Energy.
Tata is selling off its Corus Steel in UK, Dhamra Port, communications Arm Neotel in South Africa, and land in Bombay. Lanco's assets in power generation in Andhra and Udupi are up for sale. Videocon is selling off its telecom spectrum in 6 circles and oil assets in Mozambique. Renuka Sugars is selling its Brazil power, sugar, and biofuel businesses. Sahara groups 86 Real Estate Assets are on sale as well as 42% stake in Formula 1, Mumbai's Sahara Hotel, Grosvenor House Hotel London, New York Plaza Hotel, The Dream New York Hotel and 4 Airplanes.
Nearly all of Vijay Mallya's Assets are up for sale. Even Anil Ambani who's said to be close to the PM has been made to sell off 49% in electricity generation and transmission business in Mumbai clear his dues to the banking sector. It is also selling off its cement business to Birla Corps and the entire portfolio of road projects.
