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Mumbai, Jul 1 () The government has approved a scheme under which the eligible non-bank lenders will be provided short-term liquidity through a special purpose vehicle (SPV) set up by the SBICAP securities, a subsidiary of the State Bank of India, the RBI said on Wednesday. Under the special liquidity scheme, the SPV will purchase the short-term papers from eligible non-banking financial companies (NBFCs)/housing finance companies (HFCs), which will utilise the proceeds under this scheme solely for the purpose of extinguishing existing liabilities. "The Government of India has approved a scheme to improve the liquidity position of NBFCs/HFCs through a SPV to avoid any potential systemic risks to the financial sector," the Reserve Bank said. The instruments will be commercial papers (CPs) and non-convertible debentures (NCDs) with a residual maturity of not more than three months and rated as investment grade, the RBI said. "The facility, however, will not be available for any paper issued after September 30, 2020 and the SPV would cease to make fresh purchases after September 30, 2020 and would recover all dues by December 31, 2020," it added. NBFCs -- including microfinance institutions, excluding those registered as core investment companies -- and housing finance companies that are registered under the National Housing Bank Act can avail the special liquidity scheme. However, their net non-performing assets should not be more than 6 per cent as on March 31, 2019 and they should have made net profit in at least one of the last two preceding financial years (2017-18 and 2018-19). There are other conditions, like the entities should be rated investment grade by a SEBI registered rating agency, it said. NKD CS MKJ

Govt approves scheme for providing liquidity to non-bank lenders: RBI

New Delhi, Jan 10 () Hindustan Construction Company (HCC) on Friday said its lenders have initiated a carve-out of about Rs 2,100 crore of debt to a third-party-controlled special purpose vehicle.
 The move, it said, will significantly deleverage the company and address its asset-liability mismatch.
 Lenders of HCC on Friday initiated a carve-out of about Rs 2,100 crore of debt to a third-party-controlled SPV along with certain arbitration awards and claims in a move that will significantly de-leverage the company and address its asset-liability mismatch, the company said in a press release.
 "The debt, along with receivables comprising approximately an award cover of 1.0x and Claims under Arbitration of 1.5x, will move to an SPV controlled by a new investor," the company said.
 The tenure of the debt at the SPV will be up to 10 years and repayments from the proceeds of the awards will yield an internal rate of return higher than current yields offered by HCC, it said.
 The company said debt-asset carve-out, which will be in the nature of a slump sale, is subject to lenders' final approvals.
 Lenders aim to seek their internal approvals and target to close the transaction prior to March 31, 2020.
 The company said it will also seek the requisite corporate approvals for the transaction.
 The firm said on March 26, 2019, the company's board of directors had approved the monetisation of certain awards and claims through an SPV controlled by investors led by BlackRock, which was notified to the exchanges.
 Subsequently, shareholders' approval was taken to transfer awards and claims amounting to Rs 2,082 crore in exchange for a cash consideration of Rs 1,750 crore, it said.
 HCC said it is still engaged in discussions with investors and a curtailed monetisation transaction with an investor-led consortium, subject to lenders' approvals, may also be pursued at a later stage.
 "As a result of the above developments, there may be a write-back, subject to statutory audit, of the provision taken in 4Q FYI9 on signing of terms of the monetisation transaction," it said.
 Pursuant to the debt carve-out, HCC's balance sheet will stand significantly deleveraged with no debt servicing obligations expected for the next 33 months, it said adding that HCC will continue to work to realise its underlying assets to further improve its credit profile. NAM HRS

HCC lenders initiate Rs 2,100 cr debt-asset carve-out

New Delhi, Dec 28 () CSC e-Governance Services India Ltd, a special purpose vehicle under Meity, on Friday restarted Aadhaar registration and other related works which it plans to expand across the country next week.
 CSC SPV has signed an agreement with Aadhaar custodian, Unique Identification Authority of India (UIDAI), to roll out Aadhaar enrolment, make corrections and changes in the profile of the unique ID holders within its premises.
 "We have restarted Aadhaar registration work from our headquarters in Okhla, Delhi. Soon, this facility will be started in CSCs in 27 state capitals and gradually this facility will be started in all district headquarters across India.
 "We have received permission to offer this service within our premises. I thank Telecom, IT and Law Minister Ravi Shankar Prasad for reposing faith in CSCs and ensuring that we get Aadhaar registration work back," CSC SPV CEO Dinesh Tyagi told .
 Aadhaar enrolment work at CSCs in rural areas was stopped around two years back following complaints of data leakage and non compliance with security standards set by the UIDAI.
 There are around 3.6 lakh CSCs in the country that provide government services online to people in rural areas and small towns.
 The restart of unique ID registration work coincides with Aadhaar project crossing the 125-crore mark. This means that over 1.25 billion Indians have the 12-digit unique identity number.
 Aadhaar is now being used as the primary identity document. According to official data, Aadhaar-based authentication services have been used close to 37,000 crore times since inception and at present UIDAI receives about 3 crore authentication requests every day.
 CSC SPV comes under the Ministry of Electronics and Information Technology (Meity). PRS ANU

CSC e-Governance India restarts Aadhaar registration work

New Delhi, Mar 20 () Ashoka Buildcon on Friday announced the execution of a concession agreement with NHAI for a Rs 1,035.5 crore road project in Karnataka."Ashoka Banwara Bettadahalli Road Pvt Ltd (SPV) has executed a concession agreement with National Highways Authority of India (NHAI) on March 19, 2020, for the project viz. four laning of Tumkur-Shivamogga section...in the state of Karnataka, on hybrid annuity mode under Bharatmala Priyojana (Package - III)," Ashoka Buildcon said in a filing to the BSE.The SPV is a wholly owned subsidiary of the company, the filing said."The accepted bid project cost is Rs 1,035.50 crore," the filing said.Shares of Ashoka Buildcon were trading at Rs 54.65 apiece on the BSE, up 3.21 per cent over the previous close. SID MKJ

Ashoka Buildcon arm executes concession pact with NHAI for Rs 1,036 cr road project

<keyword id="3828442" type="COMPANY" weightage="20" keywordseo="Adani-Green-Energy-Ltd">Adani Green Energy Ltd</keyword> (AGEL) on Wednesday announced that it has signed a share purchase agreement for the acquisition of 100 per cent stake in two <keyword id="732527" type="ORGANIZATION" weightage="20" keywordseo="Special-Purpose-Vehicles">special purpose vehicles</keyword> (SPV) holding 74.94 MW operating solar projects of Sterling &amp; Wilson, a Shapoorji Pallonji group company. The projects, commissioned in 2017, are located in <keyword id="464266" type="LOCATION" weightage="20" keywordseo="Medak-district">Medak District</keyword> of Telangana and have long-term <keyword id="788744" type="COMPANY" weightage="20" keywordseo="power-purchase-agreements">Power Purchase Agreements</keyword> (PPA) with the Southern Power Distribution Company of Telangana Limited. The enterprise valuation of the target SPV is Rs 446 crore. With this acquisition, AGEL will increase its operating renewable capacity to 3,470 MW with a total renewable portfolio of 15,240 MW, <keyword id="4343578" type="PERSON" weightage="20" keywordseo="Adani-Green">Adani Green</keyword> said in a statement. The closing of the transaction is subject to customary approvals and condition, it added. Vneet S. Jaain, MD &amp; CEO, <keyword id="76451" type="DOMAIN" weightage="20" keywordseo="Adani">Adani</keyword> Green Energy Ltd said: "Strengthening our portfolio through organic and inorganic growth opportunities is an integral part of the our vision to build a capacity of 25 GW by 2025 and become the largest renewables company in the world. We will leverage the strength of our platform and capital management philosophy to achieve operational improvements and value-accretive returns from the project." SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/peter-thiel-backed-vc-firm-valar-ventures-invests-in-indian-fintech-startup-velocity/articleshow/81663073.cms">Peter Thiel-backed VC firm Valar Ventures invests in Indian fintech startup Velocity</a> <a href="https://www.businessinsider.in/stock-market/news/anupam-rasayan-ipo-lists-at-520-per-share-on-the-india-stock-exchange/articleshow/81663145.cms">Anupam Rasayan fails to dazzle on its stock market debut – shares down by nearly 8% below the issue price</a> <a href="https://www.businessinsider.in/business/startups/news/inshorts-backed-social-networking-app-public-raises-300-crore-in-latest-funding/articleshow/81663873.cms">Inshorts-backed social networking app Public raises ₹300 crore in latest funding</a>

Adani Green boosts its renewable energy capacity with acquisition of 74.94 MW projects from Sterling & Wilson

Ministry of Civil Aviation has been allocated Rs 3,797 crore in this year's Budget, 2.62 per cent higher than Rs 3,700 crore which was allocated in the 2019-20 fiscal year. For the purchase of two B777 aircrafts - which would be for travel of the prime minister, president and vice president - the government has allocated Rs 810 crore in this year's budget that is significantly higher than Rs 272 crore allocated in 2019-20. Currently, Prime Minister Narendra Modi, President Ram Nath Kovind and Vice President M Venkaiah Naidu fly on Air India's B747 planes, which have the call sign 'Air India One'. The government has allocated Rs 465 crore for its regional connectivity scheme Udan, which is 3.1 per cent higher than what was allocated in 2019-20. Just like current fiscal year, the Centre has allocated just Rs 1 lakh in 2020-21 for the "turnaround plan for Air India", as per the documents. Air India Asset Holding Ltd, a special purpose vehicle (SPV), has been set up as part of financial restructuring of the debt-laden national carrier. According to the documents presented in the full Budget for 2020-21, the government has allocated Rs 2,205 crore for the SPV this fiscal. DSP DSP TDS TDS

₹3,797 crore earmarked for Aviation Ministry in Budget 2020

Sri Lanka's Board of Investment has approved the two wind power plants of AdGreen Energy to be built in <keyword id="248936" type="General" weightage="80" keywordseo="mannar" source="Orion">Mannar</keyword> and Pooneryn at a total investment of USD 442 million. According to the statement released by the Board of Investment of Sri Lanka on Friday, it has issued a letter of approval to <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> Green Energy Limited, for the two wind power plants. Also, the new project will generate 1,500-2,000 new employment opportunities. The wind power plant in Mannar will operate at a capacity of 250 megawatt (MW) while the wind power plant in Pooneryn will operate at a capacity of 100 MW. The two wind power plants of 350 MW are scheduled to be commissioned in two years and accordingly, will be added to the national grid by 2025. <keyword id="82981" type="General" weightage="50" keywordseo="fitch" source="Orion">Fitch</keyword> Ratings on Thursday affirmed the 'BBB-' ratings on the USD 400 million senior secured notes issued by the restricted group of India-based Adani Transmission Ltd (ATL, BBB-/Stable). The outlook is stable, the statement from Fitch said. The restricted group includes six co-issuers -- Barmer Power Transmission Service Limited, Chhattisgarh-WR Transmission Limited, Hadoti Power Transmission Service Limited, Raipur-Rajnandgaon-Warora Transmission Limited, Sipat Transmission Limited and <keyword id="16465511" type="General" weightage="50" keywordseo="thar-power-transmission-service-limited" source="Orion">Thar Power Transmission Service Limited</keyword> and one non-issuing Special purpose vehicle (<keyword id="6366358" type="General" weightage="50" keywordseo="spv" source="Orion">SPV</keyword>), Adani Transmission (Rajasthan) Ltd (ATRL). The Dhaka Tribune in a report on Thursday said the Adani Group will supply electricity to Bangladesh for the next 25 years. According to the agreement the company signed with the Bangladesh government, Adani is setting up a power plant in the Godda district of Jharkhand and once the plant starts to produce power, it will supply electricity to Bangladesh. The report added that Bangladesh signed the deal with Adani Power back in 2017. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/googles-impressive-magic-eraser-can-now-be-used-on-apple-iphone-and-samsung-galaxy-devicesheres-how/articleshow/98202224.cms">Google's impressive magic eraser can now be used on Apple iPhone and Samsung Galaxy devices—here’s how</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/what-to-expect-at-this-years-mobile-world-congress-2023/articleshow/98205888.cms">MWC 2023: Here's what to expect at this year’s Mobile World Congress</a>

Sri Lanka okays Adani's USD 442-millon wind power plants in Mannar and Pooneryn

The whisper on Wall Street is that hedge fund titan Bill Ackman's returns are not as impressive as recently published reports would have you believe.
Last week <a href="http://www.bloomberg.com/news/articles/2015-01-26/ackman-earns-4-5-billion-for-hedge-fund-clients-in-2014">Bloomberg published</a> hedge fund titan Bill Ackman's lifetime returns. The story cited data from LCH Investments NV, a firm that invests in hedge funds. LCH calculated that Pershing Square, which had a monster 2014 of 40% returns, made $4.5 billion for his clients that year.
LCH also said that, over its lifetime, Pershing Square has made $11.6 billion for its clients.
This $11.6 billion figure is the one some of Ackman's industry peers do not believe.
To that end, some of them have been sending around a chart - embedded below - that shows Ackman's lifetime returns have only been $8.5 billion, more than $3 billion less than the reported figure.
Here's the chart:
<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image on-image"><a title_source="Business Insider" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/54d1086969bedd2338f58ebd-960/screen shot 2015-02-03 at 10.09.13 am.png"></a>Business Insider</div></div></div>
The disparity between LCH's figure and the one noted in the chart above has to do with a side bet, or "special purpose vehicle" or "SPV," that Ackman allowed some of Pershing's clients to make with him over the past few years.
It's well publicized that the SPV's 2008's investment in Target was a big loser for Pershing, and that he raised $2 billion for it. This calculation assumes that he lost it all.
Pershing also created SPVs for investments in Burger King, McDonald's, Sears, and most recently Air Products.
LCH did not respond to requests for comment.
All this said, with either $8.5 billion or $11.6 billion in capital returned, Ackman has no doubt been a successful hedge manager these past few years.
The real news here, then, is how quick hedge fund land is to send out charts like the one above. They just don't like Ackman or believe his numbers.
Got more numbers? Send them to llopez@businessinsider.com

Not all of Wall Street believes Bill Ackman's stellar performance numbers

New Delhi, Feb 5 () The government on Wednesday approved setting up a new major port at Vadhavan near Dahanu in Maharashtra at a cost of Rs 65,544.54 crore.The decision was taken at a meeting of the Union Cabinet chaired by Prime Minister Narendra Modi."Cabinet gives in-principle approval for setting up a new Major Port at Vadhavan in Maharashtra. Total cost of the project is likely to be Rs 65,544.54 crore," an official statement said.Vadhavan port will be developed on landlord model, it said, adding a special purpose vehicle (SPV) will also be formed with Jawaharlal Nehru Port Trust (JNPT) as the lead partner with equity participation equal to or more than 50 per cent to implement the project.The SPV, the statement said, will develop the port infrastructure, including reclamation, construction of breakwater, besides establishing connectivity to the hinterland, and all the business activities will be undertaken under public private partnership (PPP) by private developers.The position of JN Port, the biggest container port in India, is 28th in the world with a traffic of 5.1 million TEUs (Twenty-Foot Equivalent Units).Even after the completion of 4th terminal at JN Port with a capacity increase up to 10 million TEUs by 2023, it will stand as the 17th largest container port in the world."With the development of Vadhavan port, India will break into the countries with top 10 container ports in the world," it said.The ever increasing size of container ships makes it imperative that a deep draft container port in West Coast of India is developed.Increasing containerization of cargo in the wake of value-added manufacturing sector makes it important to prepare our port infrastructure for handling import and export to facilitate manufacturing activity.Container traffic in the JNPT hinterland is expected to grow from 4.5 MTEUs currently to 10.1 MTEUs by 2022-25 when JNPT's potential will be fully exhausted.The demand for container traffic will further accelerate after the plans for improving logistic infrastructure fructify and the 'Make in India' push drives greater exports and manufacture sourcing to India. ABI BAL

Cabinet approves setting up a major port in Maharashtra at a cost of Rs 65,000 cr

At a time when Indian realtors and investors are struggling to start <keyword id="6354553" type="COMPANY" weightage="80" keywordseo="real-estate">real estate</keyword> investment trusts (<keyword id="168019" type="ORGANIZATION" weightage="60" keywordseo="REIT">REIT</keyword>) in the wake of regulatory complications and tax uncertainties, <keyword id="3001" type="COUNTRY" weightage="80" keywordseo="Pakistan">Pakistan</keyword> has gone a step ahead to launch <keyword id="52011" type="CITY" weightage="80" keywordseo="South-Asia">South Asia</keyword>'s first REIT at a premium of 10% to the offer price, reported ET. Pakistan-based <keyword id="2919800" type="UNKNOWN" weightage="100" keywordseo="Dolmen-City">Dolmen City</keyword> came started its REIT offering earlier this month that got subscribed 1.7 times. It owns a commercial property which has a mix of mall and office space. The firm expects a net income of $21.9 million in first year while dividends are expected at $20.7 million. This was also the first REIT listing in Pakistan. 

	A REIT is a financial instrument where the underlying asset is real estate. The rental income from the property assets are distributed by the trust as dividends to the investors or unit holders of the trust. 
 

	Interestingly, yields for the Dolmen City REIT's investors in the first year are a percentage point lower than the current yields on Pakistan's government securities (GSec) that are now trading at 9.75%. 
 

	REITs notes trade at positive spread across the world. This was based on estimation of rental income from the asset, 90% of which have to be distributed back to investors. But even then, there were few global investors who bit the story -- only 0.6% of HNIs/Institution allocation.
 Pakistan has streamlined the process significantly to make it attractive for investors. For example, their REITs attract a withholding tax of 10% (in-line with <keyword id="2920245" type="UNKNOWN" weightage="80" keywordseo="Mutual-fund-taxation">Mutual fund taxation</keyword>) with no further tax liability for individual investors. 

	Moreover, the regulators there have agreed to concessional tax regime for transfer of an asset into a REIT with significant reduction in stamp duty across the region. 
 In comparison to India -- despite the recent relaxations on taxability like MAT exemption, tax pass through to REIT - and simplification of structuring, the REIT controlled special purpose vehicles (SPV) are still subject to corporate and dividend distribution tax (<keyword id="375780" type="ORGANIZATION" weightage="60" keywordseo="DDT">DDT</keyword>) which limits the pass through nature of REITs. 

	This makes it imperative on the SPV to restructure to reduce the tax blow. According to analysts, while debt infusion at SPVs could improve the yields of the instrument, a simplified structure allowing tax pass through would improve transparency and improve visibility of returns to investors.

	 
	(Image: Indiatimes)

Pakistan launches South Asia’s first real estate investment trusts

New Delhi, Nov 20 () The National Company Law Appellate Tribunal (NCLAT) has extended till December 16 the deadline for completion of Patanjali Ayurved's Rs 4,350 crore resolution plan to acquire debt-ridden edible oil firm Ruchi Soya.
 Earlier, the deadline for implementation of the resolution plan for Ruchi Soya was November 21.
 In September this year, Patanjali Ayurved had received approval of the National Company Law Tribunal (NCLT) to acquire Ruchi Soya, which went into an insolvency in December 2017.
 NCLT had admitted the insolvency plea filed by two lead financial creditors Standard Chartered Bank and DBS Bank. However, later the Singapore-based DBS Bank became dissenting creditor and approached NCLAT challenging the distribution of proceeds from the bid submitted by Baba Ramdev-led Patanjali Ayurveda.
 The appellate tribunal this week dismissed DSB Bank's plea, stating that a secured creditor cannot dissent with the resolution plan just to get more funds than other creditors and claim preference over other creditors.
 "In the view of the fact that this appellate tribunal would take up the matter on December 9, we extend the period of implementation up to December 16, 2019," the NCLAT said.
 The appellate is hearing some other matters related to Ruchi Soya, which are slated to be heard on December 9.
 Ruchi Soya informed the tribunal that resolution applicant Patanjali group will infuse Rs 204.75 crore as equity and Rs 3,233.36 crore as debt.
 The amount will be infused in a special purpose vehicle (SPV) 'Patanjali Consortium Adhigrahan Pvt Ltd', which will be later amalgamated with Ruchi Soya.
 Another Rs 900 crore will be infused by the Patanjali group through subscription of non-convertible debentures and preference shares in the SPV. It will also provide credit guarantee of nearly Rs 12 crore.
 On April 30 this year, a committee of creditors had approved Patanjali group's Rs 4,350 crore resolution plan to take over Ruchi Soya. Lenders will have to take a haircut of around 60 per cent.
 Shailendra Ajmera of EY was appointed as Resolution Professional (RP) to manage the company's affairs and conduct insolvency proceedings. KRH MJH ABM

NCLAT extends deadline to Dec 16 for implementation of Patanjali's bid for Ruchi Soya

New Delhi, Nov 29 () Baba Ramdev-led Patanjali Ayurved on Friday said it has already tied up loan worth Rs 3,200 crore from a consortium of lenders led by State Bank of India to fund its acquisition of Ruchi Soya through insolvency process.
 In September, the National Company Law Tribunal (NCLT) approved the resolution plan of Patanjali Ayurved to acquire debt-laden Ruchi Soya.
 "The company has already secured required total debt from a consortium of banks led by State Bank of India," Patanjali Ayurved Managing Director Acharya Balkrishna said in a statement.
 Patanjali also said it has got loans of Rs 1,200 crore from SBI, Rs 700 crore from Punjab National Bank, Rs 600 crore from Union Bank of India, Rs 400 crore from Syndicate Bank and Rs 300 crore from Allahabad Bank.
 Ruchi Soya went into the insolvency in December 2017.
 NCLT had admitted the insolvency plea filed by two lead financial creditors Standard Chartered Bank and DBS Bank. However, later, Singapore-based DBS Bank became dissenting creditor and approached the National Company Law Appellate Tribunal challenging the distribution of proceeds from the bid submitted by Baba Ramdev-led Patanjali Ayurveda.
 Ruchi Soya told the NCLT that resolution applicant Patanjali group will infuse Rs 204.75 crore as equity and Rs 3,233.36 crore as debt.
 The amounts will be infused into a special purpose vehicle (SPV), Patanjali Consortium Adhigrahan Pvt Ltd, which will be later amalgamated with Ruchi Soya.
 Another Rs 900 crore will be infused by the Patanjali group through subscription of non-convertible debentures and preference shares in the SPV. It will also provide a credit guarantee of nearly Rs 12 crore.
 On April 30 this year, a committee of creditors had approved Patanjali group's Rs 4,350 crore resolution plan to take over Ruchi Soya. Lenders will have to take a haircut of around 60 per cent.
 Shailendra Ajmera of EY was appointed as resolution professional to manage the company's affairs and conduct insolvency proceedings. KRH MJH HRS

You Searched For "spv" and got 12 results

Govt approves scheme for providing liquidity to non-bank lenders: RBI

PTI

HCC lenders initiate Rs 2,100 cr debt-asset carve-out

PTI

CSC e-Governance India restarts Aadhaar registration work

PTI

Ashoka Buildcon arm executes concession pact with NHAI for Rs 1,036 cr road project

PTI

Adani Green boosts its renewable energy capacity with acquisition of 74.94 MW projects from Sterling & Wilson

IANS

₹3,797 crore earmarked for Aviation Ministry in Budget 2020

PTI

Sri Lanka okays Adani's USD 442-millon wind power plants in Mannar and Pooneryn

ANI

Not all of Wall Street believes Bill Ackman's stellar performance numbers

Linette Lopez

Cabinet approves setting up a major port in Maharashtra at a cost of Rs 65,000 cr

PTI

Pakistan launches South Asia’s first real estate investment trusts

BI India Bureau

NCLAT extends deadline to Dec 16 for implementation of Patanjali's bid for Ruchi Soya

PTI

Patanjali secures Rs 3,200 cr loan from banks to buy Ruchi Soya

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