The decision comes following the appeal by the Delta Airlines, Inc and the Airline Pilots Association of a lower court decision in July 2012 that determined that the Exim Bank improperly approved financing for purchases of certain Boeing aircraft by Air India.
US Exim Bank has agreed to extend guarantee for up to 85 per cent of the $7.2 billion (Rs 33,500 crore) loan that Air India requires for replenishing its fleet with 68 new aircraft from Boeing Co.
India to get a major financial boost from the US for development of infrastructure.
Exim Bank of India Chairman and Managing Director T C Venkat Subramanian revealed that the bank has good exposure in highly export-intensive sectors. The bank has seen considerable increase in loan approvals and profit after tax. It provides financing both in foreign currency and Indian rupees. The bank will push exports from rural areas and explore untapped areas. Subramanian believes microfinancing model was ideal for villages as it reaches the indigenous rural people.
These purchases represent the third phase of Air India's 68-aircraft fleet renewal plan. EXIM Bank had earlier approved $1.2 billion in 2007 and $548.8 million in 2008 to support the financing of NACIL's purchases of Boeing aircraft.
The Export-Import Bank of India is planning to extend loans worth $150 million to the developing countries in Africa, Asia and Europe in six months.
Export and Import Bank of India is to pick up about 20 per cent stake in Zambian Development Bank for $1.4 million in order to increase its presence in the African continent and boost Indian exports.
Export-Import Bank of India plans to raise Rs 3,000 crore (Rs 30 billion) through various financial instruments, including bonds and term deposits and foreign currency resources, totaling $800 million in 2005-06.
In what could brighten India's prospects in exports of equipment and technology in power, railways, automobiles, and pharmaceuticals, Exim Bank has extended the largest ever line of credit to Iran of $200 million for financing the exports to Iran.
The government on Thursday said state-owned carrier Air-India would raise funds through loan guaranteed by the US Exim Bank to part-finance its purchase of 68 aircraft costing about $7.2 billion.
Public sector banks have written off loans worth Rs 6.15 lakh crore in the last five and a half years, Parliament was informed on Monday.
Opening up the corner office is fine, but will the government be able to attract talent without giving a market-rate salary?, asks Tamal Bandyopadhyay.
With the Iran war escalating sharply and crisis deepening in the global energy market, India on Monday unveiled a coordinated plan to support exporters and shippers caught in the fallout.
New Delhi might have loudly welcomed an age of multipolarity, hedging and strategic autonomy. But it seems the winner in that game is Islamabad, not us, points out Mihir S Sharma.
After rejecting a request for financing the 4,000 MW ultra mega power project in Sasan, Madhya Pradesh, last Thursday, the Exim Bank reversed its decision on Monday after a conversation its chief Fred P Hochberg had with Anil Dhirubhai Ambani Group chairman Anil Ambani.
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The rupee has fallen almost 20 per cent in the first four months of FY14, forcing the government to consider raising import duties on gold and non-essential luxury items.
Exim Bank pointed out that recent performance of the manufacturing sector in India is indicative of an underlying inertia.
President Mohamed Muizzu, known for his pro-China stance, has thanked India for enabling the resumption of medical evacuation services with civilian aviation personnel from India.
The Reserve Bank on Thursday asked banks and other financial institutions to report to the government details about accounts resembling 10 individuals who have been designated as terrorists by the Union home ministry earlier this month. On October 4, the Union Ministry of Home Affairs (MHA) had designated a total of 10 members of Hizbul Mujahideen (HM), Lashkar-e-Taiba (LeT) and other proscribed outfits as terrorists under the Unlawful Activities (Prevention) Act (UAPA). Those designated as terrorists include Habibullah Malik alias Sajid Jutt, a Pakistani national, Basit Ahmad Reshi, who hails from Jammu and Kashmir's Baramulla but is currently based in Pakistan, Imtiyaz Ahmad Kandoo alias Sajad, who hails from Jammu and Kashmir's Sopore but now lives in Pakistan, Zafar Iqbal alias Salim, who is from Poonch but presently residing in Pakistan, and Sheikh Jameel-ur-Rehman alias Sheikh Sahab, who hails from Pulwama.
Keen to capitalise on the growing geopolitical support from African nations after the recently concluded G20 Summit, India is working with the African Union to hold the fourth India-Africa Forum Summit later this year in Kenya's Nairobi, sources said. Prime Minister Narendra Modi is expected to attend the mega meet along with as many as 50 African leaders, they added. First held in New Delhi in 2008, the India-Africa Forum Summit marked India's initial diplomatic efforts to seek a comprehensive partnership with the African bloc of nations as a whole, at a time when China had begun its own outreach.
The commerce department has reaffirmed its plans to launch the 'Trade Connect' e-platform to help exporters connect with stakeholders of international trade, as a part of the new government's 100-day action plan, a senior government official said.
Reliance Power (R-Power), the Reliance-ADAG group company, which plans to set up 28,000 mw of power plants in India, has secured $1 billion (or around Rs 4,200 crore) funding from three Chinese banks for the Sasan ultra mega power project (UMPP) in Madhya Pradesh.
The Exim Bank of the US denied loan guarantees to Reliance's coal-fired power plant and a mine in India last week, citing adverse environmental impact as the reason.
The Maldives will get free 'non-lethal' military equipment and training from China's military under a newly inked agreement with Beijing, President Mohamed Muizzu has said, underlining that it would further strengthen the Indian Ocean island nation's independence and autonomy.
Moody's Investors Service on Wednesday raised the rating outlook for 18 Indian corporates and banks, including Reliance Industries, Infosys, SBI and Axis Bank, to 'stable' from 'negative'. This follows the upgrade by the US-based rating agency in India's sovereign rating outlook to 'stable' from 'negative' on Tuesday. The agency had affirmed the sovereign rating at 'Baa3'.
India has generated an estimated revenue of about $600 million from over five lakh international healthcare travellers including non-resident that visited India in 2006, the study revealed.
Accounted for 18.8 per cent of total imports in the region in 2010 vs Singapore, which contributed 17.8 per cent.
Funds raised by India Inc. through offshore loan syndication hit a 15-year high in 2023 with companies and banks raising $21.4 billion, the highest since 2007. The momentum is expected to continue in 2024 as well with over $4 billion fund raising expected in the first three months of this year. Companies raise funds, both onshore and offshore, depending on interest rates and activities. Funds raised offshore can be deployed in overseas activities.
Export Import Bank of India on Friday mooted an "integrated effort" from government, industry and R&D units to boost exports of Indian herbal products, which lagged behind the growing global market, now at $62 billion.
India and China would emerge winners in the post quota regime in the textile and garments sector, according to a study carried out by EXIM Bank.
Alloting more funds for MNREGA and PM-KISAN could wipe out the entire additional money that the Centre may have for FY25.
Each aircraft will cost about $50 million and the purchase is being funded by the US-based Exim Bank. The airline operates 143 flights a week from Indian cities to 12 destinations in the Far East and West Asian countries. In its fourth year of operation, the international budget carrier now has 11 fully owned aircraft, while seven are on lease, which will expire in 2010.
India on Wednesday asked for enhanced economic ties with Central and East European countries.
Indian companies had raised $2.39 billion from foreign markets in May 2015.
Indian bankers are fearful that going out of their way to save Jet could lead to subsequent harassment from investigative agencies.
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