· Capital ratio raised for deposit – taking NBECs
· Essar Oil to buy shell refinery in UK
· Spanish fashion label to launch India
Capital ratio raised for deposit – taking NBECs
The Reserve Bank of India (RBI) on Thursday hiked the minimum capital adequacy requirement for deposit taking non-banking financial companies (NBFCs) to 15% to align the ratio with that of non-deposit taking NBFCs.
Presently, the capital ratio for deposit taking NBFCs is 12%.
Systemically important non-deposit taking NBFCs already have a capital ratio of 15%.
Systemically important non-deposit taking NBFCs already have a capital ratio of 15%.
The new regulations will require all deposit taking NBFCs to go for large scale capital raising to meet the 15% capital ratio requirement. The new rule will come into effect by 31 March 2012.
Essar Oil to buy shell refinery in UK
Refiner Essar Oil Ltd is set to buy Royal Dutch Shell Plc's Stanlow refinery in the UK for $350400 million (`1,5891,816 crore), two people with direct knowledge of the development told `Reuters'.
The two companies have agreed on the terms and an announcement is expected soon, said the people, who declined to be named as they were not authorized to speak to the media before an official announcement.
“Essar can confirm that it is still in talks with Shell for the purchase of its Stanlow refinery and associated marketing businesses. Talks are progressing but we cannot comment on details or timelines”, an Essar spokesman said in a reply to a `Reuters' email seeking comment.
Spanish fashion label to launch India
Wadhavan Lifestyle Retail New Delhi: Wadhavan Lifestyle Retail Pvt. Ltd, which brought American urban street wear brand Ed Hardy to India in 2008, has tied up with Spanish fashion label Adolfo Dominguez to launch its first store in Delhi.
Wadhavan entered an eight year deal for an exclusive master franchise agreement with Madrid based Adolfo Dominguez and plans to invest around `50 crore in the next five years to establish the brand in India
“India is a very strategic market for us as Indian culture is very similar to ours, and we see a demand for the kind of affordable luxury apparel that Adolfo offers”, said Tiziana Dominguez, creative director, Adolfo Dominguez.