Public sector banks, including SBI, have agreed to provide finance of Rs 6,071 crore to the 10 lakh tonne per annum copper production plant being set up by the Adani Group at Mundra in Gujarat.

The group’s subsidiary Kutch Copper Limited is setting up a greenfield copper refinery project for the production of refined copper.

Production will start in the year 2024. Recently, Gautam Adani celebrated his 60th birthday. On this day he donated 60 thousand crore rupees.

Adani Group has tied up with a consortium of banks led by the State Bank of India (SBI).

Other members of this consortium are Bank of Baroda, Canara Bank, Export-Import Bank (Exim Bank of India), Indian Bank, Punjab National Bank, and Bank of Maharashtra.

Production will start in 2024.

Vinay Prakash, Director, Adani Enterprises Limited said that the project has the required technology and the construction work at the site is progressing at a brisk pace, and production is expected to start during the first half of the year 2024.

Talking to the media, he said that it will be one of the largest copper refinery sites in the world with benchmark ESG performance standards.

It is based on state-of-the-art digital technology. This financial deal enables us to accelerate the project and at the same time reflects the commitment of the Adani Group.

SBI consortium will give a loan to Adani group: KCL to be part of the mining vertical.

KCL will be part of the materials, metals, and mining vertical of the Adani Group.

It was incorporated into the group on 24th March 2021 with the objective of activities related to copper business like manufacturing of copper cathode and copper rod and related products.

Adani Enterprises Limited (AEL) is the energy sector arm of the Adani Group. Adani Ports & SEZ Ltd., Adani Transmission Ltd.

Adani Power Ltd., Adani Green Energy Ltd., Adani Total Gas Ltd., and Adani Wilmar Ltd. have also been included in AEL.

The post SBI Consortium Will Give A Loan Of 6K Crores To Adani Group appeared first on ANN.

Many banks have increased the repo-linked lending rate after the Reserve Bank of India increased the repo rate on May 4.

Now Indian Overseas Bank has also joined in this episode. Indian Overseas Bank has increased the lending rate linked to the external benchmark.

The bank has revised it to 7.25 percent, which is applicable from today i.e. May 10.

“Our bank has revised the Repo Linked Lending Rate (RLLR) to 7.25 percent (ie 4.40 percent +2.85 percent = 7.25 percent),” the lender said in a regulatory filing.

This will make the loan costlier and will increase the EMI burden on the customers.

It is worth noting that Indian Overseas Bank, HDFC Bank, Canara Bank, Bank of Maharashtra, and Karur Vysya Bank have also revised their lending rates based on MCLR and repo rates.

Let us inform you that for the first time since August 2018, the RBI had increased the repo rate by 40 basis points on May 4, with which it was increased to 4.40 percent.

The central bank had also raised the cash reserve ratio by 50 basis points to 4.5 percent.

This happened at a time when everyone expected that the central bank could take such a step, but it was not expected that this step could be taken so soon.

Finance Minister Nirmala Sitharaman herself had reacted to this and said that the hike in the repo rate by the Reserve Bank was not surprising, but the timing of increasing it was shocking.

He had said, “The timing of RBI’s rate hike was a surprise and not a rate hike. People were thinking that this work had to be done anyway.”

“This was surprising as it happened between the two MPC (Monetary Policy Committee) meetings. But, the US Fed was saying this over and over again.”

LIC IPO Subscription: LIC IPO subscribed almost 3 times, allotment of shares will be done on May 12

Life Insurance Corporation of India’s (LIC) Initial Public Offering (LIC IPO) got subscribed 2.95 times on the last day of bidding.

The issue, which opened for subscription on 4 May 2022, received a strong response from all investor categories.

Especially its policyholders, who have subscribed to 60% of its issue size, followed by retail investors and other investor categories.

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