India's plans to allow domestic firms to raise rupee-denominated debt abroad for the first time are being eclipsed by the rising cost of funds in international markets, making it harder for cash-starved businesses to take advantage of the relaxed rules.
The International Finance Corp (IFC) is shelling out $25.8 million for the construction of a new wind farm in Sindh province of Pakistan to fill in the increasing energy deficit in the region.
Kohlapur, India-based commercial bank Ratnakar Bank Ltd pocketed $54.6 million (INR3.28 billion) from foreign investors CDC Group and Asia Capital and Advisors through the sale of an undisclosed minority stake to fund its rural expansion.
Oneonta, US-based large format ultracapacitor manufacturer Ioxus secured $21 million in its Series C funding round to help address climate change by integrating its products into hybrid buses in China.
Saint Helier, Jersey-based gold mining and minerals exploration Lydian International pocketed C$4.7 million in a private share sale to its shareholders International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (ERBD) to fund its operations in Armenia.
International Finance Corporation, the private sector financing arm of the World Bank Group, has proposed to provide a $15.75 million debt financing to NSL Renewable Power. NSL plans to build a 40-megawatt wind farm in Maharashtra, India.
India-based power firm NSL Renewable Power Private Limited (NSL Power) is said to have plans to pour in $45 million to build new wind farms in Maharashtra through a special purpose vehicle called Jath Wind Energy Private Limited.
A report by Grant Thornton, an American accounting and advisory firm, said that Indian corporations closed as many as 393 private equity deals totaling $9.67 billion in the past 11 months of the year.
The International Finance Corporation is looking to sell rupee-denominated bonds for the second time. The World Bank investment arm raised INR1,000 crore in its first rupee-bond issue.
Masdar Clean Energy announced its participation in the USD290-million Jordan Wind Project Company (JWPC), the company's first renewable energy investment outside the United Arab Emirates.