Jun
25

Frustrated Modi Leaves India Loan Bankers Idle as Plans on Hold

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Indian companies are on a go slow, leaving loan bankers idle.

Syndicated lending fell 8 percent in the second quarter from the previous three months to $1.1 billion, set for the lowest volume since the period ended September 2013. Borrowers have put expansion plans on hold, waiting for Prime Minister Narendra Modi to deliver on growth-boosting legal changes.

“Capacity utilization for many manufacturing companies remains at modest levels and unless demand improves, fresh capital expenditure for expansion appears unlikely,” said Sidharth Rath, president for treasury in Mumbai at Axis Bank Ltd., the second-biggest arranger of overseas loans. “Many companies haven’t gone ahead with their borrowing plans.”…

Frustrated Modi Leaves India Loan Bankers Idle as Plans on Hold

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