SBI set to offer Rs 5000 crore loan to Adani coal project in Australia: Report

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New Delhi, Nov 17 | The State Bank of India is set to offer a Rs 5,000-crore loan to Adani Enterprises Ltd’s Australian mining company, now renamed Bravus Mining & Resources, as per media reports.

As per media reports, the loan agreement between SBI and Adani Group is nearly done and a ratification is expected from the bank’s executive committee soon.

This could mark the resurgence of on earlier controversy. SBI and Adani had entered into a memorandum of understanding in 2014 for a $1-billion loan. The loan was not executed after it became a political controversy.

Opposition parties had questioned the loan agreement at a time when the mining project was mired in controversy.

The Opposition had pointed out that five leading global banks – Citibank, Deutsche Bank, Royal Bank of Scotland, HSBC and Barclays – had declined to fund the project citing a decline in coal mining in Australia.

SBI had then walked back on the loan agreement stating that it was only an MoU and no money had been lent to the company.

Media reports quoted sources as saying that six years later, there is a better understanding on the future of the project.

“Much water has flowed in the last 5-6 years. The concerns raised in 2014 are no longer there.

“Most of the local regulatory approvals are in place and the company is expected to start producing coal from 2021 onward,” said a source close to the development, the reports said.

Financial Times had earlier reported that the Adani Group’s total outstanding debt came to more than $30 billion as of November 11, according to data from Dealogic, including $7.8 billion worth of bonds and $ 22.3 billion in loans. High debt is nothing new among Indian conglomerates but the Adani Group’s rapid expansion has raised concern.

Credit Suisse warned in a 2015 “House of Debt” report that the Adani Group was one of 10 conglomerates under “severe stress” that accounted for 12 per cent of banking sector loans. Yet the Adani Group has been able to keep raising funds, in part by borrowing from overseas lenders and pivoting to green energy, the Financial Times said.

The report said the group continues to enjoy ample access to capital, both at home and overseas, and can tell investors that it has never defaulted on a loan despite highly leveraged balance sheets. Adani Group companies tapped international debt markets with bond sales of more than $2bn and Adani Gas sold a 37.4 per cent stake to Total for a reported $600m, which gave it ample cash flow to weather the shock of the pandemic when it hit.

And international groups are queueing up to partner with the group. Earlier this month, Adani announced a strategic collaboration in hydrogen and biogas with Italian gas and infrastructure group Snam.

Source: IANS

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From being a developer to a CEO in California, Manthan Dudeja's top tips to make money while you're still in college

From being a developer to a CEO in California, Manthan Dudeja's top tips to make money while you're still in college

Gone are the days when one had to finish school, college and subsequent years in getting trained to be able to sustain oneself with decent income. Today, what you earn eventually depends upon your skillset and how early you got started to build an expertise in your domain.

Manthan Dudeja, who currently lives in California and is still in his graduation years, understood the perks of starting early and is now a CEO who has worked across a plethora of jobs, from IoS programming to website development and blogging to trying his hand at Amazon Associates.

In conversation with this dynamic entrepreneur, let’s decode the various options for freshers to make a side income while they are still in school/college –

  • Content writer/Editor

Manthan explains how he started off by writing for blogs with whatever knowledge he had and with the help of internet, this could be by either writing for your own online blog, for instance Manthan was interested in Tech, so he was writing for his blog ‘TechCrack‘ or for someone else in the capacity of a content writer.

It’s not difficult to get started if you have the basic understanding to develop a ‘flow’ while writing a piece and the skill to write what suits your target audience.

  • Software developers/ Programmers/ Coders – Today, software/app developers are earning more than the average of $60 an hour by working remotely. There are a host of online paid/free platforms providing trainings to acquire such skills, Manthan has been an app/website developer for the longest time and by far, this skill has given him the best results for his work.
  • Digital Marketer/ E-Marketer-

Your journey to become a digital marketer starts the day you take the step of self-educating yourself and learning the tricks to attract potential customers either by way of Google, Facebook, or any other digital platform by a host of scalable ways on the internet, undoubtedly, digital marketing is the hottest online work from home concept of this decade.

Manthan is today a successful digital marketer who has equipped himself with the advanced knowledge of online ads on various mediums and has effectively used these skills to generate incredible revenue over time.

These are some of the best ways to get started, according to Manthan, all

 

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