Business News

• SBI Caps to finalize A1 debt plan by Feb
• IAC Group to add two more plants this year
• CMIE scales up GDP growth rate to 9.2%

SBI Caps to finalize A1 debt plan by Feb

SBI Capital Markets Ltd expects to finalize a plan for restructuring the debt of loss ridden national carrier Air India (AI) later this month, or in early February.

“We are hopeful of closing this exercise by the end of January, or early next month. We hope Deloitte will submit its report soon so that we can meet this deadline. We expect the Deloitte report shortly,“ SBI Caps managing director and chief executive S. Vishvanathan said.

In early December, Air India had appointed global consultancy firm Deloitte to ratify a prospective financial restructuring plan for the company, which was prepared by SBI Caps--the capital markets arm of the State Bank Group--for an estimated fee of `25 lakh.

IAC Group to add two more plants this year

Accelerating its expansion in India, US based automotive components and systems maker International Auto motive Components (IAC) Group on Sunday said it will open two more production facilities to cater to leading auto makers present here.

The firm, which recently acquired the assets of Multivac India Pvt. Ltd located in New Delhi for an undisclosed sum, said it will operationally a third plant in Pune while it would be leasing out a manufacturing unit in south India.

CMIE scales up GDP growth rate to 9.2%

Even as the government and economists are doubting the sustainability of high growth rate in the second half of this fiscal due to the wayward inflation and slowing manufacturing, leading research agency Centre for Monitoring Indian Economy (CMIE) has fore cast that the economy will grow by a robust 9.2%.

“The economy is expected to better the H1 growth of 8.9% in H2. We expect a higher 9.7% growth in H2, propelled by the farm sector coupled with the trade, transport, communications and hotel segments of the services sector”, CMIE has said in its monthly review of the economy for January.