AGPUR: US Consul General Paul Folmsbee on Friday said that the Indian economy has the potential to grow further and is likely to touch the $5 trillion mark in the near future.
"The Indian economy is growing fast and from the present $1.2 trillion, it is expected to become a $5-trillion economy very soon," Folmsbee, said without specifying a particular time frame while addressing management students at G S College of Commerce here.
The Consul General, who was in the city today for a seminar on 'Indo-US relations' also emphasised on the need for both countries to focus on vital issues like energy crisis, technology transfer, climate change, higher education and small as well as medium enterprises.
On the higher education scenario, particularly at the University level, Folmsbee said many US varsities were in the process of setting up their establishments in the country with Columbia University already establishing its institution in Mumbai.
On his first visit to the orange city, Folmsbee said he was here to study the issues of regional interest.
"The Indian economy is growing fast and from the present $1.2 trillion, it is expected to become a $5-trillion economy very soon," Folmsbee, said without specifying a particular time frame while addressing management students at G S College of Commerce here.
The Consul General, who was in the city today for a seminar on 'Indo-US relations' also emphasised on the need for both countries to focus on vital issues like energy crisis, technology transfer, climate change, higher education and small as well as medium enterprises.
On the higher education scenario, particularly at the University level, Folmsbee said many US varsities were in the process of setting up their establishments in the country with Columbia University already establishing its institution in Mumbai.
On his first visit to the orange city, Folmsbee said he was here to study the issues of regional interest.
NEW DELHI: Sajjan Jindal-led JSW Steel may sell about 14 per cent stake to Japan's JFE for Rs 4,700 crore to cut the company's debt.
"Talks between the two companies for stake sale have more or less concluded. JSW Steel may sell around 14 per cent stake to JFE," a source in the know of the development said.
An announcement on stake sale by the company is expected next week. JSW Steel's Vice-Chairman and Managing Director Jindal is to make an "important announcement" on July 27 after its quarterly results, the company said today.
The country's largest private steel producer by domestic capacity had yesterday informed the Bombay Stock Exchange that the company would consider a share sale to "a strategic investor" to raise long-term funds.
"JFE Holdings plans to invest about $1 billion (around Rs 4,700 crore) in India's JSW Steel for a minority stake," the Financial Times said in a report, quoting two people familiar with the development. Both the companies could not be contacted for comments.
Last year, the two companies had entered into an alliance to jointly produce autograde steel and said they were considering investing in each other.
On June 16, JSW Steel had raised Rs 2,117 crore through the issue of 17.5 million warrants to its promoters. Warrants, when converted, will take the promoters holding in the company from present 44.99 per cent to 49.70 per cent. The warrants are to be converted by the end of 2011.
"The warrants' conversion will make up for the fall in promoters equity after equity is sold to JFE," it added.
JSW Steel's debt stood at about Rs 16,000 crore at the end of the last fiscal and its debt equity ratio was 1.69:1.
The steel-maker has outlined a mega-expansion programme at its Vijaynagar facility in Karnataka. It also has plans to set up two steel plants, in Jharkhand and West Bengal, at a cost of Rs 35,000 crore each.
Shares of JSW Steel were trading at Rs 1,191.15, down 0.84 per cent, in the late afternoon session on the Bombay Stock Exchange.
"Talks between the two companies for stake sale have more or less concluded. JSW Steel may sell around 14 per cent stake to JFE," a source in the know of the development said.
An announcement on stake sale by the company is expected next week. JSW Steel's Vice-Chairman and Managing Director Jindal is to make an "important announcement" on July 27 after its quarterly results, the company said today.
The country's largest private steel producer by domestic capacity had yesterday informed the Bombay Stock Exchange that the company would consider a share sale to "a strategic investor" to raise long-term funds.
"JFE Holdings plans to invest about $1 billion (around Rs 4,700 crore) in India's JSW Steel for a minority stake," the Financial Times said in a report, quoting two people familiar with the development. Both the companies could not be contacted for comments.
Last year, the two companies had entered into an alliance to jointly produce autograde steel and said they were considering investing in each other.
On June 16, JSW Steel had raised Rs 2,117 crore through the issue of 17.5 million warrants to its promoters. Warrants, when converted, will take the promoters holding in the company from present 44.99 per cent to 49.70 per cent. The warrants are to be converted by the end of 2011.
"The warrants' conversion will make up for the fall in promoters equity after equity is sold to JFE," it added.
JSW Steel's debt stood at about Rs 16,000 crore at the end of the last fiscal and its debt equity ratio was 1.69:1.
The steel-maker has outlined a mega-expansion programme at its Vijaynagar facility in Karnataka. It also has plans to set up two steel plants, in Jharkhand and West Bengal, at a cost of Rs 35,000 crore each.
Shares of JSW Steel were trading at Rs 1,191.15, down 0.84 per cent, in the late afternoon session on the Bombay Stock Exchange.
Src: ET
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