• Wednesday, March 22, 2023


India economy & business news in brief for Feb 28: SBI enters social loan market; raises $1b from overseas markets

SBI main branch, Mumbai (iStock)

By: Shubham Ghosh

Here are news in brief related to Indian economy & business news in brief for Tuesday, February 28:

The State Bank of India on Tuesday said it has concluded a landmark $1 billion syndicated social loan, making it the largest ESG (Environmental, Social and Governance) loan raised by a commercial bank in the Asia Pacific market. In a statement, the bank said the loan is of $500 million of primary issue and an equal amount in greenshoe option. It is also the maiden such issuance from the nation’s largest lender. The deal is the largest ESG loan by a commercial bank in the Asia Pacific and the second largest social loan globally, it added. The issue got overwhelming participation from banks across Taiwan, Japan, China, and the Middle East ensuring a full subscription, including $500 million of the greenshoe option.

Ambuja Cements Ltd bagged a coal mine in the western Indian state of Maharashtra on the second day of the commercial mines auction on Tuesday, PTI reported. While Assam Mineral Development Corporation Ltd emerged as the highest bidder for a coal block in Jharkhand, Shreesatya Mines Private Ltd bagged a coal block in the eastern state. The auction of three other coal blocks was underway.

New Delhi city authorities have cautioned Uber and its rival Ola for allegedly violating local transport rules by providing two-wheeler bike taxis, a senior government official told Reuters on Tuesday. The transport department of India’s capital on February 19, issued newspaper ads asking digital companies to “immediately stop” permitting personal bike taxis that offer commercial, ride-hailing services on their apps as they flouted rules in the city. Delhi is a key market for ride-hailing firms. According to Uber, more than 1.9 million trips took place to and from metro rail stations in Delhi on Uber Moto, its bike taxi service, in 2022.

India’s external affairs minister Subrahmanyam Jaishankar on Tuesday said India is expected to be the only major economy to keep growing at well above six per cent per annum in the foreseeable future, and thus will remain one of the major growth engines of the world, ANI reported. Addressing the inaugural session of the CII India-Europe Sustainability Conclave in New Delhi, the minister said when it comes to the green transition, clean energy and green transition are central to the India-EU Connectivity Partnership. Jaishankar said India is today one of the leading countries in climate change mitigation commitments and environmental protection.

Anihac Pharma, a reputable company that produces dietary gym supplements, is excited to reveal the inauguration of its new head office in Estonia, Europe, ANI/PNN reported. The business is committed to offering consumers everywhere high-quality dietary products at a fair price. Anihac Pharma’s all products are best in quality and approved by US FDA, FSSAI, GMP HALAL and ISO 22000 standards. Anihac Pharma is established to provide nutritional gym requirements for athletes around the globe. Under the direction of experienced people of Anihac Pharma, the team has put in a lot of effort to offer premium nutritious gym supplements at a fair price. The business has become incredibly well-liked among players in the sports field as a result of its commitment to providing excellent customer service.

Danish foreign minister Lars Lokke Rasmussen on Tuesday said that Denmark was “advocating a framework” to increase trade between India and Europe, ANI reported. During an interaction with the media after the beginning of two-day CII-India Europe Sustainability Conclave, the Danish minister said, “Denmark is a small country but I am proud to say that we are a prosperous country and that we have gained all our prosperity trading with other nations.” Denmark has traded with India for the last 400 years, he said. “We now due to the geopolitical situation due to the pandemic, the rise of China, the war in Ukraine where globalisation could be pushed backwards, which is not in our best common interest,” the foreign minister said.

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